The Saudi ministry of industry and commerce has approved the foundation of Bedaya Housing Finance Company as a closed shareholding company. The company will be founded with 900 million SAR capital scattered on 90 million shares of 10 SAR each.
The company’s premier goal is real estate finance after getting the approval of Saudi Arabian Monetary Agency SAMA. Riyadh will be the location of Bedyaa Housing Finance.
The Public investment Fund (PIF) owns 22.2 of Bedaya’s capital. The Islamic Corporation for the Development of the Private Sector will also own 20% of the company’s capital.
Bedaya Housing Finance aims to empower the middle income earners to purchase their own homes all around Saudi Arabia through finance contracts compatible with Islamic Sharia.