Alinma Bank has joined the Saudi Arabian Monetary Agency (SAMA) and the Minsitry of Justice as a participant in their landmark “Tanfeeth” program, which facilitates the resolution of court cases related to financial dealings in the kingdom. With Tanfeeth, Alinma Bank will provide the Ministry of Justice with direct line-of-sight into transactions executed by Alinma account holders, thus expediting the the investigatory process related to alleged financial crimes. The program further relates to various key objectives of Saudi Arabia’s Vision 2030 efforts.
Speaking about the bank’s involvement in the program, Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, said that the bank was pleased to contribute to the safety, security, and propriety of financial dealings in the kingdom.
“Alinma Bank prides itself on its forward thinking strategy and its leveraging of the very latest in financial technology,” said Al-Fares. “And thanks to the robustness of our technical systems, integration with SAMA and the Minsitry of Justice was a clear cut process; and we are happy to contribute to any effort that supports the safety, security, and ongoing growth and prosperity of the kingdom.”
Tanfeeth was launched on February 14 of this year and aims to connect financial institutions directly with relevant government ministries and agencies, with the cooperation and oversight of SAMA.
Alinma’s commitment to technical excellence has been recognized over the past several years by various award programs, with the the bank most recently being named the “Most Innovative Islamic Bank” by Cambridge IFA, a leading international financial consultancy.
Alinma Bank is committed to technical advancement in banking, and recently launched its frist 24/7 digital branch in Riyadh, with more branches to be unveiled later. Alinma also provides numerous other self-service banking options, including Alinma Internet (www.alinma.com), Alinma Phone (800120800), Alinma Mobile (WAP), and its suite of smart device applications. The bank additionally serves partnes through its network of 163 branches and 1490 ATMs.