Saudi's SRC signs refinance deal with social insurance agency

DUBAI: The Saudi Real Estate Refinance Company (SRC), the Saudi equivalent of U.S. mortgage finance business Fannie Mae, said on Saturday it had reached a refinancing deal with the country's largest social insurance agency worth 2 billion riyals ($533.35 million).

Under the deal, the portfolio of a housing programme backed by the General Organisation for Social Insurance (GOSI), Masakin, will be refinanced. Masakin provides fixed-rate murabaha home financing for state and private sector workers as well as pensioners.