RIYADH: Alinma Bank, which started operations throughout the Kingdom last month, has launched the first ever “Education Financing” program that enables clients to pay school fees in installments without interest or administrative fees.
“The service is provided in the form of a Musawama sale with a repayment period of up to 12 months,” said Fahad Mohammed Al-Semari, general manager of the Retail Banking Group.
A Shariah-compliant service, Alinma’s education financing helps partners avoid the payment of large, upfront educational costs while giving them the freedom to choose from any of the educational entities approved by the bank in the Kingdom. The service is available to both Saudis and expatriates.
“Our aim, in introducing education financing to our partners, is to facilitate one of the best investments a parent could make for their children. Few things are as valuable as a good education,” Al-Semari said.
He affirmed that the service would be available for all levels of education, from kindergarten through high school. He noted that it was Alinma’s hope that, through the program, the bank would have an impact on the recovery of investment in this vital sector and that it would contribute to the development of promising generations of students capable of shaping a better future for themselves and for society.
