Bidaya Home Finance, a real estate finance company to expedite home ownership in Saudi Arabia, has forged a membership with the Saudi Credit Bureau (Simah).
Established in 2004, Simah is the sole licensed national credit bureau of Saudi Arabia offering consumer and commercial credit information services to its members, said a statement.
Mazin bin Ahmed Al Ghunaim, chief executive officer, Bidaya, said: “The agreement with Simah will boost transparency in credit transactions and lend more accountability to all entities involved in the home ownership process.
"Along with being efficient, we intend our services to match best practices in real estate to enable home ownership, and help our valued customer keep track of the procedures.”
The membership with Simah will provide Bidaya with critical information to evaluate the creditworthiness of its clients before sanctioning the home ownership fund.
The information is evaluated using a range of indicators, such as the financial health of the applicant; long-term credit repayment forecast; past civil record; and spending habits amongst others.
The membership is expected to facilitate greater accountability on part of credit beneficiaries, and provide stability and foresight to Bidaya in its lending capacity. - TradeArabia News Service