Fin230 Assignment

ibrahem almugren 433103377

Alinma Bank :
is a Saudi joint stock company formed in accordance
with Royal Decree No. M/15 dated 28 March 2006 and
Ministerial Resolution No. 42 dated 27 March 2007.
The bank was established with share capital of SAR 15
billion, consisting of 1.5 billion shares with a nominal
value of SAR 10 per share.

Main Services :
1-

Saving Account:

You are looking to grow your financial assets and receive

secure monthly returns, and we are there to help you with the
Alinma Bank Savings Account. With this innovative,
unrestricted
Mudaraba product, we offer you with our skillful, diversified
and Shariah-compliant investment approach. And as always,
we deal with you with respect and transparency.
Savings Account Features
Start date of the investment period

Flexible

End date of the investment period

Flexible

Amount of current account available for investment

100% of the balance

Deposits during the investment period

Additional deposits can be made anytime; however, returns

will be calculated starting from the next investment period

Eligibility

All Alinma Bank partners are eligible

Minimum balance

As per package terms

Withdrawal policy*

Withdrawals can be done at any time as per contract

terms.

Rate of return (investor)

As per contract terms

Rate of return (broker)

As per contract terms

* No fees are charged on withdrawals during the investment period

Fin230 Assignment
ibrahem almugren 433103377

2-

Additional Real Estate Financing :

To allow Alinma partners to receive financing greater than the

amount of the loan provided by the Real Estate Development
Fund (REDF), Alinma Bank would like to collaborate with the Fund
to present the additional financing program. The program enables
partners approved by the REDF to receive additional financing
from the bank for the purpose of buying a suitable house and on
the basis of the Sharia-compliant Murabaha principle.
Requirements
Obtain initial approval from the Real Estate Development Fund
Obtain approval from the bank to provide additional financing to the
partner
Obtain final approval from the Real Estate Development Fund upon
visiting property
Fulfill applicable financing procedures of the bank

Acceptable Properties
Fully built apartments and villas
Property should not be older than 15 years
Property should not have been financed by the Real Estate Development
Fund and should not have been subject to a release of mortgage
Property should be free from construction defects

Required Documents
ID card
Certified letter from employer indicating salary
Certified letter from employer verifying salary deposit with Alinma Bank
Letter of approval from the Real Estate Development Fund
Copy of deed
Municipality permission letter
In the case of duplex houses, enclose the Technical Committee report
issued by the Secretariat
In the case of apartments, enclose the landscaping report issued by the
Secretariat
Copy of Electricity Service Connection Application showing date of
electricity connection, electrification of the meter (for new houses), and copy

Fin230 Assignment
ibrahem almugren 433103377
of

last electricity bill (for old houses)

A croquis showing the site of the lot
Copy of receipt and approval of additional financing
Copy of proof of address certified by employer

3-

Car Financing :

Now, with Alinmas car financing program, owning a car of your

choice is fast and easy. This Shariah-compliant, personal financing
solution, is a unique service built around our core values
innovation, respect, and transparency.

Key Benefits
Instant final approval
No administrative fees
Car registration under your name
No guarantor necessary
Financing up to SAR 2,000,000 total
Financing up to SAR 500,000 per car
Financing period up to 60 months
Dealer of your choice from the Alinma list of approved dealers
Requirements
Valid national I.D. (for Saudi nationals)
Valid Iqama & passport (for foreigners)
Vehicle specifications
Al-Had Al-Shamel (credit limit)
Completed car financing application form

Al-Had Al-Shamel (credit limit) Application Requirements

Employer must be from the Alinma list of approved employers
Open a current account with Alinma Bank

Fin230 Assignment
ibrahem almugren 433103377
Obtain a certified letter from your employer indicating your salary and service period details
Obtain a certified letter from your employer verifying your salary deposit with Alinma Bank
(assignment of salary and benefits)