In order to meet the growing demand for financial solutions of our customers and to meet their banking requirements, the Treasury Department progressively thrive to develop diversity in Shariah compliant products to offer a high-quality efficient and professional services to our customers.
Al Rajhi Bank through its long experience in dealing with commodity markets is able to provide our clients the necessary comfort in price stability when dealing in Murabah (commodity backed) transactions.
The parties must enter into a Commodities Agreement and each transaction are to be confirmed through exchange of confirmations.
The purpose of this product is to offer clients an Islamic investment structure facilitated though Purchase and Sale of a commodity. Investments are structured using international commodity broking companies in the Global Commodity Exchanges. The client appoints the Bank as an agent to purchase commodity on behalf of the client at an agreed price and date. The Bank completes the transaction on trade date - value same day, Tom or Spot based on the clients instructions.
Once commodity title is received by client the Bank offers to purchases the commodity from the client with delivery of commodity on the same date and funds settled deferred. The deferred payment date will correspond to the investment terms agreed between client and the Bank and deferred payment value will exceed the spot value by a profit margin as agreed in the terms of the investment.
The Bank facilitates all aspects of the commodity transactions on behalf of the client and the client secures a Direct Investment with the Al Rajhi Bank.
This is one of the core business of Treasury, Treasury Sales desk is established to provide a high quality, professional and efficient service to Corporate and Retail clients in pricing and executing foreign exchange transactions through our network of 160 correspondent Banks around the World. Exchange rates are provided on a daily basis to clients through Branch / Tahweel Network and Trade Finance Centers to execute exchange transactions at the most competitive prices in over 25 currencies. This includes conducting transactions with value same day, Tom and Spot which can be booked directly through Treasury Sales Desk for Corporate clients.
Treasury provides services from 8am to 8pm for pricing FX rates and processing exchange transactions directly through Treasury from Sunday to Thursday.
The parties enter into a “Commodities Forward Purchase & Sale in Different Currencies Agreement” and each transaction will be confirmed through the exchange confirmations that detail the Currency Pair, Exchange Rate and Forward Settlement Date.
The Treasury Sales Desk provides services of sourcing and pricing foreign Banknotes for Banks retail and corporate clients. Prices of currency notes are updated daily and distributed to Branches, Tahweel Centers, vaults and electronic channels (ATMs) to provide our customers with the most competitive pricing.
The Treasury Sales Desk also provides a wholesale business of Banknotes for other Banks, Institutions and Corporate entities on pre-orders. Our Treasury Sales is dedicated to accommodate customer needs with the most competitive prices offered in the market.
Did You Know? We have over 170 remittance centres at your service.
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