17 Shawwal 1431 H - 26 September 2010 G
Coinciding with the start of the new academic year, Alinma Bank announced the provision of the education financing service with new features that will enable partners to pay school fees in soft installments to educational institutions without any increase, additional or administrative fees.
The new product, which is unique to Alinma Bank being the first and sole institution offering such product in the Kingdom, is characterized by its compliance with Sharia’h terms and controls. Additionally, the amount supposed to be paid to the educational institution (schools, institutes, colleges, universities) will be paid in soft installments of up to 12 months without any increase on the original fees, non-payment of large sums at once, the freedom to choose the service from any of the educational institutions approved by the Bank inside the Kingdom, its availability to both Saudis and expatriates.
Mr. Fahad Bin Mohammed Al Sammari, General Manager of Retail Banking Group in Alinma Bank said: "the provision of this service emphasizes our role in facilitating the access of our partners and their dependants to proper education in the most convenient way based on our belief that the Bank’s contribution in this field will have a great impact on all societal segments such as individuals, families, educational institutions and others.
Mr. Al Sammari confirmed that this service is made available to all educational levels from kindergarten to university (Bachelor and Diploma). This service can be obtained by visiting one of the Bank’s branches spread across the Kingdom.
The launch of this service by Alinma Bank comes within its effort related to supporting and promoting the educational sector in the Kingdom as well as its awareness of the social responsibility assumed by the Bank.
It is noteworthy that several educational institutions have agreements with Alinma Bank the subject of which is the provision of education financing product, including private schools, institutes, academies and colleges in various regions of the Kingdom.