Alinma Bank Prepares Select Branches for Launch

Alinma Bank has started the process of furnishing and equipping a select number of branch offices that will be the first to open for business when the bank commences its full commercial activities at the end of the second quarter or early third quarter of this year.

These preparations are being executed by both local and international companies that specialize in the provision of business equipment, security systems and office furniture. It is expected that preparations will be completed over the next two months.

When it launches, Alinma will have 15 branches, including branches for men and women, distributed throughout the Kingdom. The current preparations are integral in helping the bank achieve that milestone. The number of branches will then gradually increase over time according to the bank’s plans.

It is important to note that Alinma’s branches will be key communication channels that will link the bank with its partners (clients). Alinma will also service its partners through various other channels that include phone banking and Alinma online service. Through these channels, partners will have access to the broad range of Shariah-compliant products and services offered by the bank to meet partners’ needs.

Alinma’s ultimate strategy with respect to branches aims at establishing independent locations owned by the bank that will be constructed and equipped in accordance with the bank’s approved design specifications for branches. However, during Alinma’s initial launch phase, leased buildings will be utilized while the bank works to acquire real estate for its independent branches that will later be added to the bank’s branch network. At present, several lots have already been purchased.

Expansion of Alinma’s network of branches will be executed in accordance with carefully considered plans based on marketing studies and research. In doing so, the bank will reach its partners and serve them satisfactorily.

In its selection of real estate for branch offices, Alinma has assured that sites are located in prominent areas within the city. As such, branches will be easily accessible and close to bank partners. The same care in location selection has been applied to leased branch offices as well.