Alinma Bank Participates in Jeddah Exhibition for Real Estate, Financing and Housing

As part of its ongoing mission to provide Shariah-compliant financing solutions and to support the needs of its partners, Alinma Bank participated in the Jeddah Exhibition for Real Estate, Financing and Housing (JIREX 2010) held in Jeddah, Saudi Arabia at the Jeddah Center for Forums and Events. The event, which features exhibitions by major real estate, investment and financing companies from the GCC region, will run through March 5, 2010.

Mr. Fahad Bin Mohammed Al-Semari, General Manager of Retail Banking at Alinma, said the bank seeks, through its participation in the exhibition, to do its part in helping to alleviate the current housing crisis in Saudi Arabia and to fulfill its responsibility towards society by helping its partners progress towards decent lives for themselves and their families.

Exhibition visitors have the opportunity to apply for Alinma’s real estate financing at the event itself. Through the service, partners make lease payments for a fixed period, at the end of which they will own the property (villa, apartment, residential building, recreational land, commercial land) pursuant the leasing contract between the partner and the bank, which details clearly and transparently the property type, description, term of the lease, property value and responsibilities of each party with regard to the leased property.

Partners can finance the purchase of property up to a value of SAR 5million with a repayment period of up to 25 years. The service is provided free of any administrative fees and no sponsor is required. Both Saudis and non-Saudis are eligible.

It is Alinma’s goal to provide competitive, unique offers to its partners with the aim of helping them to easily own the property of their choice.