Alrajhi Bank adds Ministry of Industry and Mineral Resources to digital B2B bank guarantee service

By Leandra Monteiro

Alrajhi Bank signed yet another partnership agreement with the Ministry of Industry and Mineral Resources along with Bwatech (Fintech) to offer automated B2B service for Letters of Guarantee beneficiaries in line with Vision 2030. This is the second entity after Saudi Electric Company to benefit from this service.

His Excellency the Minister of Industry and Mineral Resources, Bandar Al-Khorayef, sponsored the signing, which took place during the Future of Mining Conference in Riyadh recently. The agreement was signed by Mr. Hossam Al-Basrawi, General Manager of Alrajhi Bank’s Corporate Banking Group and Mr. AbdulIlah Al-Hadab, Assistant Undersecretary of the Ministry of Industry and Mineral Resources in the presence of His Excellency the Deputy Minister Industry and Mineral Resources for Mining Affairs Engineer Khaled Al-Mudayfer.

Al-Rajhi Bank is considered a pioneer in providing digital services having launched an end-end digital Letters of Guarantee service with Tabadul/Wthaq as well as Cross-border Digital Letters of Credit Service back in 2022.

Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 384 billion (US$ 102 billion), a paid-up capital of SR 25 billion (US$ 6.66 billion) and an employee base of over 9,600 associates. With over 58 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella ‘Al Rajhi trading and exchange corporation’​ in 1978 and it was in 1988 that the bank was established as a Saudi share holding company.