Saudi Home Loans net profits increased by 8.3% in the first half of 2022 to reach 63.7 million Saudi Riyals
Riyadh, KSA, 21 August 2022: Saudi Home Loans Company’s (SHL) net profit for the first half of 2022 increased by 8.3% to 63.7 million Saudi Riyals compared to 58.8 million Saudi Riyals for the same period last year.
In 2022, SHL implemented its strategy of further expanding its home financing portfolio which led to a 25% increase in transactions in Q2 2022 compared to Q2 2021. Additionally, there was an exponential increase in commercial financing transactions reaching 250% in the past period.
Bandar Alghamdi, CEO of Saudi Home Loans Company (SHL), said: “SHL aims to reach all customer segments by providing a providing a wide range of Sharia compliant and innovative financing solutions. We’re also continuously working to upgrade and diversify our offerings to ensure SHL is meeting the housing needs of customers in the Saudi market. These steps maintain our position as an industry leader and an institution that everyone trusts with strong and balanced gains and returns.”
Most recently, SHL launched a unique home financing feature known as ‘balloon payment’ for the first time in the Kingdom allowing customers to own their dream home sooner and with greater ease. This type of home financing caters to everyone’s needs through monthly instalments that can be adapted to suit the fluctuations of a person’s income to better accommodate their financial circumstances and requirements.
SHL was the first company to specialise in home financing solutions and currently has the largest product portfolio compared to other financing entities. This allows SHL to reach all segments of society and offer them more options as to their preferred financing solution. The company also guarantees that all products and services are Shariah-compliant from the Sharia supervisory board.
About Saudi Home Loans
Saudi Home Loans (SHL) is a Saudi joint stock company established in 2008 by the Arab National Bank, Dar Al Arkan and the International Finance Corporation. It is home to elite employees, a professional executive team that comprises of a group of highly skilled and experienced individuals in the real estate financing sector. SHL is among the first Saudi companies to specialize in Sharia compliant real estate financing with a wide portfolio of products catering to all segments.
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