IslamicFinance.de

The Shoura Council has completed 12 sittings regarding the draft of the mortgage law and to solve the differences of opinion. However, a timescale for when the draft law would be approved has not been given. The implementation of the Saudi mortgage law is expected to increase demand for housing by around 50 percent.

Saudi Arabia's parliament delays the decision concerning the mortgage law until the members return from summer recess. Saudi Arabia, the Middle East's biggest economy, needs 1.2 million new homes by 2015, says the Deutsche Bank research.