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Saturday, 18 August 2007

Al Rajhi Bank to woo Arabs to buy homes in Malaysia

PENANG: Al Rajhi Bank, headquartered in Saudi Arabia, aims to tap into its customer base of over three million in its home country to participate in Malaysia’s My Second Home programme. Chief executive officer Ahmed Rehman said the bank was confident of playing a role in attracting more Arabs to purchase properties in Malaysia. “We believe our bank can work with bodies like the Penang Development Corp to produce brochures on the programme for our customers in Saudi Arabia. “We have 400 branches in Saudi Arabia serving over three million customers, from which I’m sure a percentage would be interested in owning a home in Malaysia,” he said after the launch of Al Rajhi's first branch in Penang by Chief Minister Tan Sri Dr Koh Tsu Koon. Ahmed said in conjunction with the launch, the bank was making a special personal financing introductory offer at its branches in Penang, Johor Baru, Malacca, and Kuching. “Salaried applicants and self-employed business people can enjoy personal financing of up to RM150,000 at a preferred rate. The offer is valid from Aug 16 to 30,” he added. Ahmed said the bank had developed new Islamic financial products with a Middle Eastern flavour for the retail and wholesale market in the country. “We are also embarking on designing made-in-Malaysia Islamic banking products and services that will contribute to Malaysia’s reputation as a trailblazer in Islamic banking,” he said. - (The Star, 17 Aug 07)

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