The Saudi Central Bank (SAMA) has announced that it has awarded the licence to the Saudi Mortgage Guarantee Services Company (Dhamanat), permitting it to provide general insurance and protection and savings insurance services in the kingdom.
Dhamanat is a company owned by the Real Estate Development Fund (REDF), a specialist in real estate, subsidy, public service, mortgage financing and housing sectors.
This initiative is pursuant to the Cooperative Insurance Companies Control Law and in line with SAMA's regulatory and supervisory role to promote financial stability and foster economic growth and development in the Kingdom to contribute to the broader goals of Saudi Vision 2030, reported SPA.
Such licensing is a complement to the leadership's efforts to respond to challenges related to home ownership and encourage finance companies to provide subsidized real estate financing solutions, it stated.
SAMA said it remains focused on supporting and enabling the insurance sector's stability and growth for enticing a new segment of investors and companies that could bring added value and introduce unique business models in the sector.
Its continuous support for the insurance sector is in the context of increasing the efficiency of financial transactions and promoting innovative financial solutions for financial inclusion in the kingdom, it added.
&uuid=(email))