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Alinma Bank and Al Imam Muhammad Ibn Saud Islamic University Sign Memorandum to Support Islamic Banking Studies

Alinma Bank and Al Imam Muhammad Ibn Saud Islamic University Sign Memorandum to Support Islamic Banking Studies

13 Safar 1432 H - 17 January 2011 G

As part of its effort to support research in the field of Islamic banking, Alinma Bank has signed a memorandum of understanding with Al-Imam Muhammad Ibn Saud Islamic University to support the university’s Alrashid Chair for Islamic Banking Studies and its SABIC Chair for Islamic Financial Market Studies, which are considered two of the university’s most important programs.

The agreement was signed at the university by Mr. Abdulmohsen Al-Fares, Alinma CEO, and Dr. Sulaiman Aba AlKhail, rector of Al-Imam Muhammad Ibn Saud Islamic University.

Speaking on the occasion, Mr. Al-Fares said that he hoped the relationship would foster development and innovation of new financial products that combine Shariah credibility and economic efficiency. He also said that programs such as the Alrashid Chair for Islamic Banking Studies and the SABIC Chair for Islamic Financial Market Studies played important roles in addressing public needs in the current economic climate, which has seen greater attention paid to the role of Islamic banking and finance in the world economy. He also noted that Alinma was honored to be associated with a university as prestigious as Al-Imam Muhammad Ibn Saud Islamic University.

Mr. Al-Fares went on to explain that the agreement would provide an important link between academic research and its application to the real world issues facing the Islamic banking industry. He also said that he hoped that the bank, the university, program participants and society at-large would benefit from the high level of scholarship provided by the university, and that related research, lectures and seminars would bear fruit in the near future.

Alinma provides only Shariah-compliant products and services. The bank also has a dedicated Shariah board that is supported by a technical and administrative group to assist it in attaining its goals and performing its duties in providing Shariah oversight of all products and services provided by the bank. The bank serves it partners (clients) through a kingdom-wide network of 35 branches as well as through its electronic, self-service channels, Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile and a network of over 208 ATMs.

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