To provide financial savings services for subscribers and expand their options

To provide financial savings services for subscribers and expand their options

Bank Albilad enters into a cooperation agreement with the Social Development Bank

Bank Albilad signs a joint cooperation agreement with the Social Development Bank, on Wednesday, July 14, 2021, at the headquarters of the Social Development Bank in Riyadh. The agreement is aimed at providing financial savings services for the subscribers of Social Development Bank’s Zod Savings Program and expanding their options to select the commercial bank appropriate for them, as Bank Albilad has been approved as being an extension of previous agreements.
The agreement was signed by Mr. Abdul-Aziz Al-Onaizan, the CEO of Bank Albilad, and Mr. Ibrahim bin Hamad Al-Rashed, the CEO of the Social Development Bank.

The agreement is intended for providing financial-savings-based solutions for the subscribers of the Zod Savings Program. Under this agreement, Bank Albilad will support the aspirations of the Social Development Bank to achieve the goals of the savings program and develop the subscribers' savings, through providing possible opportunities to develop savings via its financial and investment solutions system.

The Zod program provides many benefits, such as offering a monthly cash incentive of up to 20%, and a complete flexibility in savings management. This is because the program is popular with social finance clients, as well as productive families, as the number of subscribers to savings products exceeded more than (95) ninety-five thousand subscribers, whose total savings exceeded (242) million riyals.

Zod Savings Program is the first savings program launched by the Social Development Bank in 2018, coinciding with the World Savings Day, occurring on October 31. It aims at encouraging families to save as being one of the goals of the Kingdom’s Vision 2030. Through the program, the Social Development Bank is keen on raising the percentage of families’ savings from 6% to 10% of their total income. The program represents one of the bank’s initiatives within the financial sector development program, in addition to providing support needed for enhancing financial culture, developing savings programs and products, and building saving habits that contribute to promote financial awareness, as the main pillars of the bank.

Also, Bank Albilad also works continuously to consolidate the concept of savings and is keen on spreading the culture of financial awareness among the members of the community. In this regard, Bank Albilad has launched the “Financial Awareness and Savings Culture Curriculum” initiative, which is the first extracurricular savings curriculum in the Kingdom introduced in many schools and universities with the support of relevant authorities, including the Ministry of Finance, the Ministry of Education, and the Saudi Central Bank. Further, Bank Albilad has launched the awareness and educational “Savings in Building Homes” initiative, the first of its kind in the Kingdom, in cooperation with the Ministry of Housing to raise the culture of savings in building homes, rectify some misconceptions about the lifestyle spread in the field of construction, and list priorities in such a field, through providing more than 30 programs including seminars, forums, workshops and courses presented by an elite group of specialists, held in many governmental, semi-governmental and private agencies. Furthermore, Bank Albilad has recently signed a memorandum of understanding with the Communication and Financial Knowledge Center (CFKC), an initiative of the Ministry of Finance, with the aim of enriching financial knowledge in the community and raising financial awareness about saving programs and cooperating in the field of development and innovation in partnership and social responsibility programs.

Bank Albilad always works to enhance financial awareness and promote the culture of savings through providing innovative savings and banking services and products that suit various ages of all customers based on various savings programs.
Bank Albilad provides around-the-clock communication service with its customers via Albilad phone: 920001002, WhatsApp: +966920001002, and toll-free number from inside the Kingdom: 8001230000 for comments and inquiries or through social media: @Bankalbilad/ @Enjazalbilad on “Twitter”, “Facebook”, “Instagram”, “LinkedIn” and “Snapchat”.

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