RIYADH, 21 June 2006 — SABB recently launched the management of Mutual Funds through the Internet through its website www.sabb.com (SABBNET). The new service enables SABB customers to manage all operations relating to mutual funds through SABBNET. This includes subscription and redemption processes as well as account reporting.
All these services are made through the Internet without the need to visit SABB branches. In addition, SABB is offering up to 50 percent discount on management fees for new on-line subscriptions, according to a press release issued by SABB.
Commenting on the event, John Richards, executive director and chief operating officer said: “This initiative is part of a wider program which aims to facilitate access by customers to the services offered by SABB through the Internet”.
SABB was rated “Best Mutual Fund Manager For 2005” by the Investment Products Committee, which operates under SAMA supervision.
In another development, SABB has announced a scholarship scheme for Saudis wishing to pursue MBA courses in the UK.
SABB was the first Saudi institution to introduce the scholarship scheme in 1997 enabling Saudis to obtain higher education abroad. So far, 45 students have enrolled for courses in recognized universities in the UK.
SABB provides tuition fees, travel allowance and a daily allowance for the selected candidates. It does not stipulate that the graduate should work with SABB after completion of the course.
The SABB scheme is open to all Saudi male and female graduates who wish to pursue higher studies to improve their long-term career prospects. To be eligible, they need to have degrees from recognized universities.