The agreement to provide real estate financing programs with affordable, long-term repayment provisions, was signed by Abdulmohsen Al-Fares, chief executive officer of Alinma Bank and Fahad bin Abdullah Al-Rajhi, chairman of the DGF board of directors at the headquarters of Alinma Bank in Riyadh.

"This step comes within the bank's policy of entering into fruitful partnerships with various banking and finance sector players with extensive experience that enables them to manage their investment projects successfully," Al-Fares said, adding that the signing of the accord represents an emphasis on the leading role played by Alinma Bank in providing its unique Shariah-compliant services.

Al-Fares added that the real estate sector in the Kingdom is witnessing significant development and the agreement would create many opportunities that would help citizens own homes through convenient long-term financing.

He also stressed that the bank is eager to finance real estate projects that serve the interests of the Kingdom and its citizens and contribute to the bank's ability to serve the community through the promotion and facilitation of home ownership programs.

Speaking on behalf of Deutsche Gulf Finance, Al-Rajhi said his company strives to foster home ownership and that partnering with Alinma Bank serves this purpose. He lauded Alinma for its efforts as the latest bank to enter the real estate financing market through its provision of liquidity to financing institutions.

Al-Rajhi indicated that the strategic cooperation between DGF and Alinma Bank would create numerous opportunities that would drive private home ownership through the provision of innovative and Shariah-compliant financing solutions. He further stressed the DGF's desire to take a quantum leap forward in the market by driving the transformation from consumer to investment spending.