For the banks, the licensing process does little more than reconfirm their ability to offer home loans, but for the non-bank sector it is far more important, bringing it firmly into the central bank’s regulatory system and putting it on an equal footing with the banks. The ultimate impact should be far more competition in the market and more options for consumers.
“In the years to come the Saudi mortgage market will be more vibrant and innovative,” says a senior official at Saudi Hollandi Bank.
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