Al Rajhi Bank participated as the main sponsor in the 11th Youth Forum and the 9th round of the Self-Made Youth Award held last Wednesday under the supervision of Dr. Faisal bin Mishaal bin Saud bin Abdulaziz Al Saud, governor of Al-Qassim region. The forum was held in Buraidah City and was organized by the Chamber of Commerce and Industry in cooperation with the Small and Medium Enterprises Authority.
During the event, governor of Al-Qassim acknowledged Al Rajhi Bank’s contribution and participation in the event in the presence of businessmen, entrepreneurs, and the winners.
The officials of Al Qassim Chamber of Commerce and Industry and the Small and Medium Enterprises Authority expressed their appreciation for the bank for its participation in the program that included a number of events and activities across many sectors.
The event comes as one of the many projects Al Rajhi is sponsoring as part of its efforts to serve the society, support the youth, and help them penetrate the market through their unique projects. The bank realizes the importance of competition between youth and is aiming at promoting the idea of entrepreneurship in the society, especially amongst the young generation.
Moreover, the forum encourages setting up new small and medium enterprises as they are considered a major pillar of any economy. Startups generate job opportunities, help the young people achieve their dreams and seize the opportunities envisioned by talented and self-made young men, such as the people awarded in this event for their business and production models.
Al Rajhi Bank pays special attention to the small and medium enterprise sector. It is a major component of the strategy for economic development, requiring a clear vision and the opportunity for banking solutions that comply with the sharia law and long-term action plans. This attention manifested itself in 2006 when the bank established a management for this sector and was able to achieve a number of successful plans and tangible accomplishments.
It’s worth-mentioning that Al Rajhi Bank also established specialized centers to serve this sector and to expand the bank’s services for the small and medium enterprises.
The centers offer comprehensive financing and non-financing banking solutions that conform to the international standards and the sharia law, such as: credit sale, resale for profit, gain-sharing, real estate, income, trade finance products and services which include documentary collections for export and import, documentary credits for export and import, letters of guarantee, documentary credits or gain-sharing.
The center also offers services of cash management, including cash transfer, payroll or payroll transfer, direct corporate electronic services, profit distribution, point of sale, direct debit, alert messages, certified cheques and encryption devices.