11/12/2013
Second Session: mortgage companies and banks do not cover the requirements of the local market
Urged the banks to set up huge independent real estate finance companies and put it out for the public
At the second meeting titled (the new real estate laws and regulations) headed by Dr. Abdulaziz bin Ramin Chairperson of the Development Committee of the eastern region Council, Shaykh Usama bin Zaid, Assistant Undersecretary of the Ministry of Justice for registration of property restitution worksheet (mortgage and systems implementation) that achieved the desired goals of the implementation system implementation on the ground of a comprehensive strategic plan involving all relevant stakeholders in the implementation of the system and specify a time period to implement the plan and to create ways to make it successful as hoped.
Zaid said in the meeting that saw the presence Chamber Board member Saleh Abdullah Alsaeed about the important delivery system being the most significant development in the judiciary, and critical application sets in: controls and appropriate mechanisms for the implementation of the provisions, decisions and related system and eliminate procrastination in implementing judicial decisions and the lack of legislation system, and reduce the infringement after committing judge implementation by the implementation of these provisions to all Worth it system implementation and the achievement of social justice as well as the safeguards guaranteeing the rights of convicted persons requiring speed of Jabra in case of refusing the voluntary implementation and choice in a manner commensurate with the requirements of the times and updates as the system of systems that are directly related to trade and economic systems which contribute to attracting investment and stability.
Several principles of Zaid came by the system in its current form and are summarized as follows: expanding Executive bond: as the system more operational doctrines in bonds because the number of Executive securities included eight types of these securities, including securities and the disclosure of funds was in the old mode of implementation provisions, there is no mechanism or efficient procedures to ensure that we learn the solvency of the debtor either in the implementation of the new system has made to each supervisor or a portfolio of business assets Or whatever financial types, fixed or movable established special management, and expand the authority of the judge of the implementation so that in previous proceedings system to judge some of the implementation authorities identified in the implementation of the provisions, such as arrest and detention and other authorities.
Either the current delivery system has given broader powers in implementation judge (if not implemented, or failed to disclose sufficient funds to meet debt and privatizing some implementation work where it benefits the quantum leap in the implementation of provisions that meet the aims to optimize the application that requires the Justice Department to create a competent agency for implementation are clear and specific tasks in financial and administrative matters as to make her the right licensing implementation service providers, as well as hiring companies For implementation under the supervision of the judiciary. And Dr. Abdul Wahab bin said Abu Dahesh, a member of the real estate Chamber of Commerce and industry in Riyadh who presented a working paper at the same address (both leasing and real estate finance), said that, given the importance of the refinancing companies and record contracts, the quality of the two institutions must be (financiers /lessors) and no investor or a mix of both to avoid conflict of interest and create balance and independence required that those companies must play in real estate financing market.
He said that the real estate market looks like it will not ripen to those that have not established so far and the number of mortgage companies now with local banks by lending their portfolios are not sufficient to cover the requirements of huge real estate market which requires banks urged creation of a huge real estate finance companies and independent local and foreign investors and to the public especially to the capital requirements of incorporation is relatively small at around 200 million which must be reconsidered or stimulate and activate the secondary market until Mortgage funds can rotate through them or will it hinder the financing capacity of such companies and they frustrate her profits.
Abu Dahesh said that it was important to focus on disclosure of contracts between the lessor financiers and breakdown of costs does not accept the motion blur on the Arabic-language contracts for easy understanding, let alone a clear methodology in Arabic and left (lessor) to evaluate the efficiency of customer financial and valuable asset in challenging eye lending rate which I thought must exceed the 70 per cent stipulated by the regulations. The Chamber Board member Saleh Abdullah Alsaid honored alayaf and he honored the other speakers.
