Alinma Bank and Dar Al Tamleek Company have signed a cooperative agreement for Shariah-compliant financing of real estate. The agreement was signed by Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, and Eng. Ali Ben Osman Al-Zaid, the Chairman of the Board of Directors at Dar Al Tamleek.
Speaking on the deal, Al-Fares said that as part of its strategy, Alinma sought to contribute to the success of the real estate sector and to address the urgent need for the financing of residential real estate development projects. Mr. Al-Fares pointed out that the strategic cooperation between Alinma and Dar Al Tamleek would help citizens own homes through flexible, long-term, Shariah-compliant solutions. Al-Fares also emphasized the bank's desire to serve the interests of the country and its citizens.
Eng. Al-Zaid said that the agreement was representative of the cooperation and partnership that needs to exist between mortgage companies and the banking sector in order to provide appropriate housing for Saudi citizen and in order to reduce the gap between the high demand for housing and the current lack of supply. He added that Dar Al Tamleek specialized in housing finance and was established with paid up capital of SAR 1 billion. The company currently operates in two of the Kingdom's main cities, Riyadh and Jeddah, and has plans to expand in the eastern region of the country in the future.
Alinma Bank is a Saudi joint stock company established with SAR 15 billion in capital. It provides financing services that are commensurate with the needs of individuals and corporate entities across 26 kingdom-wide branches for men and women. Branches currently exist in Riyadh, Jeddah, Dammam, Madinah, Taif, Khamis Mushayt, Al-Ahsa, Hofuf and Jubail; and more branches are currently under construction in Riyadh, Dammam, Jeddah, Makkah, Buraidah, Onaiza, Hail, Arar, Tabuk, Najran, Al-Kharj, Al-Ahsa and Hafr Al-Batin. Alinma also provides its partners with a full range of alternative, 24-hour, self-service banking options that include Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000) and an extensive network of more than 130 ATMs.