Saudi Alinma Bank preparing to launch soon

In the Kingdom of Saudi Arabia final preparations are being made by Alinma Bank for its launch by the end of the second quarter of 2009. As reported by Abdulaziz Al-Zamil, chairman of the board of directors of the bank, at the launch the bank will operate branches in Riyadh, Jeddah, Dammam, Jubail, Hofuf, Madinah, Taif and Khamis Mushayt. More branches distribution are expected to continue through 2009 and into the early part of 2010.

"Although the bank's first official financial year began on May 26, 2008 and will extend through Dec. 31, 2009, regulatory policies required Alinma to state results for the interim period extending from May 26, 2008 through Dec. 31, 2008," Al-Zamil said.

All transactions in the bank are ensured to be Shariah compliant. Al-Zamil says that the bank will be providing various electronic services like phone banking, online banking, point-of-sales (POS) and ATM services. The services will be aimed at ‘individual and corporate clients and small and medium enterprises’.

According to Abdulmohsen Al-Fares, chief executive officer of Alinma Bank and Mohammed Al-Awadh, for the interim period the bank had declared a net income of SR390 million. This includes pre-operating income of SR274 million. Total assets stood at SR15.56 billion with total investments of SR14.97 billion, and shareholders' equity SR15.39 billion.