IslamicFinance.de

In this interview Abdulmohsen Al-Fares, CEO of Alinma Bank, discusses the growth in the company's balance sheet, credit growth, their Sukuk issuance and competition from other banks. Alinma Bank has maintained its growth pace and Al-Fares is optimistic about the upcoming Saudi Arabian government sukuk. It is an opportunity not only for companies and banks, but also for the secondary markets. Timing and size of the sukuk has not been decided yet. In his opinion, competition from other banks will not affect Alinma Bank, as they will compete only in very small segments, not in retail. He added that the stand-off with Qatar would not have a negative impact on the Saudi economy, as the kingdom's economy is strong and the economic relationship with Qatar is small in size.

Mohammed Rasooldeen reported in Arab News on 12 January that Saudi-based Alinma Bank will launch operations at the end of the 2nd quarter of 2009. The bank had a declared net income of SAR 390 mn for the interim period, including SAR 274 mn pre-operating income. Total assets stood at SAR 15.56 bn with total investments of SAR 14.97 bn, and shareholders' equity SAR15.39 bn.

Abdulmohsen Al-Fares is the chief executive officer of Alinma.

The Shariah guidance committee members are Abdulrahman Ibn Saleh Al-Atram, president, Abdullah Ibn Wakeel Al-Shaikh and Suliman Ibn Turki Al-Turki, members of the board.