Alima Bank and Majid Bin Abdulaziz Society Sign Memorandum of Understanding

AlinmaBank and the Majid Bin Abdulaziz Society for Development and Social Services have signed a memorandum of understanding (MOU)related to the financing of one of the organization’sprojectswith the aim of supportingand promoting its developmental programs.

The signing ceremony took place on Tuesday, February 26, 2013 (16 Rabi II 1434) in Jeddah during the annual meeting of the Society.Present were HRH Prince Misha’alBin Majid Bin Abdulaziz, Chairman of the Board of Directors of the Society, Mr. Abdulmohsen Al-Fares,CEO of Alinma Bank,senior businessmen, and representatives from both parties.

Mr. Al-Fares said that the MOU falls within the framework of the bank’s efforts to strengthen cooperation between the Saudi banking sector and socialdevelopment institutions in the Kingdom. He added that Alinma Bankwas committed to the establishment of permanent partnerships and cooperative engagementsto support the development ofthe social sector in the Kingdom. It is this sector, said Al-Fares, thatsignificantly contributes to solvingsocietal problems, of which the financingof social programs is of paramount importance.

It is worth mentioning that the Majid Bin Abdulaziz Society for Development and Social Services was established in 1998 as an initiative of HRH Prince Majid Bin Abdulaziz. It seeks to be a leader in creatingsustainable developmentbyapplying sustainable development practices, entering into partnerships with all stakeholders, changing projects from relief to empowerment, and creating productiveindividuals. It focuses on the promotion and application of various sustainable development concepts, good governance, transparency, accountability as well as contributing to the GDP through development and community service.