Shari'ah compliant home finance products available from Saudi Home Loans

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Saudi Home Loans (SHL) is the first fully Islamic specialized home finance company established in January 2008.

SHL's experienced advisors offer free advice and provide home financing up to 90% of the cost of the land or property (villas and apartments), with payment terms up to 25 years for Saudi and Expats, both salaried and self-employed, and without salary assignment or minimum income requirements.

Saudi property prices are on the increase due to demand exceeding supply. According to one study, the Kingdom needs 300,000 residential units every year over the next 15 years, a total of 4.5 million. In Riyadh, the lack of affordable homes is especially acute - a shortage of 225,000 residential units.

'The property market has changed and evolved,' says SHL Managing Director, Sheikh Abdullatif Al Shalash, 'but with our experience in the industry, our customers will absolutely benefit by exploring their home finance needs with us.'

'In such a competitive housing market, buyers need professional financial advice to give them the advantage. SHL's network of home finance consultants across Riyadh during 2008 with expansion planned into the western and eastern provinces in 2009, including Arab National Bank branches and Dar Al-Arkan sites, help customers find home financing to suit them. So when they find land or property they want, they can buy straight away,'

adds Al Shahash.

SHL's easy to understand Shari'ah compliant products and fast, customer friendly application process guaranteeing a decision in 48 hours is helping thousands of buyers at every income level realize the dream of buying their own property.

The partnership of independent Islamic home finance company SHL and real estate giant Dar Al-Arkan brings two value-oriented services together to benefit buyers.

Add respected financial management experts Arab National Bank and its entire Kingdom-wide branch network, Kingdom Installment Company and International Finance Corporation, the private sector subsidiary of the World Bank Group, and it becomes clear why SHL is making such a strong impact on the KSA home finance market.

'With SAR 2 billion of working capital, Saudi Home Loans is leveraging the strengths of our partners to become the dominant specialized home finance company in the Kingdom;' advises Al Shalash.

SHL is a fully Shari'ah compliant finance company, adhering strictly to Islamic principles to satisfy customer needs, as Chief Operating Officer Tahir M. Naseem explains.

'Our Shari'ah Compliant Supervisory Board, chaired by Sheikh Abdullah Bin Suleiman Al-Maniya, ensures SHL home finance always complies with Shari'ah requirements. All contract documents are finalized only after Shari'ah board approval.'

Why pay a landlord all your life, but never own a home. With SHL home finance, customers make the same monthly payment but have peace of mind knowing the property will be theirs when the payments are completed.

'Not only does SHL simplify the home finance process; we also provide special attention to customer's specific needs and financial requirements. We want to help as many homeowners as possible hear the words 'you've been approved!,' adds Mr. Naseem.