Article 2
| No: 1229 |
Effective from Feb 20 2013 - May 16 2013
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SAMA shall, pursuant to Article 2 of the Law, regulate the real estate finance sector. For this purpose, SAMA may:
| 1. | License real estate finance companies to engage in real estate finance activities in accordance with the provisions of the Law, Finance Companies Control Law and their regulations; | |
| 2. | Take necessary measures for maintaining the integrity and stability of the sector and fairness of transactions; | |
| 3. | Take necessary measures for promoting fair and effective competition between real estate finance entities; | |
| 4. | Issue rules and instructions to regulate the sector; and | |
| 5. | Take proper means for the development of the sector, Saudization, and raising the employees' competency through regulating the obligations of the real estate finance entities regarding the training of human resources, improving their skills and developing their knowledge. | |