Alinma Bank Signs Agreement with Al-Faisal International Academy for Financing Tuition Fees

Alinma Bank Signs Agreement with Al-Faisal International Academy for Financing Tuition Fees

8 Safar 1431 H - 23 January 2010 G

As part of its ongoing effort to support education in Saudi Arabia, Alinma Bank has signed an agreement with Al-Faisal International Academy that will allow students to finance their tuition fees over the course of one year in as many as 12 monthly installments with no additional fees or charges. This step comes as an extension to Alinma’s recently introduced education financing service that is now available to all Alinma Bank partners.

Present at the signing ceremony were Alinma Bank CEO, Mr. Abdulmohsen Bin Abdulaziz Al Fares, Al-Faisal International Academy CEO, Dr. Ahmed Bin Abdulrahman Al-Taweel, and Al-Faisal International Academy Executive Director, Dr. Fawaz Bin Abdulaziz Al-Rafei. The agreement was signed by Dr. Al-Taweel and Mr. Fahad Bin Mohammed Al-Semari, the general manager of Alinma Bank’s Retail Banking group. The ceremony was held at the bank’s headquarters in Riyadh and was attended by representatives from both organizations.

Speaking on the occasion, Mr. Al-Semari said that the agreement would support the significant role played by Al-Faisal Academy in training and educating students in language and computer disciplines. He added that the bank would continue its efforts to support advanced education in the hope of developing a new generation of Saudis who would contribute to societal development and pursue fulfilling and productive lives.

Education financing is one of the unique services recently introduced by Alinma Bank. Through the service, Alinma pays, on behalf of its partners, all tuition and fees, in full, directly to the educational institution. Partners then have one year to repay the bank, over the course of up to 12, affordable, monthly installments, with no additional fees or charges being assessed. Thus, the partner is relieved of the burden of making a large payment all at once. The service is available for both Saudis and expatriates.

Alinma Bank currently has more than 100 agreements with various educational institutions, including private schools, institutes and academies, to provide education financing to students and families in the Kingdom.

Al-Faisal International Academy is a leading educational institution and was established in 1422H.

Its educational and training activities include a wide range of programs designed to meet the needs of the local market and teach skills that meet existing job requirements in government and private sectors. The academy serves both male and female students.

 

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