Business

Saturday August 15, 2009

Al Rajhi sees deposits growth of 15% with new account

By SHARIDAN M. ALI


KUALA LUMPUR: Al Rajhi Bank Malaysia aims to grow its total deposits by 15% this year on the back of strong demand for its new i Zamzam savings account, a senior official from the bank said.

Its total deposits currently stands at RM3.5bil.

i Zamzam, which was launched on July 1, is a savings account dedicated to help its customers embark on their pilgrimage to Mecca.

The Islamic bank’s director of retail banking Sabry Ghouse said the bank expected to surpass the RM100mil target in deposits for the i Zamzam account this year due to robust demand.

“Since July, we have exceeded our monthly target for i Zamzam by 20% to 30%,” he told reporters after awarding umrah packages to five i Zamzam account holders.

The i Zamzam lucky draw, held earlier this month, was the first of many draws planned by the bank in efforts to increase deposits.

With just a minimum deposit of RM1,000 in i Zamzam, customers stand a chance to win a trip to Mecca.

The next draw is in October.

On the bank’s expansion, Sabry said Al Rajhi would be setting up its first branch in Sabah in the fourth quarter this year.

“To date, we already have 19 branches fairly spread out in Peninsular Malaysia and one in Kuching,” he said.

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