AlinmaBank to Provide Real Estate Financing for Villa Purchases in Massat AlAmiriyyah Group Project in Riyadh

Alinma Bank has signed a cooperation agreement with Massat Al Amiriyyah Groupto provide Shariah-compliant financing solutions to fund partners wishing to own villas in the company’sproject in Riyadh, which comprises more than 500 villas. The financing solution will be through Alinma’s real estate financing service, which is characterized by its wide range of flexible features and options.

The signing ceremony took place on Monday, November 26, 2012 at the head office of Alinma Bank in Riyadh.Present for the signing were Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, Mr. Bandar Bin Mohammed Al Amri, Chairman of Massat Al Amiriyyah Group,and representatives from both parties.

Speaking on the occasion, Mr. Al-Fares noted that the agreement was representative of Alinma’s commitment to supporting real estate development in the Kingdom and addressing citizen needs with regard to home ownership.

Mr. Al-Fares alsoexplained that through Alinma’s real estate financing service, partners (clients) would receive affordable, Shariah-compliant financing solutions with long-term conditions. He further expressed Alinma’s desire to provide multiple options for partners to obtain appropriate housing according to their needs and aspirations. He added that the real estate developer would be evaluated by specialists and technicians in the field of real estate and investment before being adopted as one of the accredited developers with whom the bank deals.

Mr. Bandar Bin Mohammed Al Amri, Chairman of Massat Al Amiriyyah Group, expressed his happiness to sign theagreement with Alinma Bank and confirmed the group’s keennessto implement projects that meet the desires of all segments of society. He added that the group’s target is to introduce more than 500 residential villas during the next four years,which will suit the needs of low and middle-income segments in Al Thaqr and Al Nada districts in the north of Riyadh. The project is characterized by its serenity, luxury and proximity to major roads. He concluded that the group has contracted with specialized construction companies with long track records in their areas of specialization to ensure quality and punctuality.

It is worth mentioning that Alinma Bank has contributed to the financing of several infrastructural, industrial and real estate projects since its launch in 2009 and continues to contributeeffectivelyto such projects.