AL RAJHI BANK OPENS BRANCH IN KOTA KINABALU

KOTA KINABALU, Oct 19 (Bernama) -- Al Rajhi Bank launched its first Sabah branch

in Kota Kinabalu at Wisma Majlis Ugama Islam Sabah today (18 October). Al Rajhi

opened its Ipoh and Kuantan branches earlier this year.

The Kota Kinabalu branch is the first in Al Rajhi Bank Malaysia’s retail network

to have a drive-through ATM service. This will be located at the entrance of

Masjid Negeri.

Al Rajhi Bank’s debut in Sabah is aimed at tapping the potential for Islamic

banking products in Sabah. The bank also aims to act as a catalyst for the flow

of investments between GCC nations and Sabah, which has embarked on the

implementation of the Sabah Development Corridor (SDC) that was launched in

2008.

Speaking at the official launching ceremony graced by YAB Datuk Seri Panglima

Musa Haji Aman, Al Rajhi Bank (Malaysia) Chief Executive Officer, Mr Ahmed

Rehman, said: “We are a universal Islamic bank, with retail, corporate and

investment products designed to meet the needs of all segments of the population

– from the person-on-the street to high net worth individuals, from pilgrims to

migrant workers, and from local SMEs to multinational corporations.”

Al Rajhi Bank’s commitment to product innovation, customer service and ethical

conduct has been the key to its success. Guided by a rigorous framework of

Shariah-compliant regulations, it develops products that are second to none. It

also invests heavily in technology and in staff training to retain its

competitive edge

Popular products include the i-Zamzam savings account for Umrah and Hajj

pilgrims, and the best-selling Gold-i investment product (sale of gold bars)

targeted at high net worth individuals. The bank plans to launch Gold-i for the

mass market at the end of the year.

Al Rajhi launched its flagship centre for Affluent Banking in Bangsar last year.

Kota Kinabalu branch is the first out of the Klang Valley to have an Affluent

centre adjoining the branch.

Al Rajhi’s personal financing products have set an industry precedent with their

fast approval time. Meanwhile, for the convenience of international and migrant

workers, the bank introduced offsite remittance centres at strategic locations.

Al Rajhi Bank already has branches in the key economic development corridors of

Malaysia – Penang and Ipoh (Northern Corridor Economic Region), Johor Bahru

(Iskandar Malaysia Super Corridor), Kota Baru and Kuantan (East Coast Economic

Region) and Kuching (Sarawak Corridor of Renewable Energy). The branch in Kota

Kinabalu marks its presence in the Sabah Development Corridor.

Mr Rehman said: “Al Rajhi Bank’s home base is in the Kingdom of Saudi Arabia,

and besides Malaysia, we also have operations in Kuwait and Jordan, where we

serve high net worth customers in the Middle East and North Africa. They are

potentially sources for foreign direct investments. Our bank is thus

well-positioned to act as a catalyst for the movement of these investments and

servicing of these clients.”

Another market segment to be tapped is Middle Eastern tourists. The presence of

a familiar and respected Islamic bank in Kota Kinabalu will serve their needs

better, and see more Arab visitor arrivals.

SOURCE: Al Rajhi Bank

FOR MORE INFORMATION CONTACT:

Name: Puan Roseta Mohd Jaafar

Vice President – Corporate Communications

Tel : 03 2301 7038 / 019 240 9422

E-mail : roseta-mohd.jaafar@alrajhibank.com.my

--Bernama

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