Alinma Bank Introduces Interest-Free, No-Fee Education Financing
15 Dhul-Qa'da 1430 H - 03 October 2009 G
Coinciding with the start of the new academic year, Alinma Bank has launched, for the first time in Saudi Arabia, an education financing service that enables clients to pay school fees in installments without interest or administrative fees.
The service is provided in the form of a Musawama sale with a repayment period of up to 12 months. A Shariah-compliant service, Alinma’s education financing helps partners avoid the payment of large, upfront educational costs while giving partners the freedom to choose from any of the educational entities approved by the bank in the Kingdom. The service is available to both Saudis and expatriates.
Mr. Fahad Mohammed Al-Semari, General Manager of Alinma Bank’s Retail Banking Group said, "Our aim, in introducing education financing to our partners, is to facilitate one of the best investments a parent could make for their children. Few things are as valuable as a good education.”
Mr. Al-Semari affirmed that the service would be available for all levels of education, from kindergarten through high school. He noted that it was Alinma’s hope that, through the program, the bank would have an impact on the recovery of investment in this vital sector and that it would contribute to the development of promising generations of students capable of shaping a better future for themselves and for their society.
Bank’s partners may apply for education financing by visiting one of the bank’s branches throughout the Kingdom. Once a partner’s application is approved, the bank will pay the fees to the school in cash, on behalf of the partner. The partner will, in turn, repay the bank via affordable monthly installments, with no additional fees or charges.
Alinma’s launch of this service comes at a time when parents are looking for the best possible educational options for their children. Alinma sees this service as an opportunity to support and promote the educational sector in the Kingdom and fulfill its social responsibility towards society.
It is worth mentioning that Alinma Bank has recently initiated a marketing campaign for its official launch under the slogan "Tafaal," which means “Aspire.” Under this powerful and optimistic banner, Alinma strives to give its partners peace of mind with 100% Shariah-compliance and to exceed its partners’ expectations with innovative, top-flight products and services.