Middle East

Al Raj Bank Signs Agreement with Social Development Bank

Alrajhi Bank has signed two cooperation agreements with Social Development Bank to provide savings services to customers of the Zood Savings Program and Zood Al Ajyal Savings Program on October 31st each year to coincide with International Savings Day.

Alrajhi bank CEO Waleed A. Al-Mogbel and Social Development Bank CEO Ibrahim Alrashid signed two agreements.

The two agreements aim to provide financial savings services to members of the Zood Savings Program and Zood Generations Savings Program and expand the options available to alrajhi Bank’s customers.

Launched in 2018, the Social Development Bank’s first savings program, the Sud Savings Program, aims to encourage families to save as one of the goals of the Kingdom’s Vision 2030. The Social Development Bank hopes through this program to increase the proportion of family savings from 6% to 10% of total income.

The program is one of the bank’s initiatives in the Financial Sector Development Programme, which focuses on the bank’s key pillars of improving financial culture, developing savings programs and products, and developing savings habits that contribute to increased financial awareness. We support this.

alrajhi bank has always been keen to promote a culture of savings and has specific savings programs such as Future Savings Accounts. This is an electronic savings plan that allows customers to determine the duration of savings and the specific monthly savings amount.

During the savings period, the funds are invested through the Treasury Group into a low-risk financial portfolio that complies with Islamic Shariah regulations and are paid out in exchange for the highest expected rate of return. In addition to the protection and savings program developed and relaunched in 2020 in collaboration with alrajhi Takaful Company, new marketing mechanisms to encourage customers to take advantage of these various programs and achieve greater uptake of this principle. is equipped with Kingdom’s Vision 2030 includes raising the savings level of Saudi families as one of its goals.

The product is offered through a series of savings plans that address a variety of client goals, including investment, retirement, and children’s education/marriage.

https://saudigazette.com.sa/article/626519/BUSINESS/Alrajhi-bank-signs-an-agreement-with-the-Social-Development-Bank?ref=rss&format=simple&link=link Al Raj Bank Signs Agreement with Social Development Bank

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