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Alinma Bank and Saudi Telecom Co. Sign Partnership Agreement to Serve STC Staff

Alinma Bank and Saudi Telecom Co. Sign Partnership Agreement to Serve STC Staff

3 Safar 1431 H - 18 January 2010 G

Alinma Bank and the Saudi Telecom Company concluded Saturday a partnership agreement that aims at providing Shariah-compliant, integrated banking services to STC employees. The agreement was signed by Mr. Fahad Bin Mohammed Al-Semari, General Manager of Retail Banking at Alinma Bank, and Mr. Omar Bin Muhammad Al-Turky, Vice-President for Shared Services at STC, at a ceremony held at STC Headquarters in Riyadh that was attended by representatives of both organizations.

Speaking on the occasion, Mr. Al-Semari said, "We are glad to partner with STC to serve its staff. Our goal is to contribute in achieving the objectives of STC related to saving the time of its staff, increasing their productivity and serving their needs. We will work with the HR Department of STC to develop special programs to serve STC staff at all their locations."

Alinma Bank will provide, through the agreement, a wide range of Shariah-compliant banking solutions at competitive prices with simple, uncomplicated procedures. Solutions include personal account management as well as financing services that will meet the needs of STC employees with regard to securing reasonable housing for their families and paying for the education of their children. (Alinma Bank has recently launched education financing, which allows partners to pay tuition and school fees in installments without fees or other charges.)

Alinma Bank was established as a Saudi joint stock company with a capital of SAR 15 billion. It offers a broad range of banking services through more than 21 branches spread throughout the Kingdom. It additionally serves its partners through a wide network of ATMs as well as through its Alinma Phone (800 1208 000) and Alinma Internet (www.alinma.com) services. Irrespective of the service channel, Alinma strives to provide only the safest, most secure, exemplary services to its partners.

STC is the leading national company in providing integrated communication services in Saudi Arabia. It continuously strives to respond to market demands, keep abreast of technological developments in the communications sector and meet the needs of its clients, bearing in mind that this is the way through which it will establish its status and identity in a changing world in which communication is playing an ever-increasing role.

STC has, during the past few years, expanded beyond its local borders and has established a network of businesses and investments in a number of Gulf States, Asia and Africa. The company now operates in Kuwait, India, Indonesia, Malaysia, Turkey and South Africa. This has enabled it to serve a greater number of clients. The company seeks to increase its external client base by studying and evaluating potential investment opportunities in the future in accordance with its strategy.

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