Alinma CEO: Saudi banks flexible in rescheduling contractors’ debts
Alinma has invested one billion riyals in Sharia complain treasury bills
Saudi banks are flexible enough in rescheduling debts of contractors working in the construction industry, Alinma Bank’s CEO Abdul Mohsen Al-Fares said in an interview with Al Arabiya News Channel.
Fares explained that the decision of the Saudi government to allocate SR100 billion ($26.6 billion) to the kingdom’s Public Investment Fund (PIF) has eased the pressure on construction companies, including contractors and subcontractors, giving them a better chance to fulfill their commitments.
“We don’t have any facilities granted for the subcontractors,” said Fares. “While our loan book does not contain any non-performing loans for the main contractors of the government projects. All our clients are doing well.”
Fares revealed that his bank has invested more than one billion riyals in sharia complaint treasury bills with the country’s central bank: Saudi Arabian Monetary Agency (SAMA). He explained that the bills product was designed and proposed by his bank, and adopted by SAMA.
(The article was first published by the Arabic language website of Al Arabiya News Channel)
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