Al Rajhi Bank and Souq.com to Offer Discounts to Customers in Saudi Arabia

Press release
Published November 19th, 2017 - 06:30 GMT
Just in time for #BlackFriday!  (Pictured here: Saleem Hammad, GM of Souq.com Saudi Arabia, and Saleh Alzumaie, GM Retail Banking at Al Rajhi Bank during the signing ceremony)
Just in time for #BlackFriday! (Pictured here: Saleem Hammad, GM of Souq.com Saudi Arabia, and Saleh Alzumaie, GM Retail Banking at Al Rajhi Bank during the signing ceremony)

SOUQ and Al Rajhi Bank, one of the largest Islamic Banks in the world, have announced that they will co-operate offer customers in the Kingdom of Saudi Arabia an array of benefits when they purchase products on the SOUQ website and mobile app using Al Rajhi Bank credit cards.

SOUQ customers in KSA will get up to an additional 10% off when shopping using their Al Rajhi Bank credit cards, and are eligible to receive discounts of up to SAR 100 subject to terms and conditions. For the convenience of customers, discounts will be applied automatically at checkout when paying with Al Rajhi Bank credit cards. Al Rajhi Bank customers in the KSA can enjoy this exclusive discount between the 10th and 16th of November.

KSA is a key geography for SOUQ and customer focus is the main driving force behind SOUQ’s innovations. By developing strong brand relationships to bring seamless services and experience, SOUQ is offering a multitude of ways to reward customers.

Saleem Hammad, KSA General Manager of SOUQ.com commented, “We always put our customers at the heart of our business and that drives us to deliver even more value to them. This co-operation initiative with Al Rajhi Bank offers exciting savings and rewards to customers on their purchases and gives them more reasons to shop online. By collaborating with top local and global brands, we want to empower consumers to make smarter choices by offering them convenience to choose from a wide selection of products and brands, all at great prices.”

Saleh Alzumaie – General Manager Retail Banking at Al Rajhi Bank:“We are delighted to co-operate with Souq.com and Amazon to offer exclusive benefit to our cardholders. This strategic initiative is to continue our aspiration in providing cardholders with benefits on leading e-commerce shopping services. Al Rajhi cardholders can avail an exclusive whopping 10% additional off up to SAR 100 over and above Souq pricing without entering any promo code, resulting in a convenient and transparent customer experience and journey”.

With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 500 branches, over 118 dedicated ladies branches, more than 4,100 ATM's, 46,000 POS terminals installed with merchants and the largest customer base of any bank in the Kingdom

As one of the leading and most progressive banks in Saudi Arabia, Al Rajhi Bank continues to develop unique initiatives for its customers’ needs and simplifying their efforts whilst saving time. This partnership between SOUQ and Al Rajhi is set to provide customers in the KSA a safer and more convenient way to shop online and avail additional advantages.

Background Information

Al Rajhi Bank

Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 343 billion (US$ 90 billion), a paid up capital of SR 16.25 billion (​US$ 4.33 billion) and an employee base of over 9,600 associates. With over 60 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella 'Al Rajhi trading and exchange corporation' in 1978 and it was in 1988 that the bank was established as​ a Saudi share holding company. Deeply rooted in Islamic banking principles, the Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.

Souq.com

Souq.com was established in 2005 to become the largest e-commerce site in the Arab world covering Saudi Arabia, UAE, Jordan and Egypt. Souq.com is the channel where thousands of buyers and sellers in the region meet on a daily basis to sell products over a trusted platform that offers both various local payment options and integrated delivery methods catered to the markets that they serve.

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