RIYADH – An official at Alinma Bank clarified on Thursday that the bank is strictly following the regulations of Saudi Arabian Monetary Agency (SAMA) in all banking transactions, including payment of real estate loans to customers. The clarification came in the wake of a petition filed by some customers at Sulaimaniya police station in Riyadh, complaining that the bank officials refused to entertain them and listen to their grievances. They gathered in front of the bank branch after receiving text messages from the bank with regard to their monthly installment of repayment of loans being raised by SR1,460. Turki Al-Amri, one of the petitioners, said that he had received an SMS informing him that he has to pay the monthly installment of SR10,960 in place of SR9,500, which was the amount agreed upon by the two parties at the time of securing the loans. Alinma official said that the bank customers can address their grievances in a proper manner instead of gathering in front of the bank premises. He claimed that the SAMA sources have convinced the customers that the bank's agreements with the customers are legitimate and endorsed by the Shariah body, and that the banks are giving real estate loans on the basis of variable percentage of (service charges). "The bank follows procedures of concluding deals with customers in a sound and transparent way," he added.
