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Alinma Bank Concludes First Suq Al-Sila Commodity Murabaha Transaction

Alinma Bank Concludes First Suq Al-Sila Commodity Murabaha Transaction

19 Jumada I 1432 H - 23 April 2011 G

Alinma Bank has announced the execution of its first commodity Murabaha trade with the Malaysian Suq Al-Sila for SAR 328 million through Malaysia’s Suq Al-Sila electronic platform. This comes as a result of a major effort by Alinma Bank, with the Malaysian market, to facilitate and encourage Shariah-compliant transactions.

Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, said that the initiative was in line with Alinma’s strategy, which aims to expand its partnerships with all institutions. He further added that the bank was committed to taking a leading role in promoting the Islamic banking industry, developing financial instruments and providing its partners with exemplary services.

Mr. Al-Fares explained that Alinma Bank was keen on cooperating with Suq Al-Sila of Malaysia, which is one of the leading countries in the field of Islamic banking, and that the transaction was just the first of several transactions to be concluded. He added that Malaysia's Suq Al-Sila is the first platform that applies electronic trading with full commitment to Shariah provisions and controls and that it aims to facilitate commodity-based Islamic finance and investment.

Malaysia’s fully electronic Suq Al-Sila (Bursa Suq Al-Sila) is an international commodity platform that deals in several major currencies, through which commodity-based and Shariah-compliant financing and investment transactions are facilitated.

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