Alinma Bank and Arab East Colleges have concluded an agreement through which the bank will extend its education financing services to students of the school. Education financing reduces the financial burden on students and their families by providing an affordable tuition installment plan that is free of administrative fees and other costs. The agreement was signed at the Alinma Bank head office in Riyadh by Alinma Bank CEO, Mr. Abdulmohsen Al-Fares and Arab East Colleges General Supervisor of Higher Education, H.E. Dr. Abdullah bin Mohammed Al-Faisal. Also in attendance were a number of officials from both organizations.
Speaking about the agreement, Mr. Abdulmohsen Al-Fares said Alinma Bank was pleased to be able to support the education sector and partner with Arab East Colleges in doing so. He noted that it was part of the bank’s mandate as a socially responsible financial institution, to help cultivate the next generation of Saudis and to contribute to the growth and prosperity of the community. He also said that education financing was part of the bank’s ongoing drive, begun since its inception, to bring innovative, exemplary products and services to the market that meet and exceed the aspirations and expectations of bank partners (customers). Al-Fares further added that the education financing service covered not only tuition, but also transportation costs, housing fees and other prescribed fees and costs.
Speaking on behalf of Arab East Colleges, H.E. Dr. Abdullah bin Mohammed Al-Faisal, expressed his delight at being able to cooperate with Alinma Bank. He noted that such programs were essential in ensuring that young men and women continue to have access to quality educational opportunities without being hindered by issues related to payment delinquencies.
It should be noted that through the service, Alinma Bank pays all mandatory fees up front, on behalf of the beneficiary, with reimbursement to the bank taking place according to an affordable, monthly repayment schedule for a period of up to five years. Both Saudis and expatriates are eligible and the program applies to students from pre-school through higher education levels. No fees, premiums or costs are charged.
Alinma is the most recent bank to launch operations in Saudi Arabia and has quickly expanded to all regions of the Kingdom. The bank currently has 116 branches and 1165 ATMs. It also offers a comprehensive array of electronic banking options including Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile and Alinma’s smartphone application for iOS, Android, Windows Phone and Blackberry devices. Alinma Bank has won numerous local and international awards and has achieved important certifications related to the excellence, reliability and security of its banking systems.