Alinma Bank and Prince Mohammed Bin Fahad University have concluded an agreement that will see Alinma provide its Education Financing service to students at the university. Through the service, tuition and fees are paid on behalf of students and their families by Alinma Bank at the beginning of the school year, with a convenient repayment schedule and no additional fees, profit margins, or charges.
The agreement was signed at special ceremony held at Alinma Bank’s head office in Riyadh by Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, and Prince Mohammed Bin Fahad University Director, Dr. Issa Bin Hassan Al-Ansari. Several officials from both organizations were also on hand for the signing.
Speaking about the agreement, Mr. Al-Fares said that bank has had a long-standing commitment to supporting education in the kingdom and that Alinma’s Education Financing has featured prominently in its efforts. He also noted that the service functioned to alleviate financial pressures that families often experience when school fees become due at the start of the school year. From this perspective, said Al-Fares, Alinma is providing a much need service to the community that addresses the real financial issues they face in their lives.
With Alinma’s Education Financing, students and families of students at schools that Alinma has partnered with, receive financing that covers tuition, and any prescribed fees such as those designated for transportation and housing. Repayment is then completed over the course of several convenient monthly installments without additional fees, charges, or profit margins. Both Saudis and expatriates are eligible for the service, which covers students from kindergarten through university degree programs.
Alinma Bank is the most recent domestic bank to launch in Saudi Arabia and is a leader in banking technology and innovation. It provides a broad range of fully Shariah-compliant products and services for both corporate and retail partners (customers). It serves its partners through a network of 156 ATMs and 1465 branches across the kingdom. 24/7 self-service banking options are also available via Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile (WAP), and the Alinma Smart Gate suite of applications for smart devices.