Referring to the powers granted to the Central Bank under... The Real Estate Finance System issued by the Royal Decree No. (M/50) dated 13/8/1433 AH. The Finance Companies Control Law issued by the Royal Decree No. (M/51) dated 13/8/1433 AH. Whereas the central bank has received numerous inquiries regarding the extent to which land financing is subject to the provisions of Article Twelve of the The executive regulations of the Real Estate Finance Law issued by the decision of the Minister of Finance No. (1229) dated 10/04/1434 AH. 

Based on this, the Central Bank affirms that the financing of land for individuals by all mortgage lenders (banks, financial institutions, and financing companies) is subject to the provisions of Article 12 of... The Executive Regulations of the Real Estate Finance System.