“BIDAYA” COMPLETES REPAYMENT OF ITS INITIAL SR500M SUKUK PROGRAM
Posted on 2-11-2020
Riyadh October, 2020: Bidaya Home Finance Company, Saudi Arabia’s leading non-bank provider of home financing products, today announced that it has repaid in full the final SR 150M tranche of its initial SR 500 M Sukuk program. This follows on from repayment of the previous two tranches, in October 2019 and June 2020.
The SR 150M tranche was issued in April 2019 and was utilized for financing its lending activities.
Mr. Mazin Al Ghunaim, Bidaya’s CEO said “The Sukuk program was a great achievement for us and we were the first mortgage house to access the capital markets in this way. The fact that we created and repaid such a program from our own resources demonstrates the financial strength of the Company, its ability to attract and service debt funding. Since the launch of the program in December 2018 we have provided our investors attractive and secure returns and have been honoured to have them participate in our mission, which is to provide attractive home finance solutions through our digital platform in a manner which is bold and innovative. The customer journey and service proposition we provide is something we are known for, and it is this which drives our success and enables us to lead among our peers. We are immensely proud we can confidently make the same claim about our investor journey.”
Founded in 2015, Bidaya commenced lending operations in January 2016 and since that time has financed [nearly 7000] of Ijarah contracts, enabling more than [23,000] Household serviced members to own their own homes. From commencing lending activities in April 2016,
Bidaya has been profitable since Q3 of 2018 and has attained the position of being the Kingdom’s #1 home finance provider amongst non-banking lenders with a market share of [29% vs NBFLs] as of [August 2020].