Updating the mortgage finance model contract for Individuals in Murabaha and Ejarah

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank
Headquarters
Office of the Governor's Deputy for Supervision

Ref No.: 41038504
Date: 01/06/1441 AH
Attachments: None

Circular

Dear Sirs,

Peace, mercy, and blessings of Allah be upon you,

Subject: Regarding the updating of the model contract for individual mortgage financing under the Murabaha structure, and the model contract for individual mortgage financing under the Ijarah structure.

In continuation of the Bank's Circular No. 391000082220 dated 23/07/1439 AH regarding compliance with the model contract for individual mortgage financing under the Murabaha structure, and the model contract for individual mortgage financing under the Ijarah structure. And with the Bank's commitment to achieving the objectives of the model contracts for individual mortgage financing, and safeguarding the rights of the concerned parties.

The Bank wishes to inform you of the update to the model contract for individual mortgage financing under the Murabaha structure, and the model contract for individual mortgage financing under the Ijarah structure. The Bank emphasizes that all mortgage financiers must comply with these attached model contracts according to their prevailing policies, by a deadline of 30/06/1441 AH corresponding to 24/02/2020 CE, and must not execute any contracts contrary to these model contracts or make any amendments to them after this date.

Yours sincerely,

Fahd bin Ibrahim Al-Shathry
Governor's Deputy for Supervision

Distribution Scope:

• Banks and commercial banks operating in the Kingdom
• Mortgage financing companies operating in the Kingdom

P.O. Box 2992, Riyadh 11169, Tel: 4662200 - Fax: 4662543

(Note: The document contains detailed legal contract templates; the main text above has been extracted, and the remaining pages contain contract details and attached tables.)