Development Bank and Alinma Bank sign an agreement to implement the first savings program

The Social Development Bank signed an agreement to implement the first savings program for its customers with Alinma Bank on Wednesday, Ramadan 15, 1439 AH, corresponding to May 30, 2018 AD. The agreement was signed by the Director General of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, and the Managing Director and CEO of Alinma Bank, Mr. Abdul Mohsen bin Abdul Aziz Al-Faris, in the presence of a number of the bank’s leaders and executives. The launch of this product comes within the savings program series, which aims to develop financial instruments compatible with the provisions of Islamic Sharia that allow the bank’s customers to benefit from the program’s features and help and encourage them to save and plan financially by providing attractive financial and non-financial incentives to customers. The Assistant General Manager for Savings, Mr. Badr bin Suleiman Al-Jared said, through the signing of these agreements, the Social Development Bank seeks to contribute to achieving Vision 2030 through one of the most prominent axes of the vision and the financial sector development program, which deals with saving among other goals and aims to “raise the proportion of household savings of their total income from 6% to 10%.” %" Through the axis of “An ambitious nation and a responsible citizen” He also noted the continuation of the awareness campaign under the hashtag #YourAmbitionisGreater. For his part, the Executive Vice President of Retail Banking at Alinma Bank, His Excellency Mr. Ibrahim bin Sulaiman Al-Sayyari, stated that Alinma Bank contributes fundamentally and vitally to raising and developing the culture of saving and developing financial resources by spreading an integrated culture that achieves sound banking awareness and leads... In accordance with the objectives of the Kingdom’s Vision 2030 with regard to the banking aspect in general and the savings aspect in particular, and supporting one of the pillars of the Financial Sector Development Program 2020, which is “promoting and enabling financial planning.” By providing savings and investment tools and programs with financial returns. It is worth noting that the Social Development Bank is a member of the National Savings Committee, which is chaired by the Saudi Arabian Monetary Agency, and is concerned with promoting savings and developing the savings of individuals, including those with limited income, encouraging savings initiatives that are appropriate for all segments of society, and spreading the culture of saving and financial planning among individuals.