Alinma Bank was founded by three Saudi government funds in 2006 to become an Islamic retail and corporate bank.
The Saudi Arabian General Investment Fund (GIF), the Saudi Arabian General Retirement Fund (GRF) and the Saudi Arabian General Organisation for Social Insurance (GOSI) were its founding shareholders.
In April 2008, the state-backed Islamic bank raised $2.8bn in Saudi Arabia’s biggest initial share sale for five years. The bank in January reported a net income of $104m for the period from May 26 to Dec 31, 2008.
In March, the bank began a series of specialist training programmes for branch managers and staff ahead of the bank’s full operational launch, which is expected to take place at the end of the second quarter or early third quarter of 2009.
It has also started the process of furnishing and equipping branch offices that will be the first to open for business when the bank starts its commercial activities. When it launches, Alinma will have 15 branches, including branches for men and women, distributed throughout the Kingdom.