Al Rajhi executed first Islamic Letter of Credit in Chinese currency (Yuan)

30 May 2017

Al Rajhi bank would like to announce that its execution of an Islamic letter of credit in Yuan currency. This landmark transition represents a new era to provide importers and exporters the flexibility of utilizing the Chinese currency after the liberalization of yuan in international markets by the Chinese central bank.

With the new letters of credit in Yuan, Al Rajhi Bank is able to offer its customers an additional alternative for financing their operations with commercial counterparts in China, a unique advantage that enables customers to improve their terms of trade and create relationships with Chinese companies. The other main advantages is faster payment and also cheaper transaction costs reaching to 4% reduction in invoice value.

The new service comes as part of a series of new services as part of the bank continuous commitment towards excellence in providing premium customer service by utilizing state of the art technologies necessary to exceed customer expectations.

This step is considered one of innovative solutions to serve the bank's corporate customers, which will bring customers more speed and where there is no longer need to visit the Global Trade Services centers or call the toll-free phone banking for corporates, as it helps corporate customers of private sector to finalize their transactions smoothly.

This new service which provided by Global Trade Services in Corporate Banking Group come in simultaneous with other bank’s measures to make it easier for bank customers and to reduce their visit to the branches and to the Global Trade Services centers, seeking for specific services such as, document tracking for LCs and collections and the verification of letters of guarantee.

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