Alinma Bank signs Damin and Installment Payment Agreements with Real Estate Development Fund

On Saturday, March 17, 2012 (24 Rabi II 1433) Alinma Bank and the Saudi Real Estate Development Fund signed two agreements related to public home ownership. The first, an “Installment Payment” agreement, allows Alinma partners (clients) to pay the Real Estate Development Fund installments through Alinma Bank. The second “Damin” agreement, enables citizens to own homes of their choice. Both agreements fall within the framework of partnerships Alinma Bank seeks to establish in order to find practical solutions to facilitate home ownership for citizens.

The signing ceremony was held at the head office of Alinma Bank in Riyadh. In attendance were Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, Mr. Mohamed Bin Ali Alabdani, General Manager of the Real Estate Development Fund, and other representatives from both organizations.

Following the signing ceremony, Mr. Al-Fares explained that Alinma Bank is eager to develop fruitful, strategic partnerships that address real market needs as well as the aspirations of those seeking home ownership. He said that Alinma would work to provide tangible, Shariah-compliant real estate solutions. Mr. Al-Fares added that the two agreements stood as testaments to the vision of the Kingdom’s leadership, which has championed private sector support of development plans in various sectors, so as to address citizens’ needs and help them establish decent lives.

Mr. Mohamed Bin Ali Alabdani, the General Manager of the Real Estate Development Fund, confirmed the fund's keenness to develop mechanisms that facilitate home ownership by citizens. He further added two important points about the agreements:

First, with regard to the “Damin” agreement, Alinma Bank is the second bank to sign such an agreement with the fund, which hopes to establish similar agreements with other banks, financiers and developers.

Second, regarding the “Installment Payment” agreement, Alinma plays a crucial role in ensuring timely payment of installments. By fulfilling this role in the collection process, the bank facilitates the fund’s re-lending of money to citizens on its waiting list.

Mr. Alabdani also thanked Alinma Bank for its participation and its support of the Real Estate Development Fund, which in turn supports the process of ongoing development in the Kingdom.

It is worth mentioning that Alinma Bank offers fully Shariah-compliant banking services through a network of 72 branches for men and ladies and e-services which include Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000) and a kingdom-wide network of 425 ATMs.