Alinma Bank Signs Memorandum of Understanding with General Authority for Endowments to Provide Banking Services

On Saturday, 25 Safar, 1432 (corresponding to January 29, 2011) Alinma Bank signed a memorandum of understanding (MOU) with the General Authority for Endowments, a division of the Ministry of Islamic Affairs, Endowments, Da’wah and Guidance. Through the MOU, Alinma will provide the Authority with banking and financial services including the opening of current and investment accounts, liquidity and cash flow management and other services provided by the bank to its partners (clients). The MOU also included an arrangement for the financing of real estate development projects undertaken by the Authority as well as the provision of special banking services to its employees related to home ownership and other banking services.

The agreement was signed by H.E. Shaykh Saleh Bin Abdulaziz Al Al-Sheikh who serves as both Minister of Islamic Affairs, Endowments, Da’wah and Guidance and Chairman of the General Authority of Endowments and H.E. Eng. Abdulaziz Al-Zamil, the Chairman of Alinma’s Board of Directors,. The signing ceremony took place at the ministry's headquarters in Riyadh. Also in attendance were the CEO of the bank, the Assistant Undersecretary for Endowment Affairs and other administrative leaders from both parties.

Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, said that the agreement was representative of the bank’s efforts to cooperate with all ministries, government agencies and private sector institutions in providing them with the very best Shariah-compliant banking services, which are intended to foster a fruitful partnership for both the bank and its partners. Mr. Al-Fares extended his thanks and appreciation to the Minister of Islamic Affairs, Endowments, Da’wah and Guidance and to the ministry’s officials for their cooperation in achieving this partnership. He expressed his sincere hope that the MOU would contribute to the strategic achievement of both parties’ goals and objectives.

Alinma Bank currently provides its banking services through a kingdom-wide network of 38 branches in cities such as Riyadh, Jeddah, Dammam, Madinah, Taif, Khamis Mushayt, Hofuf, Jubail, Mubarraz and Al-Kharj. Further branches are nearing completion in Riyadh, Dammam, Jeddah, Makkah, Buraidah, Onaiza, Hail, Arar, Tabuk, Najran, Ahsa, Abha, and Hafr Al-Batin. The bank also provides its partners with a full range of 24-hour, self-service channels that include Alinma Internet (, Alinma Mobile, Alinma Phone (8001208000) and an extensive network of over 210 ATMs.