JEDDAH — The Social Development Bank (SDB) signed an agreement to implement its first savings program with Alinma Bank recently.

The agreement was signed by the General Director of the Social Development Bank, Ibrahim Bin Hamad Al-Rashed and the CEO of Alinma Bank Abdulmohsen Bin Abdul Aziz Al-Fares, in the presence of senior executives from both sides.

The project was launched as a part of saving program series, that aim to develop Shariah-compliant financial tools.

This will enable SDB clients to benefit from the program’s features and helping them to start saving and financial planning and providing them with financial and non-financial attractive incentives.

The SDB Assistant General Director of the saving sector Bader Bin Sulaiman Al-Jared stated that the SDB signed the agreement to achieve one of significant programs of Vision 2030, The Financial Sector Development.

Under the theme of "An Ambitious Nation and a Responsible Citizenship", the program is set to raise households savings from total income 6% to 10%. He also stressed the continuation of the campaign to raise the financial awareness under the hashtag#YourAmbitionIsBigger

On the other hand, Alinma Bank’s Vice President of Retail Banking Ibrahim Bin Sulaiman Al-Sayyari stated that Alinma Bank contributes significantly and dynamically to the culture of saving and developing financial resources by raising an integrate culture that achieves sound banking awareness.

The bank follows the objectives of Vision 2030 regarding the banking sector, specifically the savings sector. In addition, it supports a major pillar of the 2020 program of Developing the financial sector, "Strengthening and Empowering Financial Planning", through providing investment tools and savings programs with financial returns.

The Social Development Bank is a member of the National Savings Committee chaired by the Saudi Arabian Monetary Agency (SAMA). The committee is concerned with motivating savings and developing the assets of the individual, including those with low income. It also promotes savings initiatives that are applicable to all segments of society. —SG