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Saudi Bank to open in Malaysia

Al Rajhi Bank is the world's largest Islamic Bank with nearly 600 branches in the Kingdom and is the only Saudi bank to be given a licence to operate in Malaysia with the first branch opening in the Q2 06

[ClickPress, Mon Feb 13 2006] Today at 11.00 AM on the 12th February 2006 at a press conference in Riyadh, Saudi Arabia, the CEO of Al Rajhi Banking and Investment Corporation, Mr. Abdullah Sulaiman Al Rajhi unveiled the banks new corporate identify and name change to Al Rajhi Bank. As he spoke the new branches were unveiled to the public at the same time all around the KSA.

Al Rajhi Bank is the world's largest Islamic Bank with nearly 600 branches in the Kingdom and is the only Saudi bank to be given a licence to operate in Malaysia with the first branch opening in the Q2 06, they plan up to 50 branches within 5 years. Al Rajhi Bank is a truly Islamic bank built on values and beliefs which will never change. As the bank continues to grow and move forward into new markets it took the decision to change the banks identity and name to give it a broader appeal as it grows its international customer base.

The banks move from Al-Rajhi Banking and Investment Corporation to Al Rajhi Bank reflects its need to focus on the core business and as the bank expands outside the KSA, it wanted to create a more international look and feel. The new identity will be rolled out to all branches in the KSA and all customers will be issued with Al Rajhi Bank's new and elegant bank cards and cheque books from today.

Commenting on the launch of the new identity Al Rajhi Bank's CEO, Mr. Abdullah Sulaiman Al Rajhi states; "The whole world is witnessing rapid development that affects all aspects of life and business namely in the banking and investment industry. It is our valuable traditions which never hold us back from moving fast in the course of progress, they push us forward and allow us to deploy new technologies, innovative services and rich products that suit our culture. Hence we realised the necessity for adopting a formal change in the shape and name of the bank, the change will affect the name of the corporation only and the new name Al Rajhi Bank portrays a bank that derives its power from originality, strength and its Islamic beliefs."

The bank is a major name in Saudi Arabia's banking and business world. It has grown from a strong base, focusing on serving the needs of the nation and its citizens, contributing to the Kingdom's construction and development, and always operating within the framework of Shari'a' principles*.

Al Rajhi Bank is one of the largest joint stock companies in the Kingdom, with a paid up capital of SR 4. 5 Billion ($1.2 Billion USD). The bank was established as a Saudi share holding company in 1987 to replace Al Rajhi Exchange and Trading Company which is one of the oldest established banking institutions in the Arab world. It is considered as one of the leading and developed banks in terms of traditional banking products and services in addition to the new electronic links and facilities. Al Rajhi Bank has the largest branch network distributed throughout the Kingdom, the largest ATM network with nearly 1400 and over 8000 merchant terminals installed all over the Kingdom.

Banking and trading activities of Al Rajhi Bank began 50 years ago, in 1978 individual establishments were merged into Al Rajhi trading and Exchange Corporation and in 1987 it was converted into a joint stock company under the royal decree.

Al Rajhi Bank supports its customer's beliefs and only provides leading product and services, built on a foundation of experience, knowledge and a consistent heritage of Islamic banking and will now deliver this to a global market.


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