Alrajhi Bank launches sharia-compliant SCF platform with QUALCO

By Gloria Methri

Alrajhi Bank has gone live with QUALCO’s ProximaPlus platform, rolling out a fully digital Payables Finance solution developed under the Goods Murabaha structure. The launch marks a key milestone in the bank’s efforts to digitise its Sharia-compliant supply chain finance (SCF) operations.

This deployment addresses several operational challenges traditionally associated with SCF, such as manual processing, limited scalability, and lack of real-time data. By integrating ProximaPlus, Alrajhi Bank now offers an automated, buyer-led SCF solution that improves efficiency, enhances invoice visibility, and supports regional expansion—all while remaining aligned with Islamic finance principles.

“Digital transformation in Islamic finance requires technology that doesn’t compromise on compliance, scale, or user experience. Through ProximaPlus, we are supporting Alrajhi Bank in building a scalable SCF infrastructure that unlocks new opportunities for growth and innovation in the Kingdom’s evolving financial ecosystem,” said George Koukis, International Business Development Director at Qualco Group.

Building on this foundation, Alrajhi Bank and QUALCO plan to expand the platform’s functionality by introducing additional SCF products for both buyers and suppliers. These offerings will continue to follow Sharia-compliant frameworks and be tailored to the needs of businesses in Saudi Arabia.

Headquartered in Riyadh, Alrajhi Bank operates an extensive branch and digital network across the Kingdom and internationally. Since its founding in 1957, the bank has focused on delivering a wide range of Sharia-compliant retail, corporate, and investment banking services.

QUALCO provides software solutions that help financial institutions navigate complex credit and lending environments. Through its platforms, including ProximaPlus, QUALCO supports supply chain finance operations by enhancing compliance, scalability, and customer experience through advanced analytics and digital tools.