Al Rajhi Bank

GFH signs final #Sukuk restructuring agreement with Gulf Holding and Al Rajhi Bank

GFH Financial Group (GFH) has signed a final Sukuk restructuring agreement with Gulf Holding Company (GHC) and Al Rajhi Bank. The agreement allows for the rescheduling of the Villamar project’s finances and officially marks the re-launch of the project located in the Bahrain Financial Harbour. Villamar @ The Harbour is one of the flagship projects of GHC and is valued at $700 million, being a residential complex spread over 35,900 square meters. As per the agreement, GFH will participate in financing completion of the project with an amount up to $50 million. The restructuring will have a positive impact on GFH’s shareholding in Gulf Holding Company.

Moody's: Strong Islamic #retail franchise drives profitability for #Saudi Arabia's Al Rajhi Bank despite tougher operating conditions

Moody's announced that Al Rajhi Bank's dominant Islamic retail franchise will continue to drive a strong financial performance into 2017. Despite pressure on the Saudi economy from lower oil prices, Al Rahji's retail focus delivers solid margins and asset quality. Moody's analyst Nitish Bhojnagarwala said Al Rajhi's Islamic retail portfolio drives higher financing yields and stronger margins than its peers both in Saudi Arabia and the Gulf Co-operation Council (GCC). Coupled with a modest cost base and relatively lower provisioning, this generated a solid return on assets of 2.5% for the first six months of 2016. Furthermore, strong profits, combined with solid retention rate, provide healthy internal capital generation for the bank, which had a tangible common equity ratio of 19.8% as of June 2016.

Fitch downgrades seven Saudi Arabian banks; revises outlook of four others to negative

Fitch Ratings has downgraded the Long Term Issuer Default Ratings (LT IDRs) of seven Saudi Arabian banks. The affected banks are Al Rajhi Bank (ARB), National Commercial Bank (NCB), Riyad Bank (RB), SAMBA Financial Group (SAMBA), Saudi British Bank (SABB), Banque Saudi Fransi (BSF) and Arab National Bank (ANB). At the same time Fitch has revised the Outlooks on Saudi Hollandi Bank (SHB), Saudi Investment Bank (SAIB), Alinma Bank (Alinma) and Bank Aljazira (BAJ) to Negative from Stable, while affirming their ratings.

Al Rajhi Bank Malaysia names new Chief Executive Officer

Al Rajhi Bank Malaysia (ARBM), a wholly owned subsidiary of Saudi Arabia's Al Rajhi Bank, has received approval from Bank Negara Malaysia for the appointment of Steve Chen Thien Yin as its new Chief Executive Officer (CEO). As CEO, Steve Chen is responsible for the overall operations of ARBM’s business. He brings along with him more than 25 years of professional experience in Retail, Corporate and Investment banking in growth markets of Malaysia, Singapore, Vietnam, Cambodia and Laos. Prior to joining ARBM, he was the Chief Operating Officer (COO) for Corporate and Structured Finance at Malaysia’s Hong Leong Bank Berhad.

UPDATE 1-Profits up at Saudi's Al Rajhi Bank, flat at Samba

Saudi Arabia's Al Rajhi Bank reported a 28.2 percent rise in its fourth-quarter net profit on Thursday, beating analyst forecasts as operating income was pushed up by higher fee income from banking services and other revenue. The kingdom's second-largest lender by assets made 1.95 billion riyals ($519.6 million) in the three months to Dec. 31, up from 1.52 billion riyals in the same period a year earlier. Samba Financial Group, the kingdom's third-largest bank by assets, reported flat net profit for the fourth quarter. It concludes a mixed earnings season for banks, with as many profit falls as rises at the kingdom's major lenders as the slump in oil prices begins to take some toll. Samba made a profit of 1.23 billion riyals in the three months to Dec. 31, the same figure it reported for the corresponding period a year earlier.

Fitch Downgrades 3 Saudi banks To Negative, Low Oil Prices Hobble Growth

The long-term issuer default ratings of Saudi British Bank, Banque Saudi Fransi and Arab National Bank were revised to negative from stable
Ratings agency Fitch has downgraded the outlooks on 3 Saudi Arabian banks as low Crude Oil prices continue to plague the Kingdom’s economy.
The long-term issuer default ratings of Saudi British Bank, Banque Saudi Fransi and Arab National Bank were revised to negative from stable, Fitch said in a statement.
The revision was based on the tougher operating environment facing the Saudi Arabian banking sector, mainly due to the effect of lower Crude Oil prices on government spending and the filter down effect this has on the rest of the economy.

UPDATE 1-Saudi's Al Rajhi Bank Q3 profit rises on lower expenses

Saudi Arabia's Al Rajhi Bank posted its first quarterly rise in net profit in nine quarters, helped by lower expenses. Net profit rose 3.6 percent to 1.72 billion riyals ($458.8 million) for the three months to Sept. 30, in line with an average estimate from analysts of 1.77 billion. The bank had posted declining profits in the preceding eight quarters, which it attributed to higher provisioning and higher operating expenses. Al Rajhi said operating income fell by 4.1 percent to 10.15 billion riyals, while profits from special commissions increased 2.4 percent to 7.47 billion riyals. Loans and advances at the end September stood at 209.91 billion riyals, up 3.1 percent, while deposits rose 6.2 percent to 265.48 billion riyals.

Fitch revises outlook on four Saudi Arabian banks to negative

Fitch Ratings has revised the Outlooks on Al Rajhi Bank (ARB), National Commercial Bank (NCB), Riyad Bank (RB) and SAMBA Financial Group (SAMBA) to Negative from Stable. The revision of the banks' Outlooks to Negative reflects that their Long-term Issuer Default Ratings (IDR) are at the Support Rating Floor (SRF) for Saudi domestic systemically important banks (D-SIB) of 'A+'. This would be revised down to 'A' in the event of a one-notch downgrade of the Saudi sovereign. The Saudi banks' Support Ratings (SRs) and SRFs reflect the extremely high probability of support from the Saudi authorities, if required. Upward potential for the ratings is limited in light of a weakening sovereign and operating environment.

CEO of Saudi’s Al Rajhi Bank resigns, new head appointed

Al Rajhi Bank, Saudi Arabia’s second largest bank by assets, is to replace its chief executive, with the new head’s priority likely to be reversing its fortunes after seven straight quarterly profit drops. Suleiman bin Abdul Aziz al-Zabin resigned as chief executive for personal reasons, effective May 17, it said on Sunday in a statement. His replacement would be Steve Bertamini, who had been appointed chief executive, effective from May 18, it said. The bank’s consumer business has been hit by new rules and tougher competition from other lenders in the kingdom. It has one of the highest exposures in the financial sector to the retail segment.

Saudi’s Al Rajhi Bank posts fourth straight quarterly profit drop

Al Rajhi Bank posted a fourth successive quarterly profit decline as its second-quarter earnings fell 8.2 per cent year-on-year, with Saudi Arabia’s largest listed lender hit again by higher provisioning. The bank said it made 1.95 billion Saudi riyals in the three months ending June 30, compared with 2.12bn riyals in the same period a year earlier, citing an increase in total operating expenses for the drop without elaborating. Despite the decline, Al Rajhi’s net profit figure was in line with analyst forecasts, with a poll conducted by Reuters expecting an average profit of 1.97bn riyals for the quarter. Al Rajhi’s quarterly profit decline stands against the positive earnings performance reported by most other Saudi lenders.

Saudi’s Al Rajhi Capital to launch first sukuk fund

The investment banking arm of Saudi Arabia’s Al Rajhi Bank has received regulatory approval for its first mutual fund that will invest in sukuk. Interestingly, Al Rajhi has never raised money through a sukuk issue itself. The fund, in the pipeline since 2012, has reportedlly been prompted by a growing number of client inquiries about investing in sukuk. Sukuk issuance in Saudi Arabia rose to the equivalent of $15.2 billion through 20 deals last year, compared to $11.2 billion through 18 deals in 2012. However, a number of the kingdom’s sharia scholars view trading in sukuk as outright trading of debt, which is banned by Islamic principles.

APICORP seals SR1b deal with Al-Rajhi Bank for more funding

Arab Petroleum Investments Corporation (APICORP), the multilateral development bank of the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), has closed a five-year SR1 billion ($267 million) bilateral Shari’ah-compliant facility with Al Rajhi Bank. The facility is aimed at retaining and increasing APICORP’s medium-term funding. Al Rajhi Bank was the sole Murabaha Facility Arranger, Lender and Agent. APICORP enjoys a foreign currency issuer rating of Aa3 for long-term debt and Prime-1 for its short-term debt with stable outlook from Moody’s Investors Service. Al Rajhi Bank is the largest retail bank in KSA with total assets of SR279 billion ($74.4 billion).

Saudi Islamic bank giant losing ground as its profit slides

Al Rajhi Bankk is losing ground to peers in Saudi Arabia, its home market, as slowing credit growth and intensifying competition for retail customers weigh on earnings. The world’s biggest Islamic bank said this week that first-quarter profit fell 17% from a year earlier, its third quarter of declining earnings. Lending growth in the three months slowed to 7% from 19% in the same period of 2013. That compares with 30% for Bank Albilad and 11% for Samba Financial Group. Profit at the Riyadh-based bank is slowing even as the Saudi economy is poised to grow 4.2% this year, because rival banks are increasingly turning their attention to retail customers as new labour laws stifle construction projects. Construction lending accounted for 7.7% of total bank loans in 2013.

Saudi Tasnee gets $1.06bn Islamic loan

Saudi Arabia's National Industrialization Company (Tasnee) has signed a sharia-compliant loan facility worth SR4 billion ($1.06 billion) with seven Saudi banks and Emirates NBD. The Saudi banks which contributed are Riyad Bank, Al Rajhi Bank, Bank Al Bilad, Saudi British Bank, Samba Financial Group, Banque Saudi Fransi and Saudi Investment Bank. The financing, signed on Sunday, will be repaid in eight years including a one-year grace period. The loan, which was covered 1.5 times, will finance the company's stakes in future projects and refinance existing loans.

Saudi's Al Rajhi Bank posts near-flat Q2 profit

Saudi-based Al Rajhi Bank posted a slight rise in its second-quarter net profit. The bank made 2.12 billion riyals ($565.3 million) in the three months to June 30, compared with 2.09 billion riyals in the same period a year earlier. Profit for the opening six months of the year was 4.17 billion riyals, up from 4.10 billion riyals in the corresponding period of 2012. The results are in line with analysts' forecasts that expected the bank, on average, to post a net profit of 2.13 billion riyals for the second quarter.

Legal Advisor

Job Description

Key accountibelites:

Ensure and complete contracting requirements

Coordinate with legal dept, to approve legal contents

Supervisees and direct all the work of the contract and purchasing dept, assuring of the effectiveness and adherence to producers

Prepare the draft , revision and confirmation of contracts and legal documents. As when needed

Orientation of contracts ,legal documents and legal advice, towards protection of bank’s interests

Ensure that legal advice, contracts and recommendations are in conformity with statutes

Saudi's Al Rajhi Bank to distribute $600m dividend

Al Rajhi Bank will reportedly distribute dividends worth SR2.25bn ($599.9m) for the first six months of 2013. This is equivalent to 1.5 riyals per share. The amount is slightly higher than the 1.25 riyals per share which the bank paid last year. Separately, Banque Saudi Fransi said it would distribute dividends worth SR361.6m ($96.4m) for the first six months of the year. This equates to 0.4 riyals per share. In 2012, Banque Saudi Fransi paid a full-year dividend of 0.8 riyals per share, indicating that this year's payment is in line with that made last year. Al Rajhi is expected to release its second-quarter earnings around July 16.

Senior Organisation Development officer

*JOB PURPOSE:

Responsible for the tasks related to Job Classification & Design including Org. Structure review, job families categorization, position description writing, titles analysis and job evaluation methodologies.

* KEY ACCOUNTABILITIES:

1.Organization Structure Design

• Able to critique organization structure changes requests
• Understands overlays between functions and is able to identify clear differentiations
• Recognizes and design org structures from a process point of view
• Oracle system understanding in terms of organization creation, position creation and hierarchal updates

Legal Advisor

Job Description

Key accountibelites

Ensure and complete contracting requirements

Coordinate with legal dept, to approve legal contents

Supervisees and direct all the work of the contract and purchasing dept, assuring of the effectiveness and adherence to producers

Prepare the draft , revision and confirmation of contracts and legal documents. As when needed

Orientation of contracts ,legal documents and legal advice, towards protection of bank’s interests

Ensure that legal advice, contracts and recommendations are in conformity with statutes

Relationship Manager / Advisor (SME)

Managing a diverse portfolio of accounts
Accept responsibility for achieving targets set
Analysing and managing their credit requirements
Identify new clients needs that can be fulfilled using the bank's product & services offering and grow portfolio in terms of revenue and volume to achieve sales targets
Monitor financial health of the portfolio and assist in managing the credit risk of the entire portfolio
Manage the service experience of the customer

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