News 2010

March 2010


Renewal of the Financing Agreement between Samba and SEC to extend housing loans to SEC employees

Samba Financial Group has renewed its housing financing agreement with the Saudi Electricity Company (SEC) for another year expiring at the end of this year. This initiative, launched by Samba and SEC in May 2009, aims at extending the necessary facilities to SEC employees who wish to own homes under facilitated financing schemes.

Mr. Eisa M. Al Eisa, Chairman of Samba Financial Group, said "the renewal of the Financing Agreement with SEC for a new year comes in response to the aspirations of a strategic partner, and reflects the parties' desire to strengthen their deep relationship, particularly as the initiative, which is the first of its kind in the Kingdom within the real estate financing sector, has been met during its first year with considerable success and acceptance by SEC employees, who enjoy a real opportunity to achieve their ambitions to own homes under facilitated financing schemes. This agreement is an example of true partnership between the business sectors in the Kingdom".

We look at SEC's renewal of its agreement with the Samba, as a reaffirmation of its confidence in the broad and innovative financing solutions offered by Samba, in line with the directions of the Kingdom's wise leadership calling for concerted efforts to boost the ownership rates of houses by citizens" said Al Eisa. He also expressed his deep thanks and appreciation to the trust of the Saudi Electricity Company, which would deepen the spirit of partnership between the parties, and enhance their shared vision to widen the horizons of cooperation to serve the public welfare.

Engineer Ali Al-Barrak, CEO of Saudi Electricity Company, said "the renewal of the Financing Agreement with Samba Financial Group for another year, will contribute to increasing the number of SEC employees benefiting from the initiative, which comes under facilitated Shariah-compliant financing schemes with repayment periods extending up to 20 years, thus supporting the SEC's efforts to provide financing solutions that enable its employees to achieve a main objective of life". Al-Barrak added "we consider that adoption of Samba Financial Group of the initiative underlines the potential and innovative financing solutions provided by Group, and its ability to cater to the aspirations of customers according to the highest banking standards. Al-Barrak further commended the fruitful relations and constructive cooperation between SEC and Samba, their shared strategic vision and plans in consistence with the directions of the Kingdom's wise leadership.