Alinma Bank Signs Agreement with Specialized Academy for Medical Training for Financing Tuition Fees

Alinma Bank Signs Agreement with Specialized Academy for Medical Training for Financing Tuition Fees

4 Safar 1431 H - 19 January 2010 G

Alinma Bank and the Specialized Academy for Medical Training have concluded a tuition financing agreement that will allow all academy students to conveniently finance their tuition and fees in installments. The agreement was signed by Mr. Fahad Bin Mohammed Al-Semari, General Manager of Retail Banking at Alinma Bank and Mr. Mahmoud Sharaf, Executive Director of the academy. The signing ceremony took place at the bank’s head office in Riyadh and was attended by representatives from both organizations.

Speaking on the occasion, Mr. Al-Semari said, “This agreement supports the academy’s efforts to provide quality educational services in the medical field as well as education in general, which the academy deems as the basic foundation for the advancement of any society. The bank has also been motivated by what it sees as its necessary conviction to serve society; and it is especially keen to provide innovative products and services to meet the ambitions and aspirations of its partners.”

Mr. Al-Semari explained that through the service the bank would pay, on behalf of partners, all tuition and fees, in full, directly to the academy. Partners would 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. Mr. Al-Semari said that the service was designed to relieve the burden upon partners of being obliged to make large payments all at once. The service is available for both Saudis and expatriates and is fully Shariah-compliant.

Mr. Sharaf stated that the agreement would contribute to the strengthening of the community and would have a positive impact on the development of education by facilitating learning for those with ambitions to improve themselves. He added that the academy is one of the leading institutions in the fields of education and medical training in the Kingdom, with centers in five geographic areas (Riyadh, Madinah, Jeddah, Qaseem and Taif). He said that the academy offers numerous diploma programs in the disciplines of dental technology, medical laboratory operations, nursing, health insurance, medical records and diagnostic radiology. Mr. Sharaf noted that the academy would add diploma programs in the future to meet market needs.

Alinma Bank was established as a Saudi joint stock company with a capital of SAR 15 billion. It offers a range of banking services through more than 21 branches spread throughout the Kingdom. It additionally serves its partners through various electronic channels including a wide network of ATMs as well as its Alinma Phone (800 120 8000) and Alinma Internet (www.alinma.com) services.

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