Saudi banks provide new credit service

Published October 20th, 2000 - 02:00 GMT

The commercial banks in Saudi Arabia have recently begun providing a new credit service, by the name of “Advanced Credit”, reported Al-Sharq Al-Awsat. This new service, offered to the employees of both the public and private sectors, aims to offer liquidity in case of emergency occurring prior to the customary payday, which is the 25th of every month. Thus, the employees will be able to withdraw 40-100 percent of their net income. The subscribers of this service will be charged a 1.75 to 2 percent rate of commission.  

 

The Saudi Agricultural Bank has recently allocated SR 54 million to finance new investment projects throughout the kingdom. These projects, launched by local investors, mainly include poultry and greenhouse projects. –(Albawaba-MEBG) 


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