Al Rajhi signs Corporate Card MoU with Visa KSA
Al Rajhi Bank has announced a partnership with Visa to provide selected employees with Visa Corporate Cards by March 2009. The cards will replace petty cash and help companies in managing, monitoring and analyzing the business or entertainment travel expenses of the card holders.
The Al Rajhi service allows companies to limit credit amounts for its employees according to position and job description. They will also be able to account for company-sponsored expenses more quickly and easily via report functions included in the card. Recipients can avail of special offers and incentives incorporated into the corporate card facility. The new service is the latest in a series of product agreements that Al Rajhi, one of the largest Islamic banks in the KSA, has signed with Visa, one of the world’s leading payment solutions providers
Ihab Ayoub, General Manager, Visa, KSA, Kuwait, Bahrain, Oman and Yemen, said: “While we have been expanding our offerings to Al Rajhi, we now have the opportunity to provide our services to the bank enabling it offer corporate cards to its customers’ database of companies. Petty cash expenses are difficult to track given the constant activities of company’s executives; the Corporate Card greatly reduces the administrative overhead posed by business or entertainment expenses, while providing key personnel with world-class benefits.”
“This latest agreement allows companies to use Visa’s corporate card to streamline the expenses of its employees. It is a reflection of our confidence in the security, convenience and reliability of the Visa products we likewise offer to our customers,” concluded Abdullah Sulaiman Al Rajhi, CEO, Al Rajhi Bank.