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.

• 2. License real estate finance companies in accordance with this Law and the Finance Companies Control Law.

• 3. 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.

• 4. License cooperative insurance companies to cover real estate finance risks in accordance with the Cooperative Insurance Companies Control Law.

• 5. 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.

Real estate finance entities shall engage in real estate finance activities in a manner not conflicting with Sharia principles, based on decisions made by Sharia committees referred to in Article 3 of the Finance Companies Control Law and without prejudice to the integrity and equity of the financial system.

The Ministry of Commerce and Investment, the Ministry of Justice, and the Ministry - each concerning its own responsibilities - shall publish data related to the real estate market activity in periodic bulletins according to market needs and as determined by the regulation.

Real estate registration agencies (courts and notaries public) must enable licensed real estate finance entities to access their real estate records in accordance with the Regulation as agreed upon with the Ministry of Justice.

Real estate finance entities and real estate re-finance companies may insure against real estate finance risks through cooperative insurance in accordance with the provisions of the Regulation.

The beneficiary must have a credit record with one of the licensed service providers in accordance with the Credit Information System, and it must include data on their credit behavior during the financing period. The regulation and the bank's instructions shall specify the minimum duration of the beneficiary's record and the data of the record during the financing period.