RIYADH, 14 March 2007 — Al-Rajhi Bank launched yesterday its second car-lease financing program which gives customers the opportunity of leasing a car from a car dealer with a simple visit to one of its branches.
A bank official said the program will be available in Riyadh, Jeddah, Dammam, Tabuk, Abha, and Madinah. However, the six showrooms in the said cities will be open only on March 14-15 for the financing program. The bank’s car lease-to-own financing services are provided in accordance with Shariah law and give customers the opportunity to own the car after the end of the lease period, Saeed Al-Ghamdi, general manager of Al-Rajhi Bank’s Retail Banking, said.
The service is now available for non-Al-Rajhi customers as well. “Customers do not need to open a bank account at Al-Rajhi and have their salaries transferred there, nor do car-lease customers need to pay an advance or a have guarantor,” he said.
Monthly installments are flexible and car-lease financing can be offered to Saudis or foreign nationals living and working in the Kingdom whose monthly income is as low as SR1,500.
Al-Rajhi Bank is one of the first banks in the Kingdom to offer customers the opportunity to buy stock market shares through installments via its program “Watani,” a leasing program that allows customers to enjoy the freedom of buying and selling shares.
The bank is currently negotiating with major car dealers for more value in the form of better coverage for maintenance, breakdowns and other free services for customers who choose to buy their cars through Al-Rajhi’s car lease-to-own program.
As part of the campaign, the bank has increased the number of selected car dealers from its first campaign in February.
“We want to continue to provide time and cost-efficient services that meet the needs of our customers,” Saeed Al-Ghamdi, general manager of Al-Rajhi Bank’s Retail Banking, said.
“We have created alliances with selected car dealerships and brought their offers altogether under one roof and on the same day,” he added.
According to the official, the paper work takes no more than 30 minutes after the customer chooses the particular car he wishes to lease.
