KUALA LUMPUR: Al Rajhi Bank Malaysia, which has so far provided remittance business services to Indonesia, the Philippines, Nepal and Bangladesh, plans to increase its market share by extending the service to more countries.
Al Rajhi Malaysia retail banking director Sabry Ghouse said the bank sees great potential in the remittance business in Malaysia, given the sizeable foreign workers population in the country. (source)
"We plan to expand our channels to more corridor countries with the objective of increasing market share of our remittance business," he said in a statement.
However, Al Rajhi Malaysia did not specify which countries it is eyeing to expand its remittance business.
Al Rajhi Malaysia earlier inked an agreement with Islami Bank Bangladesh Ltd (IBBL) to provide remittance services through Money Transfer i-Tahweel for Bangladeshi workers in Malaysia.
The services will be offered through Al Rajhi Bank branches and i-Tahweel centres across Malaysia.
The beneficiary can also collect cash at all IBBL branches throughout Bangladesh.
Sabry said Al Rajhi commenced its remittance business in Saudi Arabia where Tahweel is already a recognised brand.
He said Al Rajhi Bank remittance services are available at all branches in Malaysia, while i-Tahweel centres in Malacca, Klang and Central Market are open seven days a week.
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