Al Rajhi Bank signs agreement with Social Development Bank to provide savings services to Zood, Zood Al-Ajyal savings program customers

Agreement signing ceremony

Al Rajhi Bank signed two cooperation agreements with the Social Development Bank to provide savings services to customers of the Zood Savings Program and the Zood Al Ajyal Savings Program on Oct. 31 of each year, coinciding with International Savings Day.

Mr. Waleed A. Al-Mogbel, CEO of Al Rajhi Bank, and Ibrahim Alrashid, CEO of the Social Development Bank, signed the two agreements.

The two agreements aim to provide financial savings services to Zood Savings Program and Zood Generations Savings Program subscribers, as well as to expand the options available to Al Rajhi Bank customers, as the bank was approved as an extension of previous Social Development Bank agreements.

The Zood Savings Program, the first of the Social Development Bank's savings programs launched in 2018, aims to encourage families to save as one of the Kingdom's Vision 2030 objectives. The Social Development Bank hopes to increase the percentage of families' savings from 6% to 10% of their total income through the program.

The program is one of the bank's initiatives within the financial sector development program, and it supports the bank's main pillars of improving financial culture, developing savings programs and products, and developing saving habits that contribute to increased financial awareness.

Al Rajhi Bank is always eager to promote the culture of saving and has specific savings programs such as the Future Savings Account, which is an electronic savings plan that allows the customer to determine the period of savings as well as a specific monthly amount to be saved. During the saving period, the funds are invested through the treasury group in low-risk financial portfolios that are compatible with Islamic Sharia provisions and paid for in exchange for the best expected profit margins. In addition to the protection and saving programs, which were developed and relaunched in 2020 - in collaboration with Al Rajhi Takaful Company - with new marketing mechanisms that encourage customers to take advantage of these various programs and achieve greater spread of this principle, in line with the Kingdom's vision 2030, which includes raising the levels of savings in Saudi families as one of its objectives.

The product is offered through a set of savings plans that are compatible with the clients' various goals, such as investment, retirement, and child education/marriage.