The catalytic activity of the NHI‐substituted aluminum hydrides {LMesNAlH2}2 (1a), {LDipNAlH2}2 (1b), {LMesNAl(H)OTf}2 (2a), and {LDipNAl(H)OTf}2 (2b) in the hydroboration of terminal alkynes (for 1), as well as carbonyl compounds (for 2) with pinacolborane (4,4,5,5‐tetramethyl‐1,3,2‐dioxaborolane) is investigated (LMesN = 1,3‐dimesityl‐imidazolin‐2‐imino, Mes = 2,4,6‐trimethylphenyl, LDipN = 1,3‐bis(2,6‐diisopropylphenyl)‐imidazolin‐2‐imino, Tf = triflyl). With the implementation of 1 as a catalyst, the hydroboration of selected terminal arylalkynes requires elevated temperature (80 °C) to proceed. The less sterically congested 1a produces faster conversions than the bulkier 1b. With the use of 2 as a catalyst, the hydroboration of carbonyl compounds occurs at room temperature. An increased steric hindrance of the catalyst (2a vs. 2b) does not mitigate the rate of conversion to a relevant degree.