Shariah-compliant home finance available to both Saudis, expats

Saudi citizens and expatriates looking to buy their own property can now get simple and flexible Shariah-compliant home finance, courtesy of Saudi Home Loans (SHL).
SHL is the first fully Islamic specialized home finance company established in January 2008.
Saudi property prices are on the increase due to demand exceeding supply.

SHL’s experienced advisors offer free advice and provide home financing up to 90 percent of the cost of the land or property (villas and apartments), with payment terms up to 25 years for Saudi and expats, both salaried and self-employed, and without salary assignment or minimum income requirements.

According to one study, the Kingdom needs 300,000 residential units every year over the next 15 years, a total of 4.5 million. In Riyadh, the lack of affordable homes is especially acute – a shortage of 225,000 residential units. “The property market has changed and evolved,” says SHL Managing Director Sheikh Abdullatif Al- Shalash, “but with our experience in the industry, our customers will absolutely benefit by exploring their home finance needs with us.”

“In such a competitive housing market, buyers need professional financial advice to give them the advantage. SHL’s network of home finance consultants across Riyadh during 2008 with expansion planned into the western and eastern provinces in 2009, including Arab National Bank branches and Dar Al-Arkan sites, help customers find home financing to suit them. So when they find land or property they want, they can buy straight away,” Al-Shahash added.

SHL’s easy to understand Shariah-compliant products and fast, customer friendly application process guaranteeing a decision in 48 hours is helping thousands of buyers at every income level realize the dream of buying their own property.

The partnership of independent Islamic home finance company SHL and real estate giant Dar Al-Arkan brings two value-oriented services together to benefit buyers.

Add respected financial management experts Arab National Bank and its entire Kingdom-wide branch network, Kingdom Installment Company and International Finance Corporation, the private sector subsidiary of the World Bank Group, and it becomes clear why SHL is making such a strong impact on the Kingdom home finance market.

“With SR 2 billion of working capital, Saudi Home Loans is leveraging the strengths of our partners to become the dominant specialized home finance company in the Kingdom,” Al-Shalash said.

SHL is a fully Shariah-compliant finance company, adhering strictly to Islamic principles to satisfy customer needs, Chief Operating Officer Tahir M. Naseem said. “Our Shariah-compliant supervisory board, chaired by Sheikh Abdullah Bin Suleiman Al-Maniya, ensures SHL home finance always complies with Shariah requirements. All contract documents are finalized only after Shariah board approval.”

Source: Saudi Gazette, Jeddah

Read also: Saudi Home Loans Company (SHL) Established

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