News Column

NOMINATIONS - Alinma Bank Best Corporate Bond Arrange Best Islamic Bank

May 19, 2014



Alinma Bank's nomination for "Best Corporate Bond Arranger" highlights the work done by Alinma Investment Company (a wholly owned subsidiary of Alinma Bank) on the SAR 7.5 billion Sukuk issued to finance the Sadara partnership deal between Saudi Aramco and Dow Chemical Company, which will include 26 manufacturing units. Sadara will be one of the world's largest integrated chemical facilities, and the largest project to be established in a single stage. Alinma's role as a Sukuk IPO manager was integral in the overall success of the deal.

The nomination for "Best Islamic Bank" recognises Alinma's stellar growth over the past year. With a 37 per cent increase in net profits for 2013 and all other financial indicators sharply up, Alinma remains poised to continue its growth trajectory.

During the past year, the bank has concluded a number of important agreements including an agreement with the Saudi Company for Particle Therapy to finance the construction of the Saudi Center for Proton Therapy Technology. This is the first specialised centre for proton cancer therapy technology in the Gulf and the broader Middle East. The centre will contribute to the treatment of a large number of cancer cases, reducing the amount of expensive, fatiguing travel that patients often must endure when seeking treatment.

Alinma also concluded a cooperative agreement with Visa to provide Shari'ah-compliant Visa services to Alinma cardholders. Alinma Bank also pioneered smart-chip card use in the Middle East, Central Europe and Africa with its issuance of Visa smart-chip debit and credit cards. As a result, the bank was recognised by Visa International for having the best performing debit card portfolio in the Kingdom of Saudi Arabia.

From a technological perspective, Alinma also continues to forge ahead. Alinma's self-service banking continues to exceed expectations, with world-class technology, 24-7 availability and the promise of transactional accuracy and security.



Service offerings include the Alinma Internet (www.alinma.com), Alinma Mobile and Alinma Phone services. Furthermore, in 2013, Alinma launched its smartphone application, which boasts cross-platform compatibility with Apple, Android, Windows Phone and Blackberry operating systems. It is also notable that the application reflects the full functionality of the Alinma Internet website.

As always, the past year also has seen Alinma continue its commitment to community. In particular, the bank is proud of its cooperative effort with the Saudi Society for the Blind to make Alinma's key services accessible to the sight impaired. Towards that end, Alinma was successful in making its smartphone application, website, WAP service and ATM network entirely blind accessible. More importantly, none of these services compromise on the safety, security and confidentiality expected from customers. Alinma has also continued its work through the Riyadah Institute supporting entrepreneurs and SMEs in Saudi Arabia.

Alinma Bank continues to grow at a rapid pace. With 97 branches and 880 ATMs across the Kingdom, Alinma is reaching out daily to its customers. And with a full range of Shari'ah-compliant solutions that meet the needs of the market, Alinma is looking forward to a bright future.


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Source: Banker Middle East


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