The first, an Installment Payment agreement, allows Alinma partners (clients) to pay the REDF installments through Alinma Bank.
The second, a Damin agreement, enables citizens to own homes of their choice.
Both agreements fall within the framework of partnerships Alinma Bank seeks to establish in order to find practical solutions to facilitate home ownership for citizens.
The signing ceremony was held at the head office of Alinma Bank in Riyadh. In attendance were Alinma Bank CEO Abdulmohsen Al-Fares, REDF GM Mohamed Bin Ali Alabdani, and other representatives from both organizations.
Following the signing ceremony, Al-Fares explained that Alinma Bank is eager to develop fruitful, strategic partnerships that address real market needs as well as the aspirations of those seeking home ownership.
He said that Alinma would work to provide tangible, Shariah-compliant real estate solutions. Al-Fares said the two agreements stood as testaments to the vision of the Kingdom’s leadership, which has championed private sector support of development plans in various sectors, so as to address citizens’ needs and help them establish decent lives.
Alabdani confirmed the fund’s keenness to develop mechanisms that facilitate home ownership by citizens.
He said two important points about the agreements:
First, with regard to the Damin agreement, Alinma Bank is the second bank to sign such an agreement with the fund, which hopes to establish similar agreements with other banks, financiers and developers.
Second, regarding the Installment Payment agreement, Alinma plays a crucial role in ensuring timely payment of installments. By fulfilling this role in the collection process, the bank facilitates the fund’s re-lending of money to citizens on its waiting list.
Alinma Bank offers fully Shariah-compliant banking services through a network of 72 branches for men and ladies and e-services.
