Alinma Bank recently announced the resignation of CEO and Managing Director, His Excellency Mr. Abdulmohsen Al-Fares, whose contribution-filled tenure spanned 14 years, beginning with the bank’s establishment in 2006. The resignation will be effective as of January 3, 2021, after which Al-Fares will continue in his roles with the Alinma Bank Board of Directors and its Executive Committee.
Under Al-Fares’ leadership, Alinma has shown noteworthy growth and development in its product and service offerings, branch and ATM networks, partner (customer) base, and financial position, making Alinma a pillar of the national economy. During his tenure, Alinma has also participated in the financing of numerous public and private sector projects including those related to infrastructure, industry, trade, power, water, transportation, and housing.
In terms of financial performance, Al-Fares leaves Alinma with a track record of fiscal health and sustainability. At present, assets exceed SAR 150 billion, while deposits and the financing portfolio each have grown in excess of SAR 100 billion, respectively.
Operationally, Al-Fares oversaw the launch of more than 170 branches and 1500 ATMs that now serve Alinma partners across the kingdom. Under his leadership, the bank also launched its digital branch initiative, providing partners with comprehensive banking services via an all-digital, 24/7, self-service environment.
Alinma Bank, under Al-Fares became an award winning financial institution, garnering accolades at the local, regional and international levels. Starting in 2008, Alinma’s own initial public offering was lauded by local media for its unprecedented transparency. From there, Alinma went on to win the following major awards: Power Deal of the Year: Rabigh Independent Power Plant Project (2011), Best Islamic Financial Institution (2011), Fastest Growing Bank (2012, 2013, 2015, 2016, 2017, 2018), Top 50 Most Powerful Brands (2013), Islamic Bank of the Year (2015, 2017, 2018), Best Retail Banking Customer Service (2016), Best Digital Branch (2019), and Best Islamic Bank (2020).
Additionally, Al-Fares was himself recognized for his leadership on three separate occasions during his time at Alinma Bank. The first came in 2018 when he was named CEO of the Year at the Global Islamic Finance Awards (GIFA). Then in 2019 he was again named CEO of the Year at the Finnovex Awards. And also in 2019, Al-Fares was the top Saudi CEO to be recognized in the Shariah-compliant Banks & Financial Institutions category at the Top CEO Awards.
With regard to the kingdom’s Vision 2030 initiative, Al-Fares ensured that Alinma Bank would actively pursue 2030 objectives relevant to the banking sector. In this regard, he addressed the need for financial inclusion with the launch of Alinma’s Family Account service, which provides families with a useful tool to teach financial literacy and to manage family finances. Additionally, he addressed objectives related to digitization and cashless transactions with the launch of the bank’s digital branch initiative. And in order to support Shariah-compliant banking worldwide, Alinma, under Al-Fares, launched its Alinma Shariah Publications smart device application.
It is worth noting that under Al-Fares, Alinma Bank fulfilled its vision to become a family of companies. Today the Alinma group of companies include Alinma Investment Company, Al-Tanweer Real Estate Company, Alinma Cooperative Insurance Agency, and the Saudi Financial Technology Company, all of which are wholly-owned subsidiaries. The bank also helped found and holds stakes in Alinma Tokio Marine Company for cooperative insurance and Ersal Money Transfer in cooperation with Saudi Post.
As he departs, Al-Fares leaves Alinma well positioned to continue the pursuit of its vision to the preferred financial partner for all.