July 04, 2022
Alrajhi Bank announced its continuous support during the Eid Al Adha holiday through 51 branches and 94 Tahweel centers operating across the Kingdom of Saudi Arabia. Customers are welcome from 10:00 AM until 4:00 PM in all branches with the exception of Friday & the first day of Eid.
On the other hand, Tahweel centers will be operational from 9:30 AM until 5:30 PM, before and after Eid, as for Airport branches it will be available 24/7 every day.
It is worth mentioning that Al Rajhi Bank ensures the provision of all banking services to its customers during the Eid vacation, for them to be able to benefit from a wide network of advanced ATM machines in addition to available POS devices at retail stores across the Kingdom. The bank also sets itself apart by offering self-service devices and interactive ATM machines in a large number of branches, in addition to an integrated package of digital banking services through Al-Rajhi and Al-Mubasher App for Individuals, available around the clock, including ordering different products as well as making transfers and payments without the need to visit the branch.
June 26, 2022
Al Rajhi Bank maintains its position as the best bank in the Kingdom and the largest financier of housing and real estate
Al Rajhi Bank received three awards at the Sakani Forum, which was hosted by the Ministry of Municipal and Rural Affairs and Housing last Wednesday evening: Best Bank Award, Best Financial Agency in the Real Estate Sector Award, and Best Real Estate Investment Firm Award. These awards highlight the bank's continued distinction as the Ministry of Municipal and Rural Affairs and Housing's largest partner in the financial and financing sector, as well as the Real Estate Development Fund, in its contribution to achieving the Kingdom's Vision 2030 goals and citizens' aspirations of owning housing.
The awards were handed over by His Excellency the Minister of Municipal, Rural Affairs and Housing, Mr. Majid Al-Hogail, to Mr. Majid Al Rajhi, General Manager of the Retail Banking Group, who represented the bank on this occasion.
The bank had won eight awards at the Sakani forum over the previous year, which were distributed throughout the year 2021, in addition to being named the Best Financing Agency during the Corona pandemic. It also won the Best Bank Award and Best Financing Agency in the Real Estate Advisor for three years in a row. In addition to winning two awards: Best Marketing Offer Award and Best Sales Representative Award in the Real Estate Sector.
Al Rajhi Bank continues to excel as the Kingdom's largest and best financier of housing and real estate, earning it the most national awards in the housing sector.
Within the housing products provided by the Ministry and the Fund, the bank offers a variety of products for all customer needs, including self-construction, self-developed construction, off-plan sales and financing supported by many benefits, including financing up to 25 years, flexible installments, financing up to 75 years of age for military and civilians & up to the age of 77 years for retired customers. Along with reducing the down payment (facilitator) and many other features and advantages to enable citizens to own the appropriate housing in line with their needs and wishes.
The bank has also signed numerous long-term agreements with many real estate developers for residential projects in various cities and regions throughout the Kingdom. In this manner, the bank can enable the customer to benefit from purchasing a home by obtaining special prices, reward points, and cashback from the property's value through real estate developers.
June 23, 2022
alrajhi bank has signed a Memorandum of Understanding (MoU) with the Diriyah Gate Development Authority (DGDA) to provide financing options for the purchase of residential property units. The agreement facilitates financing for individuals looking to purchase homes in DGDA’s residential projects and bolsters cooperation on real estate investments, banking services, and other areas related to the coordination, development, and implementation of projects and initiatives.
The MoU was signed by Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, and Waleed Al-Mogbel, Chief Executive Officer of Al Rajhi Bank. The agreement will pave the way for cooperation discussions across fields such as corporate and retail banking, sharia-compliant solutions, and e-commerce products intended to help DGDA improve efficiency and manage administrative challenges such as import and export credit lines, bank letters of guarantee, shipping guarantee letters, and online supply chain finance. Additionally, the agreement includes cooperation with the bank’s corporate banking group for solutions to manage cashflow, collection, and payments, as well as managing digital payments through DGDA’s online portal.
Under the terms of the MoU, the two parties will also explore the possibility of the bank offering off-plan sales management using tools including an advanced user interface and reporting system, which would enable DGDA to achieve granular visibility over its projects. The two sides also agreed to develop new ways to offer financial backing to individuals looking to buy homes around Diriyah, together with the possibility of extending comprehensive banking services to DGDA’s staff at competitive rates.
The MoU also covers working with alajhi bank’s insurance arm, Takaful, to offer Sharia-compliant insurance for DGDA’s properties and staff, including medical, vehicle, and savings insurance policies.
Mr. Al-Mogbel indicated that the MoU will create potential opportunities for the creation of new real estate funds designed to finance specific types of developments, lease them, and then divest them if and when needed.
He also stated that real estate funds can be founded to operate on the sell-sublet model, with cashflow and investment management tools tailored to each individual project, as well as joint financing with other banking institutions. In conclusion, he expressed his hope that the agreement would bolster collaboration between the two sides to accomplish their mutual goals.