Alinma Bank Provides Financing Service for Residential Units under Construction

Alinma Bank Provides Financing Service for Residential Units under Construction

29 Rabi I 1433 H - 21 February 2012 G

In an ambitious and optimistic step, Alinma Bank has launched a service to fund residential units under construction. The new service allows partners (clients) to finance the purchase of properties under construction through various Shariah-compliant models approved by the bank.

In providing partners with this new service, Alinma Bank affirms its commitment to delivering innovative, fully Shariah-compliant, exemplary, convenient products and services that meet partner needs and help them fulfill their aspirations. In doing so, Alinma continues on its mission to encourage optimism amongst its partners with a special focus on financial solutions that contribute to increasing savings and investment through home ownership.

Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, explained that new service followed the Shariah-compliant financing method of “descriptive Ijara,” in which a developer commits to complete a project according to a timeframe that coincides with the scheduled payments made by the partner. Through this method, Alinma is able to offer competitive financing rates. The ultimate end result is a satisfied partner who is able to become a home owner. Al-Fares noted that quality control is an important aspect of the service, which Alinma Bank manages by setting specific requirements for developers that ensure safe project implementation and quality deliverables. Alinma has in place auditing and evaluation mechanisms that are implemented by technical and investment specialists who are responsible for the accreditation process for developers.

Mr. Al-Fares also noted that Alinma Bank was always striving to provide distinctive services to its partners. “We, at Alinma Bank, are optimistic about the results expected from the new service,” said Al-Fares. “We are confident that partners will be satisfied, as the bank has worked hard to provide them with multiple financing options that result in appropriate housing as per their needs and aspirations.”

Mr. Al-Fares urged partners and real estate developers who wish to learn more information about the new service to communicate with the bank through the Alinma Phone service (8001208000) or by visiting one of the bank’s 70+ branches located throughout the Kingdom.

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