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Saudi mortgage law 'will help banks increase investments'

08 Feb 2010

Saudi mortgage law 'will help banks increase investments'
A planned mortgage law in Saudi Arabia which is set to give people on lower incomes easier access to property loans will also help banks in the country increase their investments, it has been claimed.

Last week, Mohammed Al-Jasser, governor of the Saudi Arabian Monetary Agency, told Arab News that he expected the new legislation, which was originally mooted three years ago, to be introduced within the next few months.

National Commercial Bank (NCB) has welcomed the news, saying that it will give financial institutions operating in the region the chance to make investments and diversify their balance sheets, reports Emirates Business.

"The timing couldn't have been any better for Saudi banks, given the currently low interest rates, a relatively higher degree of liquidity in local financial markets, improving consumer confidence," said NCB.

It added that a rapidly growing population and predicted economic recovery this year would also contribute to the success of the new mortgage law.
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