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For the First Time in KSA, AlBilad Bank Launches a Product of Current Mudaraba Account for Companies and Small and Medium Enterprises

Bank AlBilad has launched, for the first time in KSA, a current Mudaraba Account, which provides clients with new short-term revolving credit facilities. Such facilities are in line, in terms of their methodology and mechanism, with the nature of working capital finance and operational courses of clients, as part of the continuous and sustained efforts of Bank AlBilad and through its strategy to provide the best banking services to its clients at the companies and small and medium enterprises sector.

Mr. Saleh Al Habib, the General Manager of the Corporate Banking Group at Bank AlBilad, pointed to "the efforts exerted to apply Bank AlBilad's strategy to provide all varied financing options to our clients, as we have launched a current Mudaraba Account for our clients at the companies sector. Such a product is compliant with the rules and regulations of the Shariah Board at Bank AlBilad, where finance is provided to clients on a Mudaraba basis, and the bank will be the investor (money lord) and the customer is the employer (speculator)". Mr. Habib added that the service offers several advantages, the most important of which

• The Ability to withdraw and pay easily to clients at any time without bearing the commission of early repayment.
• Calculating the profits at the end of each day based on the outstanding balance only and paying the accrued profits during the month at the end of each month.
• The speculative "Mudaraba" period being 12 months maximum (renewable) with the outstanding balance that shall be payable on that date.
• The possibility of granting over draft on current account in accordance with the approved procedures for granting credit facilities.

It is worth mentioning that Bank AlBilad provides services to the companies and small and medium enterprises sector through several specialized centers of more than 10 centers in (Riyadh, Jeddah, Dammam, Al-Ahsa, Abha, Makkah, Qassim, Hail, Jubail, and Al Khafji) and provides assistance via AlBilad business phone (8001237777) and via the email of business banking SME@bankalbilad.com. The Bank offers all services to all clients through a wide network of branches spreading throughout KSA, which has more than 150 branches and 5 sales centers in (Riyadh, Jeddah, Dhahran, Tabuk, and Al Kharj) that work until 9 PM, and the branch of Prince Mohammed Bin Abdulaziz Airport in Madinah, which works 24 hours, as well as more than 179 centers for the services of financial remittances "Enjaz", supported by an ATM network of more than 850 ATMs, and the latest integrated electronic services for 24 hours, including "AlBilad Net" www.bankalbilad.com and "AlBilad SmartPhone" for smart devices. Bank AlBilad provides 24-hour access for its clients via AlBilad phone 920001002 or via all social media channels: Twitter, Facebook, Instagram, Linkedin, and Snapchat for AlBilad clients to meet all their banking needs.

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