Alinma Bank has signed a financing agreement with the Society for Quran Memorization in Riyadh. The SAR 377 million Ijara financing will support endowment projects in both the Riyadh and Mecca regions.
The agreement was signed at the organization’s annual meeting in Riyadh, which was held recently at the King Fahad Cultural Center under the patronage of HRH Prince Faisal Ibn Bandar Ibn Abdulaziz, the governor of Riyadh region, who also attended the signing ceremony.
Also in attendance were HE Sheikh Saleh Ibn Abdulaziz Al-Sheikh, Minister of Islamic Affairs, Endowments, Dawah and Guidance; Sheikh Saad Ibn Mohammed Al-Ferayan, president of the Society for Quran Memorization in Riyadh; Sheikh Abdulrahman Ibn Abdullah Althlol, vice president of and managing director of the Society for Quran Memorization in Riyadh; Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank; and Alinma Bank’s general managers for corporate banking and marketing.
Speaking about the agreement, Mr. Al-Fares stressed the importance of endowments as both Shariah-compliant and financially sound models for investment and saving. He noted that endowments have a broad range of uses and can be applied to a variety of business and social sectors in order to support the growth, development and prosperity of the Kingdom.
Al-Fares also emphasized the positive role that Islam plays in Saudi society and, that as a religion of peace, Islam stood as a guiding light for all. He noted that the endowment concept is originally an Islamic concept and encouraged more organizations to consider utilizing it to meet some of their financial needs, as it can reduce the need for periodic charitable fundraising.
Al-Fares concluded by saying that Alinma Bank was proud to be partnered with the Society for Quran Memorization in Riyadh, and was eager to play a vital role in helping the society succeed in its mission, which has been kindly supported by the government of the Custodian of the Two Holy Mosques