The Social Development Bank is one of the most prominent financial institutions in the Kingdom of Saudi Arabia and is distinguished by providing a variety of loans and financing that meet the needs of citizens. Among the most important financing provided by the bank is marriage financing, which aims to support young people in bearing the costs of marriage and facilitating the achievement of family stability. Despite the news circulating about the temporary suspension of the loan, the bank explained that this step comes as part of a plan to provide better services in the future.
Reasons for stopping the marriage loan
The Saudi Social Development Bank has decided to temporarily suspend the marriage loan for several reasons related to developing the services provided to citizens. The most prominent of these reasons are:
- The bank’s desire to provide new and distinctive financing services to young people and citizens in general, which helps improve the financial and societal situation.
- The aim of the moratorium is to develop loans and financing provided to young people so that they provide better benefits and are more in line with their current needs.
- The bank confirmed that the marriage loan will return in the future, but in a developed form to serve the living conditions of young people more effectively, which contributes to achieving the social and economic goals associated with marriage.
The purpose of marriage loan
Marriage financing from the Social Development Bank was primarily aimed at helping young people bear the costs of marriage by providing them with the necessary support to complete the basic marriage expenses. This loan is an important step towards enhancing family stability in Saudi society as it contributes to facilitating marriage for young people by providing financial support that reduces the burden of high marriage costs.
Features of Social Development Bank Loans
The loans provided by the Social Development Bank have a set of advantages that make them attractive and beneficial to young people. The most important of these advantages are:
- Procedural facilitation: Loans can be obtained from the Social Development Bank without the need for a guarantor or sponsor, which facilitates the process of obtaining financing.
- Speed of implementation: The loan is disbursed quickly and immediately once the required official procedures are completed, allowing young people to benefit from the financing in the shortest possible time.
- Sharia Compliant: All loans and financing provided by the Social Development Bank are Sharia compliant and no additional interest is imposed on loans.
- Diversity of financing: The bank does not limit itself to providing marriage loans only, but also provides personal financing to support young people in establishing their personal projects, which enhances job opportunities and contributes to economic development.
Future of marriage loan
After temporarily suspending the marriage loan, the Social Development Bank plans to re-offer this financing with enhanced benefits. These benefits will be aimed at improving the living conditions of young people and helping them bear the financial burdens related to marriage. This comes within the framework of the bank’s efforts to achieve the Kingdom’s Vision 2030, which aims to enhance family stability and support young people in achieving their goals. The Saudi Social Development Bank remains a pioneer in providing financing and loans that help citizens improve their living conditions. Despite the temporary suspension of the marriage loan, the bank continues to work on developing its financing services and providing innovative solutions for young people, which contributes to enhancing social and economic development in the Kingdom.