Al-Rajhi Est. to become ‘model Islamic banking institution’

Published October 16th, 2000 - 02:00 GMT

Al-Rajhi Trading Est., with 60 branches across Saudi Arabia, is planning a four-stage development and modernization program to provide more comprehensive services and better access for its customers. The Saudi Economic Survey (SES) reports that a contract with Arabian Computer Systems Ltd (ACS) has been signed for such purposes. 


The contract with ACS is worth SR 10 million. The most ambitious aspects of the plan are the installation of automatic tellers and development of online banking and trading services.  


Executive Manager of the Establishment, Abdul Rehman Ibn Abdul Aziz Al Rajhi told the SES that a plan was adopted from a study that was completed on the subject. 


Like much of the regional banking industry, the Establishment came to the conclusion that clientele is drawn towards the ease of access surrounding the Internet and automated banking services. Thus, by contracting ACS to create the computer system needed to provide such services, the Establishment, as told by SES, “will emerge as a complete and model Islamic banking institution.” –(Albawaba-MEBG) 


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