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SABB, IFC Sign Housing Deal - ASHARQ AL-AWSAT English Archive
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Jeddah, June 26, SPA — The International Finance Corporation (IFC), a subsidiary of the World Bank, will invest SR187.5 million to support Saudi British Bank”s (SABB) Islamic home financing portfolio.

IFC will provide 12-year funding to SABB for the Saudi riyal equivalent of $50 million under a Murabaha facility to fund SABB”s Islamic home financing product &#34Manazel,&#34 according to a press statement published today.

A senior official of SABB said, &#34This is a significant step to support our program to help Saudi citizens for purchasing or building a home. SABB is proud to have been selected by the IFC and looks forward to expanding home ownership in the Kingdom of Saudi Arabia.&#34

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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