Saudi EXIM Bank won’t charge high commissions, all finance costs reasonable: CEO

Saad Alkhalb, CEO of Saudi EXIM Bank

Saudi Export-Import Bank (EXIM Bank) will not charge high commissions, Chief Executive Officer (CEO) Saad Alkhalb told Argaam, noting that all financing costs are compliant with Sharia and reasonable.

“EXIM Bank does not seek a less commission, when compared to other commercial banks, as it does target profit,” Alkhalb added in a meeting held with businessmen at the Federation of Saudi Chambers.

EXIM Bank motivates commercial peers to work and help them take risks through insurance products.

It also targets financial sustainability, Alkhalb explained, noting that some insurance products have low cost, and the rates differ according to the company and the target import or export destination. The bank operates according to global standards.

In February 2020, the Saudi Cabinet approved the regulations of EXIM Bank, Argaam reported.

The bank approved more than 81 financing applications worth SAR 9 billion for over 46 countries worldwide by the end of the second quarter of the year.