IslamicFinance.de

The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Saudi Public Investment Fund signed an agreement with Bank Aljazira to buy a SAR 250 million mortgage portfolio. The two entities signed a memorandum of understanding (MoU) that allows SRC to buy more mortgage portfolios from the bank. SRC seeks to inject more liquidity into the Saudi mortgage sector through the acquisition of mortgage portfolios. Bank Aljazira’s net profit increased by 3.8% to SAR 256.9 million in Q3-19, compared to SAR 247.4 million in Q3-18.