Alinma Bank has signed a cooperation agreement with the KAFALAH organization to finance small and medium business enterprises (SMEs). Through the agreement, Alinma will extend a grant of SAR 6.43 million to KAFALAH to support program activities.
Speaking about the agreement, Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, said that the bank was always eager to support the SME sector in the Kingdom, as it represents an important component of the national economy, employing more than 80 percent of Saudi workers. Al-Fares noted that Alinma Bank had established a dedicated SME department to support the needs of entrepreneurs and small business owners, providing them with both financing and assistance in overcoming various obstacles faced by many SMEs. Al-Fares also noted that he was optimistic about the prospect for SME growth and reemphasized Alinma’s commitment to the sector and to the creation of both direct and indirect jobs for Saudi citizens.
It is worth mentioning that Alinma Bank provides services to its business sector partners (customers) through its broad network of branches across the Kingdom that now number more than 100. The bank also offers such services through its recently re-launched "Alinma Corporate Services” electronic channel. Through this web portal, partners are given a comprehensive interface in both Arabic and English through which they can manage their accounts with ease and access services that have been developed in line with best international practices and that leverage the latest in modern banking technology and information security.