Al Rajhi

Senior Compliance Officer

Key Accountabilities:

• Vostro accounts- control the account opening process related to Compliance and AML/KYC function.

• Follow SAMA and banks internal guidelines. Make periodic review of account as well as monitor Transactions.

• Nostro Accounts - Make sure that Al Rajhi AML/KYC questionnaire is in place and updated periodically as per Compliance/SAMA guidelines

• Nostro Accounts Transactions- Attend periodic queries on AML/KYC issues on outgoing transactions especially outward Remittances.

• Coordinate with Remittance/Operation/Compliance to answer the queries. Keep FI RM/AM in the loop

• Correspondent AML/KYC questionnaire and queries Handle the AML/KYC questionnaires in coordination with Compliance/AML-KYC and concerned FI RM/AM.

• Involve Head of FI/AGM if Reputational issue is concerned

• Coordination with Compliance/AML-KYC dept. Continuous contact with them and update FI staff any update received.

• Coordination with Business units (Trade, Treasury, Tahweel, Operation etc.) on Compliance/AML-KYC matters of international in nature.

• Training the FI staff for Compliance/AML-KYC awareness

Islamic banks plan ringgit sukuk index

Islamic banks in the country are developing a local currency sukuk index to serve as a benchmark for sharia-compliant fixed income securities.
The index will track highly liquid, high grade bonds, including on-the-run ringgit denominated sukuk, said the Association of Islamic Banking Institutions Malaysia, which includes the local units of Al Rajhi and Kuwait Finance House.
Malaysia has the world’s largest sukuk market

S&P: Saudi Arabian Insurance Markets Withstand Regulatory Restructuring And The Global Economic Downturn

Press Release

LONDON, April 29, 2009--In the spring of 2009, uncertainty remains the dominant theme for insurance companies and banks across the Gulf Cooperation Council (GCC) region, as it does internationally, Standard & Poor's Ratings Services noted in a report, titled "Insurance Markets In Saudi Arabia In The Wake of Regulatory Restructuring And The Global Economic Downturn."

Even within the GCC, however, Standard & Poor's detects a widespread belief that the Kingdom of Saudi Arabia (KSA) and its financial institutions have been less affected by the downturn than most of its neighbors, and that recovery will likely come more quickly there than elsewhere. Meanwhile, the ongoing flow of Initial Public Offerings (IPOs) on the Tadawul Stock Exchange in Riyadh in 2009--including the April IPOs of insurers Al Rajhi, Weqaya, ACE Arabia, and AXA Cooperative to raise a cumulative Saudi Arabian riyal 260 million (approximately $69 million) of new capital--indicate that Saudi investors still have considerable liquid assets with which to support attractive business propositions.

2008 Sees Worst Decline in Sukuk Market, Improvement in Islamic Syndicated Lending, Says IFIS

IFIS published a report on 24 January discussed on Albawaba that Sukuk or Islamic bond markets have witnessed a dramatic decline during 2008, especially during the 4th Quarter, which was the lowest since 2002, and 2008 was a worse year for sukuk than both 2006 and 2007 with no issuances even of a Dollar Sukuk and the total amount dropping to only USD 584 mn in Q4 2008. South East Asia was more severely impacted than the GCC in 2008, with issuance falling by 76% down to USD 6.57 bn for the entire year. The decline in the GCC was quite severe as well, however, with issuance falling to USD 9.06 bn, a 51% drop. The global total for sukuk issuance, USD 15.77 bn, was 66% lower than the figure for 2007. This is the first year on year drop in sukuk issuance since the year 2000.

Islamic syndicated lending expanded from USD 19.6 bn in 2007 to USD 27.2 bn in 2008, a 32% increase. But as with credit markets worldwide, Islamic syndicated lending froze almost completely in Q4 2008.

Syria approves Al Baraka banking partnership

Gulf News published based on Bloomberg 15 January an article regarding the governmental approval for Emirates Islamic Bank, Kuwait Syrian Holding, and two Saudi investors from the Al Rajhi family to partner with Bahrain-based Albaraka Banking Group, setting up Al Baraka Bank-Syria. The bank plans an IPO at the end of Q1 to sell 35 % according to Amir Assassa, a founding member of Albaraka Bank-Syria. Assassa said that Albaraka Banking Group will own 23 % in the Syrian bank, Syrian investors 16 %, Emirates Islamic 10 % and Kuwait Syrian Holding, which is partly owned by the Al Kharafi Group, 5 %, he said.

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