Alinma Bank will participate in "Cityscape Jeddah 2010," which runs from June 7 through June 9. The event is being sponsored by HRH Prince Misha’al Ibn Majed Ibn Abdulaziz, the governor of Jeddah, and is being attended by more than 100 Saudi and international investors, real estate developers, financing and investment companies, designers, consultants and construction specialists.
Speaking on the occasion, Mr. Fahad Mohammed Al-Semari, General Manager of Retail Banking at Alinma Bank, said that Alinma’s participation was rooted in its efforts to communicate with its existing and potential partners in various cities of the Kingdom regarding the bank’s Shariah-compliant, financing solutions. He pointed out that Alinma Bank’s participation at Cityscape emphasizes the leading role of the bank in supporting the Kingdom’s economic activity through assisting the residents of the western region in meeting their real estate needs.
At the exhibition, Alinma will offer real estate financing with several options that would give partners an attractive and competitive profit margin along with flexibility related to financing criteria. Those partners wishing to be exempt from the salary transfer condition that is often required of financing applicants, may opt to provide a down payment. Conversely, those wishing to avoid a down payment, would be exempt from doing so by transferring their salaries to the bank.
Another advantage being offered is the calculation of the profit margin using only the amount financed by the partner.
Under these offers, the bank will lease the property (villa, apartment, commercial building, recreational land, etc.) through an Ijara contract with the partner. The contract clearly and transparently details all aspects of the property, the financing amount and any terms, conditions, rights and liabilities that apply. The partner will own the leased asset at the end of the Ijara term after paying its full value. The maximum amount that a partner may finance is SAR 5 million, which may be repaid over a maximum of 25 years. No administrative fees will be assessed and no guarantor is required. Alinma’s real estate financing is available to all segments of society, citizens and expatriates alike.
It is worth mentioning that since its inception, Alinma has been highly focused on serving its partners with a comprehensive package of products and services. Toward this end, the bank has opened branches across the Kingdom and has provided a range of alternative banking services (Alinma Phone, Alinma Internet, Alinma Mobile and ATM services) that allow partners to bank at their convenience. And as always, Alinma is keen to keep pace with the expectations of its partners and to guarantee privacy and safety for their transactions.