SAMA licenses REDF-owned firm to provide insurance services

Logo of Saudi Mortgage Guarantee Services Company (Dhamanat)

Saudi Central Bank (SAMA) licensed the Saudi Mortgage Guarantee Services Company (Dhamanat), a company owned by the Real Estate Development Fund (REDF), to provide general insurance and protection and savings insurance services.

It added that 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.

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, said SAMA.

The central bank also highlighted its continuous support for the insurance sector to boost the efficiency of financial transactions, promote innovative financial solutions for financial inclusion in the Kingdom and enable access to financial services for all of the society segments.