Title: The financial support of ongoing socio-economic needs of citizens: the case of Kingdom of Saudi Arabia
Authors: Bhzad Sidawi
Addresses: College of Architecture and Planning, University of Dammam, 31451 Dammam, Kingdom of Saudi Arabia
Abstract: The Saudi population has various and dynamic socio-economic needs. Each citizen has the right to have shelter and to own a property that is of good quality and adaptable enough to accommodate their ongoing socio-economic needs. This paper argues that providing initial financial support, i.e., mortgage loans, is essential as it enables the citizens to own a dwelling and thus to have social and economic stability. A field survey was undertaken in 2011 in the Eastern Province of the Kingdom of Saudi Arabia to find out the citizens' views about the initial and ongoing financial support of banks and the Real Estate Development Fund (REDF). The survey's results showed that the majority of the respondents did not manage to take up a mortgage and own a property. There is also serious lack of financial support for the population's socio-economic needs. This will also impact negatively upon their social and economic life, as well as the quality and value of property.
Keywords: Islamic finance; socio-economic needs; microfinance; property-related problems; Saudi Arabia; financial support; mortgage loans; banks; real estate development; financial services.
International Journal of the Built Environment and Asset Management, 2013 Vol.1 No.2, pp.106 - 120
Available online: 02 Oct 2013 *Full-text access for editors Access for subscribers Purchase this article Comment on this article