Article 50
Effective from 2022-04-26 - Oct 22 2022
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| 1. | The Company shall obtain a no-objection letter from SAMA before trading the programs and products relating to real estate finance contractual rights in the secondary market. | |
| 2. | The Company shall, before trading real estate finance contractual rights in the secondary market, prepare a report that provides a comprehensive plan in this regard. The report must be submitted to SAMA and include at least the following: | |
| a. | Procedures for finance collection and sukuk structuring, and credit improvement methodologies. | |
| b. | Feasibility study for the program, including its potential impact on the balance sheet of the Company, financiers, housing sector, housing finance markets and capital markets. | |
| 3. | The Company shall comply with the relevant laws and regulations. | |
| 4. | The Company shall fulfil any additional requirements SAMA may impose. | |
| 5. | SAMA has the right to restrict or prevent trading of real estate finance contractual rights in the secondary market. | |