JEDDAH, 21 June 2005 — The Saudi Arabian Monetary Agency (SAMA) will soon solve the problem of Al-Rajhi Commercial Foreign Exchange employees. SAMA intends to force Bank Albilad to finish the procedures for employing Al-Rajhi employees, Al-Madinah newspaper reported.

Sources told Al-Madinah that the institution was able to quote the royal decree which forces Bank Albilad to transfer all employees working as money changers — including their financial dues. SAMA will leave the management of both Al-Rajhi and Albilad to finish the final preparation of the transfer of employees.

The royal decree establishing Bank Albilad states that the bank is responsible for the financial amount estimated by SAMA regarding the breach of contract with exchange companies and institutions for stopping their activities. Albilad also bears the responsibility of financial duties of the employees. The decree also states that Albilad takes on the employees of exchange companies and institutions merged in Albilad before they can employ anyone from outside the merged institutions.

Sources in Al-Rajhi Commercial Foreign Exchange said that this decision would solve the problems of more than 1,000 employees. SR20 million is needed to pay the financial dues of these employees for the years they spent working in Al-Rajhi Commercial Foreign Exchange.

There was no official comment from Albilad.

Albilad has ignored the problem for the last two weeks; and because of the fate of these employees remains unknown. Al-Rajhi also did not issue a statement in the past two weeks preferring to wait for SAMA to solve the problem.

SAMA investigated the problem over the past two weeks and held a series of meetings with the administration from Albilad and Al-Rajhi without reaching any agreement. SAMA was forced at the end to take tough measures to end the matter.

Ahmad Al-Sahafi, employee at Al-Rajhi, complained to SAMA on behalf of his friends at the institution saying that he served Al-Rajhi for more than seven years.

“I was surprised at the decision to discharge me from my position at the institution. Beforee that they stopped the insurance and my salary. I am threatened with being kicked out of my apartment and my car will be taken away from me.”