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AL RAJHI BANK’S CCM-I WON THE MOST OUTSTANDING ISLAMIC FINANCE PRODUCT
Monday 29/10/2012
Caption: (From right) CEO of Bank Muamalat Dato' Mohd Redza Shah Abdul Wahid, Al Rajhi Bank Director of Risk Management En Mohd Fauzi Rahmat, Secretary General of Treasury Malaysia Dato’ Dr Mohd Irwan Serigar Abdullah, and CEO of CERT En Abdul Aziz Abd Jalal at the KLIFF Award Presentation Ceremony 2012 recently. |
KUALA LUMPUR, October 29 (Bernama) --
The Kuala Lumpur Islamic Financial Forum (KLIFF) has announced Al Rajhi Bank as the recipient of the “The Most Outstanding Islamic Finance Product” for Al Rajhi Collateralised Commodity Murabahah-i (CCM-i) as part of the KLIFF Islamic Finance Awards 2012 which was unveiled last week.
KLIFF Islamic Finance Awards ceremony was held in conjunction with the 9th Kuala Lumpur Islamic Finance Forum (KLIFF 2012). The awards were established with the objectives to recognize, reward and encourage activities that lead to the promoting of significant efforts and outstanding works and performance in the fields of Islamic banking and finance by the key players in this industry.
The KLIFF Islamic Finance awards have been awarded since the first KLIFF in 2004.
CCM-i, based on a Commodity Murabahah transaction and backed by a pledge mechanism, was introduced as an alternative solution in addressing the urgent demand of Islamic banks in managing their liquidity. It is a low credit-risk financial instrument for the Islamic interbank money market players under the Bank Negara Malaysia’s Standing Facility guideline; enabling Islamic banks to tap on liquidity by utilizing their holdings of tradable sukuks and other acceptable Islamic securities as pledge for their liquidity requirements.
This year, Al Rajhi Bank was selected to win an award for the third straight year. Its excellent results achieved showed outstanding growth rates in almost all its financial results.
Mr. Abdullah Suleiman Al Rajhi, the Chief Executive Officer (CEO) & Managing Director (MD) of Al Rajhi Bank announced that the Bank made a net profit of SR 5,974 million in the 9 months of the current year, 9% more than the same period last year, which amounted to SR 5,479 million. This profit is due to the development and diversity of the Bank’s financial and investment products.
Al Rajhi Bank Malaysia’s CEO, En. Azrulnizam Abd Aziz said, “This recognition is reflective of the commitment and dedication that Al Rajhi has for its valued customers in providing innovative and fitting financial solutions which are in line with Islamic values.” Al Rajhi Bank Malaysia opened its 24th branch in Sg Petani in late August 2012.
About Al Rajhi Bank
Al Rajhi Bank, the largest Islamic banking group in the world is recognised for being instrumental in bridging the gap between modern financial demands and intrinsic Islamic values. One of the fastest growing and most progressive banks in Saudi Arabia, it owes its banking excellence to its unwavering commitment to Shariah principles and the use of technology to offer diverse products to meet customer needs. The Group has a vast network of over 700 bank branches and remittance centres, 2,750 ATM machines and over 21,000 POS installed throughout the Kingdom.
Leveraging on its established principles and operations in the Middle East, Al Rajhi Bank ventured out as an international bank by setting up its first overseas operations in Malaysia, launched in February 2007. Operating on the same platform as the home bank, Al Rajhi Bank Malaysia extensively uses the latest banking technology to consistently provide customers with speed and convenience in banking. To date, it has 24 branches, 15 in the Klang Valley, one in Johor Bharu, Melaka, Penang, Kuching, Kota Bharu, Ipoh, Kuantan, Kota Kinabalu and Sg Petani respectively. Plans are in the way to open a few more this year. Al Rajhi opened it Affluent Banking flagship branch in Menara BRDB in Bangsar to cater to its high net worth customers. Offsite ATMs are now located in many locations throughout Malaysia, with KLIA and LCCT ATMs deployed in July 2011. Its remittance business, Money Transfer i-Tahweel (“i-Tahweel”) is currently available at its i-Tahweel Centres in Melaka, Klang, Kota Kinabalu and Central Market. The services are also offered through any Al Rajhi Bank branch nationwide.
The bank is expanding its suite of products and services that currently offers customised corporate and investment banking products which include amongst others project financing, term financing, working capital financing, trade finance facilities and cash management services. The Retail banking products includes Savings Account-i, Current Account-i, Personal Financing-i, Charge Card-i, Debit Card-i, Fixed Term Investment-i, Money Transfer i-Tahweel, Automobile Financing-i, Home Financing-i, Structured Home Financing-i and the award winning Al Musafir Card-i. As of August 2012, Al Rajhi has a customer base over 150,000 and the number is steadily growing.
Al Rajhi Bank has been recognised with the following awards (amongst others):
· Financial Insights Innovation Award 2008 (FIIA)
Special Citation for Islamic Payment Switch (IPS) for Al-Musafir Card-i
· KLIFF Islamic Finance Awards 2010
Most Outstanding Islamic Bank
· Islamic Finance news Awards 2010
- Malaysia Deal of the Year - Cagamas Sukuk ALIm
- Best Retail Islamic Bank
· 2010 IFR Asia Awards
Islamic Deal of the Year Award - Cagamas Sukuk ALIm
· Financial Insights Innovation Award 2011 (FIIA)
Product Innovation (Islamic Banking Product) - Cagamas Sukuk ALIm
· Aon Hewitt Best Employers in Malaysia 2011
· Aon Hewitt Best Employers in APAC 2011
· RAM League Awards 2011
- Lead Manager Award Islamic 2010 Programme Value (2nd)
- Malaysian Innovation of the Year - Cagamas Sukuk ALIm
- Industry Recognition Award
· The Asset Triple A Islamic Finance Awards 2011
- Islamic Deal of the Year for Cagamas one billion ringgit Sukuk Al-Amanah Li Al-Istithmar
- Best Islamic Deal, Malaysia for Cagamas one billion ringgit Sukuk Al-Amanah Li Al-Istithmar
· KLIFF Islamic Finance Awards 2011
Most Outstanding Islamic Bank
· Islamic Finance news Awards 2011
Best Retail Islamic Bank
· 2012 Malaysia Service to Care Award (MSCA)
The Best of Malaysia Service to Care Award (Islamic Bank)
· KLIFF Islamic Finance Awards 2012
“The Most Outstanding Islamic Finance Product”
for Al Rajhi Collateralised Commodity Murabahah-i (CCM-i)
Image accompanying this release can be viewed at:
http://mrem.bernama.com/viewsm.php?idm=20184
SOURCE: Al Rajhi Bank
FOR MORE INFORMATION PLEASE CONTACT:
NAME : Ms Roseta Mohd Jaafar
Vice President “ Corporate Communications
DIRECT LINE: 03 2301 7038
MOBILE : 019 240 9422
E-MAIL : roseta-mohd.jaafar@alrajhibank.com.my
Branding Kit
http://www.alrajhibank.com.sa/en/media-centre/pages/brand-kit.aspx
--BERNAMA
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