Alinma Bank has launched a new unit dedicated specifically to the needs of endowments within the kingdom. Staffed by top experts in the field, the unit’s mission is to understand and then respond to the unique service needs of this important sector of the Saudi economy.
The announcement was made by the CEO of Alinma Bank, Abdulmohsen Al-Fares, coinciding with the bank’s participation at the Islamic Conference for Awqaf (endowments), which was held in the holy city of Makkah from October 17-19, 2017, under the patronage of H.E. Sheikh Saleh Bin Humaid, consultant to the Royal Court and Imam and Khateeb of the Grand Mosque in Makkah. Alinma has been a consistent supporter of the growth of Shariah-compliant banking and finance, and regularly supports and participates in such worthwhile events.
Speaking about the bank’s new endowments unit, Al-Fares said that it was further evidence of Alinma’s dedication and commitment to Shariah compliance and the development of the Saudi economy. He also noted that he was pleased that the bank had been able to participate in the Islamic Conference for Awqaf, where staff at a special Alinma booth interfaced with attendees and representatives from various charities and other non-profit organizations.
The Islamic Conference for Awqaf offered numerous opportunities for participants to discuss a broad range of issues related to endowments, including the growth of the sector from a more traditional charitable role, into its current role as one of the drivers of the Saudi economy. Participants expressed their appreciation for Alinma’s participation at the event, and for its ongoing work to bring best practices of Shariah-compliant banking to the sector.