Bidaya Home Finance receives SIMAH membership

Bidaya Home Finance – a recently launched real estate finance company to expedite home ownership in the Kingdom - has forged a membership with the Saudi Credit Bureau (SIMAH). Established in 2004, SIMAH is the sole licensed national credit bureau of Kingdom of Saudi Arabia offering consumer and commercial credit information services to its members. 

Speaking on the membership, Mr. Mazin bin Ahmed Al Ghunaim, CEO at Bidaya Home Finance said: “The agreement with SIMAH will boost transparency in credit transactions and lend more accountability to all entities involved in the home ownership process. Along with being efficient, we intend our services to match best practices in real estate to enable home ownership, and help our valued customer keep track of the procedures.”

The membership with SIMAH will provide Bidaya Home Finance with critical information to evaluate the creditworthiness of its clients before sanctioning the home ownership fund. The information is evaluated using a range of indicators, such as the financial health of the applicant; long-term credit repayment forecast; past civil record; and spending habits amongst others. The membership is expected to facilitate greater accountability on part of credit beneficiaries, and provide stability and foresight to Bidaya Home Finance in its lending capacity. 

Bidaya Home Finance commenced operations in early 2016 after receiving license from Saudi Arabian Monetary Agency (SAMA), which also supervises the Saudi Credit Bureau (SIMAH) since its establishment in 2002.