Alinma Bank and the Social Development Bank concluded an agreement whereby the two parties are working to increase the “Savings Awareness” of citizens benefiting from the services of the Social Development Bank by encouraging them to save, for “Financial Returns” according to Alinma Bank frame work, and for other incentives provided by the Social Development Bank. These returns will proportionately increase based on the amounts of monthly savings and surpluses that citizens make in their accounts.
The signing ceremony was attended by the CEO of Alinma Bank, Mr. Abdulmohsen Bin Abdul Aziz Al Fares, and the General Manager of the Social Development Bank, Mr. Ibrahim Bin Hamad Al Rashed, and a number of officials from both sides. During the signing ceremony, many ideas and visions were discussed, that will be the product of this cooperation, which aims at concluding a financial savings program that meet the requirements and concurs with the aspirations, and spread an integrated culture that achieves healthy banking awareness and follows the objectives of the Kingdom vision 2030 with regards to the banking sector in general and the savings side in particular. It will also be a major support to one of the pillars of the program of Developing financial sector 2020 which is "Strengthening and Empowering Financial Planning" which aims to stimulate and support sustainable demand for savings schemes, enhance financial education and push for expansion of savings products to raise the current savings ratio of total Saudi household income from 6% to 10%.
It is worth mentioning that all the services provided by Alinma Bank come in line with Shari'a rules and regulations and represent the latest uses of electronic technologies in the world of financial and banking services.