Alinma Bank and Deutsche Gulf Finance Sign Cooperation Agreement
15 Jumada I 1432 H - 19 April 2011 G
Alinma Bank has signed an agreement with Deutsche Gulf Finance to strengthen joint real estate financing and to provide real estate financing programs with affordable, long-term provisions with flexibility in repayment.
Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, represented the bank in signing the agreement, while Deutsche Gulf Finance was represented by Mr. Fahad Ben Abdullah Al Rajhi, chairman of the company’s board of directors. The signing ceremony took place at the head office of Alinma Bank in Riyadh and was attended by representatives of both parties.
Mr. Al-Fares, said, on the sidelines of the signing, that this step comes within the bank’s policy of aiming to enter into fruitful partnerships with various banking and finance sector players with extensive experience that enables them to manage their investment projects successfully. Likewise, he said, the signing of the agreement represents an emphasis on the leading role played by Alinma Bank in providing its unique, Shariah-compliant services.
Mr. Al-Fares added that the real estate sector in Saudi Arabia is witnessing significant development and that the agreement would create many opportunities that would help citizens own homes through flexible, long-term financing. He also stressed that the bank is eager to finance real estate projects that serve, first and foremost, the interests of the Kingdom and its citizens and contribute to the bank's ability to serve the community through the promotion and facilitation of home ownership.
Speaking on behalf of Deutsche Gulf Finance, Mr. Fahad Ben Abdullah Al Rajhi said that the company also strives to foster home ownership and that partnering with Alinma Bank serves this purpose. He lauded Alinma for its efforts as the latest bank to enter the real estate financing market through its provision of liquidity to financing institutions.
Mr. Al Rajhi indicated that the strategic cooperation between Deutsche Gulf Finance and Alinma Bank would create numerous opportunities that would drive private home ownership through the provision of innovative, Shariah-compliant financing solutions. He further stressed Deutsche Gulf Finance’s desire to take a quantum leap forward in the market by driving the transformation from consumer spending to investment spending, noting that the company had devoted its efforts to citizens’ needs through the provision of affordable, accessible, Shariah-compliant home financing solutions.