Al Rajhi Inks MoU With Indonesian Bank On Payment Solutions To Saudi Arabia

KUALA LUMPUR, April 1 (Bernama) -- Al Rajhi Bank Malaysia (ARBM) has signed a strategic memorandum of understanding (MoU) with PT. Bank Rakyat Indonesia Syariah (PT. Bank BRISyariah) for partnership on payment solutions platform to Saudi Arabia recently. The partnership aims to offer Indonesian tour and travel companies with alternative payment solution for them to perform financial transactions such as remittance, fund transfer and foreign exchange at competitive rates and charges. ARBM said it signed a partnership agreement with PT. Bank Muamalat Indonesia previously as the first partner and is expecting more partners to use its Islamic payment gateway. “This product offering will be first of its kind to market, whereby we provide a secure, hassle-free and seamless closed loop online payment solution for hajj and umrah travel operators directly to their beneficiaries in Saudi Arabia. “Indonesia is among the top destinations of remittance going out to Saudi Arabia. We have about one million Indonesian pilgrims a year and we expect it to grow further over the next 10 years,” said ARBM chief executive officer Steve Chen in a statement Monday. Meanwhile, PT. Bank BRISyariah president director Moch Hadi Santoso said the payment solution would enable its clients to have seamless payment solutions. -- BERNAMA