Al Rajhi Bank is taking part in “Biban 2017”, the region’s largest event of its kind - aiming at opening up to and facilitating the growth of small and medium-sized enterprises and entrepreneurship.
In addition to sponsoring the event given the great importance of such enterprises, Al Rajhi Bank will be successfully participating in this four-day event, held between the 17th and 20th of September 2017 at the Riyadh International Convention & Exhibition Center and organized by the Small and Medium Enterprises Authority, with a view to offer a variety of products and services provided by its SME Banking Sector.
Al Rajhi Bank seeks to contribute to achieving all “Biban” desired objectives, aimed at creating a competitive environment that would encourage the entry of additional new enterprises into the market. This could be carried out through enrichment, empowerment, education and development, as well as by shedding light on available investment opportunities of economic feasibility by highlighting the different local market’s needs, enabling existing enterprises to move forward, as well as achieving growth and expansion by finding appropriate funding solutions and business incubators to support these projects.
“Biban” seeks to open up the horizons of communication between small and medium, and large-sized enterprises, whether through the marketing of products and services or development of effective solutions, which would represent a point of contact between large, and small and medium-sized enterprises to work and collaborate together.
It is well known that Al Rajhi Bank shows great interest in this sector and thus, was the first to launch four specialized and independent SME centers in the region, in addition to ten other offices, affiliated to a number of branches scattered across a number of regions in KSA.
This year, Al Rajhi Bank launched a Phone Banking service, and another Point of Sale (POS) service, as part of a series of initiatives, aimed at placing emphasis on the SME sector. These initiatives included the appointment and training of customer relationship managers, in charge of the provision of dedicated products and services to clients, as well as the re-design of an automated answering system to serve this sector, including all essential elements, available today on retail and POS lines.
Al Rajhi Bank's increased interest in this sector comes in line with the Saudi Vision 2030, highlighting the importance “to increase SME contribution to GDP from 20% to 35% by 2030".
It is also worth mentioning that Al Rajhi Bank provides the SME sector with integrated, financial and non-financial banking solutions, in line with international standards and Islamic Shari'a principles. These solutions cover finance solutions, including deferred sales, Murabaha, Musharaka, Akar, and Eirad, along with other trade finance products and services, which comprise import/export documentary collections, and Musharaka/Murabaha documentary credits, as well as letters of guarantee.
Al Rajhi Bank’s services also include cash management, including cash transfer, as well as salaries and payroll/payroll cards transfer, Al Mubasher E-Corporate, dividend distribution, POS, direct debits, instant financial notifications and alerts, and token devices-related services.