Kuala Lumpur - Al Rajhi Bank Malaysia and EXIM Bank today announced a strategic partnership on providing facility agency, security agency, and other financing related agency services for EXIM Bank’s customers with businesses in member countries of Gulf Cooperation Council and other jurisdictions where Al Rajhi Bank has presence. The Memorandum of Understanding signing ceremony was witnessed by Encik Azrulnizam Abdul Aziz, Chief Executive Officer of Al Rajhi Bank Malaysia and Dato' Adissadikin bin Ali, Managing Director/Chief Executive Officer of EXIM Bank.
The partnership will see both parties leveraging on each other's strengths in assisting Malaysian Small Medium Enterprises (SMEs) and Corporates in venturing and expanding their businesses overseas, particularly in the Middle East.
Apart from Malaysia, Al Rajhi Bank has expanded its presence beyond the Kingdom of Saudi Arabia to Kuwait and Jordan.
Being the largest Islamic bank having presence in Saudi, Malaysia, Kuwait and Jordan, Al Rajhi Bank is well positioned to assist EXIM Bank in its role of supporting Malaysian businesses having intention of entering the Middle Eastern market. EXIM Bank will be relying on Al Rajhi’s reach and network in the region to facilitate the Middle Eastern market penetration for Malaysian businesses.
"We are committed to provide Shariah compliant value-added solutions globally. The proposed collaboration with EXIM is in line with our strategy of leveraging on our vast Saudi network by delivering Al Rajhi Bank’s extensive reach to Malaysian businesses," Al Rajhi Bank’s Head of Wholesale Banking, Mr Mudassir Amray said at the signing ceremony in Kuala Lumpur on Wednesday. He added that one of the key focus items of Al Rajhi Malaysia is to develop solutions to facilitate cross border transactions and trade between Saudi and Malaysia.
“EXIM Bank is committed to fulfill its mandate in terms of providing financial assistance and Credit Insurance Facilities to Malaysian companies venturing overseas” said EXIM Bank’s Head/Vice President, Banking Department, Mr. Aminuddin Bashah during the ceremony.
Al Rajhi Bank opened its first Malaysian branch five years ago in Kuala Lumpur and now has 23 branches in the Kiang Valley and other state capital cities throughout Malaysia. It was recently accorded with the 2012 Malaysia Service to Care Award (MSCA) for the category of The Best of Malaysia Service to Care Award (Islamic Bank).