Alinma Bank Provides Special Offer to Real Estate Exhibition Visitors in Riyadh

Alinma Bank has announced its participation in Riyadh’s 13th Real Estate and Urban Development Exhibition, which runs from May 9, 2010 through May 12, 2010 at the Riyadh International Exhibition Center. The event is being held under the patronage of HRH Prince Dr. Mansour Ibn Miteb Ibn Abdulaziz, Minister of Municipal and Rural Affairs. Major real estate, investment and financing companies from Saudi Arabia and the broader Arabian Gulf region will participate in the exhibition, which coincides with Riyadh’s first international forum for future prospects of real estate investment in the Kingdom and other Gulf countries.

Mr. Fahad Al-Semari, General Manager of Retail Banking at Alinma, said that the bank’s participation in the exhibition was yet another example of the bank’s efforts to provide Shariah-compliant financing solutions designed to help its partners (clients) meet the basic needs of life, the most important of which is housing. He also noted that Alinma was keen to be a positive force in the Kingdom’s fight to combat the current housing crisis.

Mr. Al-Semari also said that participation in such exhibitions was in line with Alinma’s strategy to bring quality products and services to its partners with efficiency and convenience. The exhibition features major financing and real estate development companies. The bank’s booth has been uniquely designed to reflect the bank’s values, such as innovation, respect and transparency. These values, said Al-Semari, are the cornerstone of the bank’s vision to become the "preferred financial partner for all."

With regard to Alinma services available to partners who attend the exhibition, Al-Semari noted that the bank would provide Ijara real estate financing (with subsequent ownership) with several options at an attractive and competitive profit margin. He also said that a special, limited time offer would also be extended to exhibition visitors, which would allow them to make a down payment on the real estate property of their choice without the normal salary transfer requirement.

Ijara financing through Alinma Bank is a transparent process in which all terms and conditions are clearly communicated to and agreed upon with partners (type of real estate, term of Ijara contract, appraised value of property, partner and bank responsibilities, etc.) At the end of the lease period, the partner will own the leased asset after paying its full value. The maximum financing limit is SAR 5 million and the repayment period extends up to 25 years. The service, which is available for both Saudi citizens and expatriates, will be provided without any administrative fees and without requiring a guarantor.

It is worth mentioning that in addition to its participation at Riyadh’s 13th Real Estate and Urban Development Exhibition, Alinma has also recently participated in several other exhibitions including the Riyadh International Motorcars Exhibition 2009, the Jeddah International Real Estate Exhinition 2010, the Housing and Financing Exhibition (JIREX 2010) and the Computer Exhibition of Khamis Mushayt. During these exhibitions, Alinma has consistently provided distinctive offers to exhibition visitors, which have been applauded by the bank’s partners.