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Makken Product

Product Description

A specialized mortgage guarantee designed specifically to enable financing for
beneficiaries categorized as “semi-bankable,” providing them access to mortgage
financing through partial coverage of the risks faced by financing institutions.

Type

Individual Mortgage Financing Guarantee Product

Product Objective

Achieve Housing Program goals aligned with Saudi Vision 2030, aiming for a 70%
homeownership rate through:

  • Facilitating access to mortgage financing for applicants of the subsidized financing
    program, ensuring fairness across all community segments.
  • Sharing risk with financing entities by reducing financing risks for target segments
  •  Increasing homeownership among citizens.
Product Launch

2017

Target Segments
  • Citizens applying for the subsidized financing program.
  • Financing entities (banks and financing companies) interested in offering mortgage
    financing.
Guarantee Features
  • Credit risk coverage up to 100%, based on income segments.
  • Expanding eligibility to include semi-bankable citizens.
  • Strengthening the confidence of financing entities in providing mortgage financing.

FAQ

1. Who benefits from the individual mortgage guarantee (Makken)?

Beneficiaries of the subsidized financing program, according to the eligibility criteria of the guarantee.

It covers up to 100% of the financing amount in case of default.

Currently, there are no fees. However, fees may be determined in the future based on risk-based pricing for each financing transaction, in line with the company’s strategy and aspirations.

All financing institutions (banks and finance companies) that provide mortgage financing.

Requirements are subject to the eligibility criteria agreed upon with financing institutions.

Yes, it covers all regions of the Kingdom of Saudi Arabia.

Mr. Rowaid Ajaj

Chief Risk Officer

Experience:

Over 17 years of experience in risk management at several regulatory entities, including the Saudi Central Bank, the National Cybersecurity Authority, and the Insurance Authority in the Kingdom of Saudi Arabia. He has extensive experience in credit risks, individual and corporate financing, audit, compliance, governance, fraud risks, and business continuity Former Head of Real Estate Financing Risk at the National Commercial Bank (NCB), Chief Risk Officer at Deutsche Gulf Finance, and Secretary of the Risk Management Committee..

Key Previous Roles:

Former Head of Real Estate Financing Risk at the National Commercial Bank (NCB)

Chief Risk Officer at Deutsche Gulf Finance, and Secretary of the Risk Management Committee.


Current Role at Damanat:

Chief Risk Officer, Secretary of the Risk Management Committee Secretary of the Investment Committee.


Education and Qualifications:

Holds a Master’s degree in Business Administration a Bachelor’s degree in Engineering from a university in the United Kingdom as well as a professional diploma in anti-fraud and financial crimes.