Business

Thursday April 9, 2009

Al Rajhi Bank links up with MEPS


PETALING JAYA: Al Rajhi Bank customers would have access to 8,367 automated teller machines (ATM) by the third quarter of this year following the signing of a memorandum of understanding (MoU) with Malaysian Electronic Payment System (1997) Sdn Bhd (MEPS) yesterday.

Concurrently, MEPS would enhance its reach to Saudi Arabia, Al Rajhi said in a statement yesterday.

“This link makes 1,400 ATMs available in Saudi Arabia to MEPS member banks’ customers.

“Malaysian pilgrims on their way to Mecca and Madinah would not have to carry much cash with them during the journey as they would be able to access our ATM network in Saudi Arabia,” said Al Rajhi chief executive officer Ahmed Rehman who signed the MoU on behalf of the bank.

MEPS was represented by its group managing director Datuk Mohd Hata Robani.

The move makes Al Rajhi the first Islamic foreign bank to join the MEPS shared ATM network.

To date, MEPS has established cross-border links in Indonesia, Thailand, Singapore and China. It has the most cross-border ATM links in South-East Asia.

Al Rajhi is one of the fastest growing and most progressive banks in Saudi Arabia. The group set up its first overseas operations in Malaysia in February 2007. Currently, it has 19 branches in Malaysia and plans to open more in the near future.

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