"The sukuk programme is specialised for the real estate development fund," Majed al-Hogail said at a press conference. 

The fund is the largest financer for the Saudi real estate sector and has a portfolio of around 190 billion Saudi riyals ($50.67 billion), the minister said. 

"We believe we can get cash flow from issuing sukuk for these loans and getting money to deal with the fund's waiting list in the fastest time possible," he said