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Alinma Bank Provides SAR 3750 million Financing to SABIC

Alinma Bank Provides SAR 3750 million Financing to SABIC

04 Rajab 1431 H - 16 June 2010 G

Alinma Bank and SABIC have signed an agreement through which Alinma will provide SABIC with financing of SAR 3,750 million. The agreement stands as another example of the bank’s commitment to its vision of becoming the preferred financial partner for both individuals and corporate entities. It also represents Alinma’s commitment to the provision of Shariah-compliant banking solutions in Saudi Arabia. The agreement was signed by Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, and Eng. Mutlaq Al-Muraished, the Deputy Chairman for Finance at SABIC.

Speaking on the deal, Al-Muraished said that the facilities extended by Alinma would finance various SABIC projects within the framework of plans and programs of the company's strategy aimed at strengthening the company’s financial performance, enhancing its competitiveness and contributing to the company's expansion and growth.

Mr. Emad Al-Butairi, General Manager of Corporate Banking at Alinma Bank, said that since its establishment, the bank has worked to develop ongoing, long-term relationships with various business sectors in Saudi Arabia. These relationships have been rooted in the bank’s belief that it has a role to play in marshalling forward economic development in Saudi Arabia and promoting the vision of the Kingdom’s leaders, which includes the pursuit of worthwhile projects and the removal of obstacles and impediments to the actualization of such projects.

It should be noted that Alinma’s Corporate Banking group has recently completed the preparation and processing of a number of Shariah-compliant products and services that have been tested and incorporated as part of its automated banking systems. These products and services include current and investment accounts for corporate entities; checking, business (guarantees, documentary credits and documentary collection), deposit, withdrawal and transfer services; local and international funds transfers through branches and alternative channels; cash and liquidity management services; direct Murabah and Musharaka; Bai Al-Ajel; asset leasing (specified and designated); and Musharaka with documentary credit products.

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