SAMA shall regulate the real estate finance sector, including the following:
1.
Notwithstanding Article 10(5) of the Banking Control Law, allow banks to engage in real estate finance activities through the ownership of dwellings for finance purposes, in accordance with this Law and its Regulation.
License a joint stock company (or more) for real estate refinance according to market needs. The Public Investment Fund may become a co-owner of such company. SAMA shall approve nominations for board membership. Licensed finance entities may also become co-owners of such company. A portion of the shares of the company shall be offered to the public in accordance with the Capital Market Law.
Issue real estate finance standards and procedures, review real estate finance contract templates issued by the real estate finance entities and ensure their compliance with such standards and procedures for the required protection to consumers and borrowers.
6.
Publish data related to the real estate finance market and sponsor development of real estate finance technologies, including technologies to facilitate the flow of data between primary and secondary markets.
7.
Determine the principles for the disclosure of finance cost and method of its calculation to enable consumers to compare prices.
