President
Based on the Constitution

It was approved by the People's Assembly at its meeting held at the date of 5-5-1433 A.H., 28-3-2012.
The following are issued:

(Chapter I)
Definitions

Article 1

The following words and expressions in the application of the provisions of this Law shall mean the meanings set forth by each of them:
Minister: Minister of Finance
Authority: The Authority for the Supervision of Real Estate Finance Updated to Act 39 of 2009 and its amendments.
Board: Board of the Board
President of the Board: Chair of the Board
Director General: Director-General of the Commission
The beneficiary: Every natural or legal person who owns a property and wishes to build upon it with specific and very specific specifications that he wishes to do.
The investor: Every natural or legal person who wants to get real estate finance: buy, restore, exic, rent in traditional or Islamic formulas.
The licensed company has assets in real estate financing activity.
Real estate finance: finance activity for investment, whether for the purpose of buying, building, renovating or improving housing, service facilities and real estate intended for residential, commercial, industrial, tourist, agricultural, service, or other purposes issued by the minister, and whether it is done. This is in traditional formulas or in the Islamic formulas, such as the rent and taps, by guaranteeing the right of privilege over the property or its mortgage subject to the property of the property in the case of the expired lease or other of the guarantees accepted by the financier, according to the report. to the rules and procedures defined by the executive instructions of this Act.
Real estate refinancing: the refinancing of mortgage portfolios by real estate finance companies or banks in exchange for the transfer of their mortgage rights to these loans to funded companies.
Taps: a financing operation for construction on a property owned by the beneficiary under which the beneficiary is contracted to construct the construction at an agreed price and a specifications defined by the beneficiary and based on this contract, which is contracted by a contractor to carry out the construction according to the specifications set by the beneficiary.

Company: Real estate finance company or legally licensed real estate refinance company.
License: License issued by the Council of Ministers for the operation of real estate financing companies or refinancing real estate in accordance with the provisions of this Law and Law 39 of 2009 and its amendments.
Real estate financing agreement: contract of real estate financing containing the conditions, obligations and rights of the contracting parties.
Assessment Expert: Every natural person approved by the Authority is in its name or for the account of a legal person and for its responsibility to evaluate real estate and to determine the value of real estate.
Evaluation Company: A civil or commercial corporation approved by the Authority for the exercise of the real estate appraisal profession and an institution in accordance with the provisions of the laws in force.
Guarantee drug: a property with the right of privilege, a mortgage, or other collateral for the benefit of the financier.
Warranty: the right of privilege or an insurance mortgage on the guarantor drug.
Real estate finance broker: Every natural person or consideration is licensed by the Authority to practise a financing intermediary between the financier and the investor or the beneficiary on the other hand.
The value of the property: the financial value of the property identified by the licensed evaluation expert as assets by purpose of the evaluation process according to the evaluation criteria.
Real estate: Directorate of Real Estate Interests and in its judgment as the temporary register directorate, the public institution for housing, city councils, municipalities and residential cooperative societies in charge of holding the records of the action or record of ownership of the real estate and buildings within its jurisdiction and carrying out the task The same with respect to real estate transactions and giving the necessary documents.
The National Real Estate Finance Corporation is a public institution with legal personality and financial and administrative independence, which provides stability and liquidity in the real estate market through the purchase of credit for secured mortgage loans and the development of a secondary market for securities issued against such loans.

(Chapter II)
REAL ESTATE REAL ESTATE COMPANIES TO BE SET UP

Article 2
a. Real estate finance companies and private or joint real estate refinancing companies may be established in the form of a joint-stock company whose purpose is to finance real estate operations and investments in accordance with the provisions of this law and its executive instructions.
b. The shares of the company are nominally and tradable.
c. Non-Syrians are entitled to participate in the establishment or ownership of shares that do not exceed 49 % of the company's capital.

Article 3
1. The minimum capital of the company shall be as follows:
a. A billion and a half billion Syrian pounds for the real estate finance company.
b. Billion Syrian pounds for a real estate finance company that provides funding services according to Sharia law.
c-Two and a half billion Syrian pounds for the real estate refinance company.
2. The capital of the company shall be paid in cash at one of the banks operating in the Syrian Arab Republic.
3. The contribution of non-Syrians to foreign exchange shall be made according to the exchange rate bulletin issued by the Central Bank of Syria.
4. The Cabinet of Ministers may amend the minimum corporate capital at the proposal of the Board.

Article 4
The Company is obliged to deposit an unconditional bank guarantee for the Authority by 10 % of the company's capital according to the model prepared by the Board.

Article 5
If the company determines its objective of funding in accordance with the provisions of Islamic law, it must be explicitly mentioned in the application for incorporation with a detailed definition of the legal oversight through which it will operate and the manner in which it is exercised.

Article 6
Funding companies may exercise financial leasing in accordance with the laws and regulations in force.

Article 7
a. The banks operating in the Syrian Arab Republic may contribute to the establishment of companies in light of the foundations and standards set by the Monetary and Credit Council.
(b) Working banks shall be subject to the control of the Authority in relation to the provision of real estate financing without prejudice to the decisions and credit of the Board of the Monetary Authority.

Article 8
a. Requests for company licensing shall be submitted to the Authority in accordance with the models and conditions set by it for this purpose.
b. The Commission shall examine the application in the light of the provisions of this law and the laws and regulations in force, taking into account the reputation, qualifications, efficiency and previous expertise of the applicant in the field of real estate finance and in light of the requirements and needs of the Syrian market, and raises the study with the proposal. for her to be referred to the Council for decision and submitted to the Council of Ministers that the license be issued to the company by the Prime Minister.
c. The regulations of the company are ratified in accordance with the provisions of Legislative Decree No. 29 of 2011 concerning companies.

Article 9
a. The Authority shall establish the conditions of registration, procedures, obligations and all requirements of the registration of the company and give it a special number in the register so prepared. The company shall be entitled to exercise real estate finance only after such registration.
b. The Entity shall establish the financial standards to which the company is required.

Article 10
The Company may merge with another company operating in the same activity, or cease activity, or liquidate its assets or the bulk of it after the approval of the Cabinet, upon the proposal of the Authority, all in accordance with the rules and procedures established by the executive instructions of this law. It has the approval of the Monetary and Credit Council in case of debts to the banks of any or all of the companies in place of the merger or the company requesting the liquidation or the suspension of the activity.

Article 11
a. The company shall not receive deposits from the public.
b. The company may borrow from banks operating in the Syrian Arab Republic according to conditions and conditions set by the Monetary and Credit Council.
c. The company must take ownership of the property to which it is owned by the provisions of this Act within two years of its own possession under the provisions of chapter V of this Act, except for the real estate required for its work.
d. The company may issue a loan or Islamic instruments to be issued for public subscription in return for the sums of funding it has provided to the beneficiaries, as well as the purchase and sale of loan bonds and instruments issued by the National Real Estate Finance Corporation.

Article 12
Real estate finance companies and real estate refinance companies must comply with the legal and regulatory requirements applicable to their operations, including the requirements of capital adequacy, as instructed by the Authority.

Article 13
a. Real estate refinance companies provide liquidity and financial resources to various mortgage lenders through the provision of sources of funds that are commensurate with the terms of the loans granted by real estate finance companies and banks, including lending to real estate finance.
(b) Real estate refinance companies issue bonds or Islamic instruments for the development of capital markets and real estate finance. They also offer their issuance of loans or instruments for public or private subscription as part of the portfolio of loans, time limits and refinancing of loans.

Article 14
The refunded loans are subject to real estate refinancing companies for the bases and controls set up by the Monetary and Credit Council.

Article 15
The public institution for housing may conclude contracts and contracts for real estate financing with real estate finance companies in favour of their savers or subscribers to their projects.

Article 16
a. The company has to maintain its accounts in accordance with international accounting standards.
b. The accounts of the company shall be audited by an audit of companies or audit offices accredited by the Board of Auditors and Audit.

Article 17
The Company is committed to provide the Board with the periodic financial reports and disclosures to be determined by the Board.

Article 18
a. If the company's licence is found to be awarded on the basis of incorrect information provided by the licence applicants, the licence shall be suspended by a decision of the Board.
b. If the company does not remove the reasons for stopping the license within the prescribed time and correct its status, the license shall be revoked by a decision of the Prime Minister on the proposal of the Council.

(Chapter III)
Real estate financing agreement

Article 19
a. Real estate financing in the procurement of real estate in accordance with the provisions of this Act shall be under a financing agreement between the financier and the buyer as an investor and the seller of the property, and the agreement shall include the conditions set by the executive instructions.
b. If financing for the purpose of investing in the construction of a property on land owned by the beneficiary or for the purpose of restoring or improving a property or other field, the property of the beneficiary of the property must be registered with the real estate records and the funding shall be under an agreement between the beneficiary, the financier and any other party to it About the deal.
c. The Board shall issue a decision on the forms of funding agreements referred to in the preceding two paragraphs.

Article 20
The investor or beneficiary may dispose of the immovable property by sale, gift or other conduct or arrange any right to it, following the approval of the financier provided that the alienator or the owner of the right has accepted the solutions of the investor or the beneficiary of the obligations under the funding agreement.

Article 21
The investor or the beneficiary may rent the property of the guarantor or enable others to be able to occupy it after obtaining the approval of the financier in writing and for the fund to require that the property of the lessor of the investor or the beneficiary be required in the payment of the property or in return for the payment of the property to him in fulfilment of his dues.

Article 22
The mall may not refuse to consent to the disposal or lease of the property, or to enable the private person to occupy it only for substantial reasons whose interests and rights are in danger and must notify the investor or the beneficiary of these reasons in writing within thirty days of the date of the investor's notice or The beneficiary of his desire to act, lease or enable the non-private to occupy the property. Otherwise, the agreement and the fund may be considered as requiring the solidarity of the investor or the beneficiary with the alienator to meet the obligations of the financing agreement, and the tenant for the property is to be in solidarity with the investor or The beneficiary is within the lease limits.

Article 23
If the investor or the beneficiary of the real estate, or his or her remuneration, has acted contrary to the provisions of the preceding articles, the fund may terminate the contract and demand that it fully meet the balance of the amount of the funding and its attachments or the other funding premiums, in case of an ultimatum by the writer to be fair during the course of the case. No less than thirty days. If the investor or the beneficiary has not done so, the fund may have taken the measures provided for in chapter V of this Act.

Article 24:
The investor or the beneficiary may accelerate the delivery of the premiums or the financing, in which case the amount of the premiums due shall be reduced in proportion to the acceleration of the fulfilment in accordance with the funding agreement.

Article 25:
a. Non-intermediaries whose names are restricted to a table prepared by the Authority for this purpose shall not directly mediate between the financier and the beneficiary or the investor in the funding agreement.
b. The Authority shall set the rules and conditions for the registration of the mortgage finance intermediaries.
c. The mortgage system is issued by the President of the Board upon the proposal of the Board.

(Chapter IV)
Under Real Estate Insurance and the Right Emerging from the Funding Agreement
First: Under Real Estate

Article 26:
The implementing instructions for this Act determine the procedure for requesting the registration of the real estate in order to be determined within one week from the date of submission to the real estate.
The applicant must be informed of the decision on his or her acceptance or the completion of his/her documents or his/her refusal to be substantiated by a registered book.

Article 27
The guarantee includes the attachments of the property, including from buildings, premises, estates, privatization, association rights, and all of the facilities and rights that it introduces from subsequent agreements and rights over the conclusion of the contract of guarantee.

Article 28
If the mortgage contract is required to hold the encumbered building to the mortgagee, which has not been repaid in the designated term or if it is required to be sold without due consideration of the legal process when executed
The mortgage is valid and the condition is invalid in both cases and the condition is invaloverturned, even if a subsequent agreement is made.

Article 29
a. In the case of the funding of the expired lease, the warranty reference is made under the contract of the lease on the newspaper of the property. This registration is considered an impediment to the disposition of the property by the lessor.
b. In the case of financing by means of taps, the beneficiary of the contract of taps under the contract of finance is under the contract of finance on the property sheet, which is the subject of the taps and is for the benefit of the financier. This reference does not prevent the carrying out of the drug secretions.
II: The financing agreement arising from the funding agreement

Article 30
a. The Mall may refer its rights arising from the financing agreement in accordance with the provisions of this Law with its guarantees without the consent of the investor or beneficiary to the National Real Estate Finance Corporation or a licensed company of the Securities and Financial Markets Authority directly to the securitization activity in accordance with the provisions. are defined by the executive instructions of this Act.
The financier should be given access to the data set out by the executive instructions on the financing agreement, which the rights arose from, without the need for the approval of the investor or the beneficiary.
b. The Company's assignee may issue securities or Islamic instruments after obtaining the approval of the securities and financial markets authority, and beyond the value of the rights referred to it and put it for public subscription, and the rights arising from the cards are fulfilled. The financial resources referred to in their due dates are the proceeds and revenues of the funds and the guarantee of the real estate insurance.
c. The financier continues to collect the rights transferred and directly to the rights arising from the financing agreement, in favour of the owners of the securities issued by the assignee or the National Real Estate Finance Corporation and as a deputy and within the boundaries of the Agreement of Hwale.
d. The financier shall ensure that the rights arising from the aforementioned securities are fulfilled and that it is agreed to ensure that those rights are not fulfilled in accordance with the rules set out by the executive instructions of this law.
e: The financier must inform the investor or the beneficiary of the right and the date on which the investor or the beneficiary must start paying the payments due under the financing agreement to the assignee directly to the investor.
The transferor shall not be entitled to require the investor or the beneficiary in any instalments or payments related to the financing that have been reimbursed to the financier under the funding agreement.

Article 31:
Real estate agents are charged with the maintenance of real estate records, including the mortgage or property record of the real estate and buildings within its jurisdiction, carrying out the same task with regard to real estate transactions subject to the provisions of this law and giving the necessary documents.

(Chapter V)
Alert to take ownership of the property and place the hand on it or recover it

Article 32:
a. The financing agreement regulated in accordance with the provisions of this Act shall be considered as an executive basis for implementation in accordance with article 273 of the Code of Civil Procedure, promulgated in Legislative Decree No. 84 of 1953, and its amendments and the status of an expedited entry into force.
b. Implementation shall be carried out in accordance with the provisions of this Law and shall apply the provisions of Title III of the Code of Civil Procedure promulgated by Legislative Decree No. 84 of 1953 and its amendments in a way that does not contradict the provisions of this Act.

Article 33
Delivery or warning shall be made by a postcard registered to the home of the investor or beneficiary specified in the funding agreement with a notice of arrival in respect of the notifications issued by the financier prior to the implementation of the agreement.

Article 34
To the mall in the event that the investor or the beneficiary does not meet the instalments due to it and thirty days from the date of the report that the investor, the beneficiary, or the owner of the property, may not be satisfied with the market value of the investor, or the owner of the property, to notify the investor or the beneficiary of the performance or to provide any. Ensure that the funding is accepted to cover the shortfall within 60 days of the date of the warning and that the lack of market value of the property is substantiated on the basis of a report issued by the assessor or the evaluation firm.

Article 35
If the specified period of warning is passed without the investor or the beneficiary having fulfilled or providing the guarantee, all the premiums shall be required to meet the full amounts of the remaining and guaranteed by the mortgage under the funding agreement, and the fund in this case shall have to put the funding agreement in place. The regulator, in accordance with this law, is subject to implementation and asks the Chief of Execution to put the hand on the property subject to the financing agreement and seize it within a week as a prelude to selling it, carrying out the reservation and asking for placing an executive booking reference on the property sheet and informing the investor or the beneficiary and the registered rights holders of their rights to the property. The drug newspaper is notified of this and teaches the holder.

Article 36
The investor or the beneficiary has the right to pay the sums due to him within 30 days of the date of notification of the status of hand and to place the executive reservation on the newspaper of the property in accordance with the provisions of article 35 of this Law.

Article 37:
If the debtor or the beneficiary does not meet within the period specified by the executive notification, the head of the executive decides to put the property up for sale at auction, and the enforcement officer shall put the hand on the property and estimate its value by one or more experts designated by the President. Implementation from the list of experts accredited to the Commission in accordance with this Law.

Article 38:
The mall or the authorized expert may not participate in the auction either directly or indirectly under the penalty of the nullity of the sale resulting from this auction.
However, if the amount of the auction does not reach the estimated value of the sales, and this amount is less than the benefits of the money calculated at the date of the last auction, the fund is entitled to award the sale against it, in return for the release of the investor or the beneficiary of all of his obligations.

Article 39:
If the investor or the beneficiary is satisfied with the premiums and annexes they deserve at any time prior to the decision of the definitive referral, and the executive actions must be stopped, the investor or the beneficiary must comply with the expense of the expenses arising from the process of execution according to what is fixed. In the executive file.

Article 40
The determination of a definitive referral may not be resumed except for a defect in the auction procedure, which amounts to a degree of absence in the form of the decision or its issuance after the request to discontinue the proceedings for which the cessation of the proceedings is a legal obligation.

Article 41:
The removal of the subdue process shall not have the effect of suspending the enforcement proceedings on the property unless otherwise spent by the Court.

Article 42
The Civil Trial Assets Act applies to cases of the response of judges and experts to the effect that the submission of a request for a reply will not be suspended until it is finally ruled upon. However, if the request for reply is accepted by the competent court, it requires the cancellation of all previous proceedings in the course of a request. Response.

Article 43
The proceeds of sale shall be distributed to the owners of the registered rights according to the date and degree of registration, following the determination of taxes, fees due on the property and judicial expenses.

Article 44
Public bodies that are allowed to exercise real estate finance in accordance with the provisions of this Law may use a lawyer or more to be a proxy rather than the administration of the state's issues in the collection and defence of their rights.

Article 45
The different descriptions of the property between the real estate newspaper and the current status of the real estate do not stop the procedures for implementing the expropriation at auction. The descriptions in the real estate register should be corrected on the buyer's property and at the expense of the auction, which is stipulated by the decision to make a definitive referral.

(Chapter VI)
General provisions

Article 46:
a. The Board shall meet the following allowances:
1. An annual allowance for real estate finance, including banks operating in the Syrian Arab Republic.
2. Subsistence allowance for the study of the request to license real estate companies
3. Subsistence allowance for real estate finance companies, branches and offices.
b. The amount of each of these allowances shall be determined by the Commission and amended by resolutions issued by the President of the Council on the proposal of the Council.

Article 47:
The provisions of the Civil Code on the Rights of the Rights of Excellence, Mortgage and Mortgage are applicable to all those that have not been provided for in this Act.

Article 48:
In accordance with the provisions of this Law, the updated companies are allowed to transfer the benefits shown from their accounts in foreign exchange resulting from the proceeds of their work on the basis of their certified budget as assets:
1. The profits and benefits achieved annually by the shares of Arab and foreign nationals and their already paid contribution in foreign exchange.
2. The remuneration and compensation of the members of the boards of directors of non-Syrian-resident companies and those in their judgement.
3.50 % of net salaries, salaries, bonuses and 100 % of the termination indemnity due to experts and technicians working in banks from Arab and foreign nationals.
4. Amounts that are worthy of companies and are required to be repaid and transferred abroad in foreign exchange.

Article 49:
Companies shall be subject to all those that have not been provided for in this Act for the legal provisions of trade and companies and their amendments.

Article 50
Real estate finance providers, including banks operating in the Syrian Arab Republic, are obliged to register with the Authority in accordance with the provisions of this law and regulations issued under it without prejudice to the fact that banks are subject to their own laws.

Article 51:
a. A professional union of real estate and real estate finance, which is subject to the provisions of this law, shall have legal personality and all those who exercise real estate finance in the Syrian Arab Republic are considered to be members of this Federation.
b. The Union shall take care of the interests of its members, apply the rules of practice of the profession and represent those who practice real estate finance on the one hand in relation to real estate financing activity.
c. The statute of the Union shall define its nature, functions and responsibilities, the provisions and procedures of its general assembly, its governing body, the association allowance, annual subscription and disciplinary proceedings against its members.
The Chairman of the Board of the Authority for the Supervision of Real Estate Finance shall issue a decision to approve the establishment of the Union and to ratify its system and register the federation in the records of the Authority after the performance of the registration allowance of 1,000 thousand Syrian pounds per thousand pounds.
e. The body shall be represented to attend meetings of the Governing Council of the Federation and the committees emanating from it without the right to vote on resolutions.

Article 52
The Executive Instructions for this Law shall be issued by decision of the President of the Council on the proposal of the Council.

Article 53:
This Act shall be published in the Official Journal and shall be considered effective from the date of its promulgation.
Damascus at 6-5-1433 A.H., 29-3-2012, my birth.

President
Bashar al-Assad

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