IslamicFinance.de

Shoura Secretary-General Muhammed Al-Ghamdi said the proposed amendments to the mortgage law were approved with certain reservations. The house felt that certain wordings related to loans should be modified to express the right objectives and process of housing loan disbursements.
The Finance Committee would carry out the anticipated modifications and resubmit the draft law at a subsequent session of the council.

THE best Islamic Finance principle to base the much-awaited Saudi mortgage law should be sukuk-based with a Shariah-compliant set of guidelines, Giambattista Atzeni, vice president and MENA business manager for corporate trust and a member of the steering committee of the Gulf Bond and Sukuk Association at BNY Mellon Corporate Trust in Dubai told Arab News.
A shortage of housing and rising land costs, according to a report released this month by CB Ellis states that the prices of housing are rising.
The report also confirmed in Jeddah alone there is a shortage of 300,000 dwellings.
Currently the debate on when the law will finally be introduced has been shelved until after the holy month of Ramadan.
In a previous interview with Arab News, Muhammed Al-Ghamdi, secretary-general of the Shoura Council has said that some of its members needed more time to discuss the proposed mortgage law concerning the country’s economy and this is why it has been delayed.