Alinma Bank has announced that it will sponsor Riyadh’s 14th Real Estate and Urban Development Exhibition (RESTATEX), which is being held at the Riyadh International Exhibition Center for Exhibitions and Conferences under the patronage of HRH Prince Dr. Mansour Ibn Miteb Ibn Abdulaziz, Minister of Municipal and Rural Affairs. The event will take place from May 1 through May 4, 2011 (27 Jumada Awal through 1 Jumada Thani, 1432). Major real estate investment and development companies, banks, financing companies and institutions, and new housing projects in Saudi Arabia will participate.
Alinma Bank, which is a “golden sponsor” of the event, will feature a unique display that will be used to share, with attendees, information regarding the bank’s Shariah-compliant, home and real estate financing solutions. Special offers will also be extended exclusively to exhibition attendees.
Speaking about the event, Mr. Fahad Al-Semari, general manager of retail banking at Alinma, explained that the bank sought, through its participation, to address the needs of individuals in need of real estate financing options. He added that such participation stood as evidence of Alinma’s commitment to supporting the Saudi economy.
Alinma expects, as has been the case at previous exhibitions, that turnout at the Alinma display will be strong as a result of the bank’s diversity of products and services and attractive offers. Such offers include Ijara financing with no down payment, no payments for 6 months, a repayment term of up to 30 years, fixed or variable profit margins and full Shariah-compliance.
With Ijara financing, the bank leases property (villa, apartment, commercial or recreational land) through a transparent Ijara contract in which all terms and conditions are clarified for the partner. At the end of the term of the lease, the partner owns the leased asset after paying its full value. No administrative fees are assessed and no guarantor is required. Ijara financing is available for both Saudi citizens and expatriates, and joint financing between individuals who are not of family relation is also available.
It is worth mentioning that Alinma Bank provides its partners with a comprehensive range of Shariah-compliant financing and investment services across a kingdom-wide network of 50 branches. Several other branches are in the final stages of preparation for launch. The bank also provides a range of 24-hour electronic channels that include Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000) and Alinma’s ATMs, which now exceeded 270 in number