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
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
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
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
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