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Alinma Chairman Launches Bank’s First Standalone Branch in Riyadh

14 Rajab 1431 H - 26 June 2010 G

Alinma Bank has launched its first standalone branch in Riyadh’s Suweidi district. The Suweidi branch opening is part of the bank’s overall plan to expand its branch network in order to better provide its partners with a broad range of Shariah-compliant products and services that meet their needs.

The branch boasts a number of noteworthy features, including the utilization of state-of-the-art banking technology. Additionally, the branch is strategically situated in the heart of Riyadh on one of the city’s main arteries, King Fahad Road. The location ensures ease of access for partners and helps to raise the profile of Alinma Bank by being a stunning architectural representation of the bank’s identity.

The Suweidi branch was officially inaugurated by Alinma Chairman, Eng. Abdulaziz Al-Zamil, and Alinma CEO, Mr. Abdulmohsen Al-Fares. Alinma senior executives were also present. Guests in attendance were briefed on key services provided by the branch such as account opening, instant ATM smart chip debit card and credit card issuance and account related transactions such as transfers, deposits, currency exchanges, check issuances, SADAD bill payments and other services.

Mr. Al-Fares said that the bank had strived, from its inception, to provide its partners with innovative services designed to suit partners’ needs. Towards this end, he said, the bank had recently offered, for the first time in the Kingdom, its “Education Financing” service as a way to support the advancement of education in the Kingdom. Through the service, the bank pays all fees, on behalf of the partner, to the educational institution. The partner then repays the debt over the course up to 12 affordable, monthly installments. No fees or administrative charges are assessed and the service is available to both Saudis and expatriates.

Al-Fares added that Alinma had also introduced its “Al-Had Al-Shamel” (global limit) service, which defines the maximum credit limit for which partners are eligible and gives them the freedom to finance various products (real estate, car, education, etc.), in full or in parts, without having to process a new application for each successive request.

Mr. Al-Fares also noted that the bank had begun offering real estate financing as well. Through the service, partners may finance property of their choosing with a financing limit of up to SAR 5 million and a repayment period extending up to 25 years. No administrative fees are assessed and no guarantor is required. The service is also available for both Saudis and expatriates alike.

Attendees were then taken on a tour during which they visited the VIP, partner service, card issuance, teller and self-service areas of the branch. It should be noted Alinma’s distinctive partner experience is directly related to the concept of the in-branch “Partner Journey,” which aims at reducing the amount of time required for a partner to be fully served without diminishing the level of service and professionalism received.

Lastly, visitors were briefed on the various aspects of Alinma’s corporate identity including the logo, color scheme, service standards and architectural design, all of which reflect the bank’s commitment to Shariah-compliance, transparency and providing a bright future for partners. All aspects of this commitment were taken into consideration in the designing of the branch’s interior.

At the conclusion of the launch event, Mr. Al-Fares said that the bank’s operational expansion and development had progressed satisfactorily after Alinma’s official launch of retail and corporate operations in the second half of 2009. He noted that through 2010, Alinma would continue to expand its branch and ATM network and increase its outreach to potential partners. At present, the bank serves its partners through 26 branches located in the cities of Riyadh, Jeddah, Taif, Madinah, Khamis Mushayt, Jubail, Hofuf and Dammam. Moreover, several more branches are under construction in Riyadh, Al-Ahsa, Dammam, Al-Kharj, Buraida, Onaiza, Hail, Arar, Jouf, Najran, Abha, Jizan, Tabuk and Hafr Al-Batin. Alinma also provides self-service options via a network of more than 135 ATMs, and its Alinma Phone (8001208000), Alinma Internet (www.alinma.com) and Alinma Mobile services.