RIYADH, February 20-2022: Bank Aljazira (BAJ) signed an agreement of cooperation and a collateralized trade credit insurance policy with the Saudi Export-Import Bank (Saudi EXIM) at BAJ’s headquarters in Riyadh on [day of week].
The agreement and policy were signed by His Excellency Saad bin Abdulaziz Alkhalb, Chief Executive Officer of Saudi EXIM, and Naif A. Al Abdulkareem, BAJ’s Chief Executive, with the presence of officials from both sides.
According to the two documents, BAJ would offer Sharia-compliant banking solutions that meet Saudi EXIM’s terms and conditions to increase collateralized credit. The aim of the agreement is to strengthen, grow, diversify, and enhance the competitiveness of Saudi exports with export credit insurance services that help meet the targets of the Kingdom’s Vision 2030.
“We are delighted to be working with Saudi EXIM,” said Abdulkareem. “This agreement is one of many long-term deals that define the breadth and depth of cooperation between the two sides.”
For his part, Alkhalb affirmed that Saudi EXIM is committed to enhancing support for exported Saudi products and services. Alkhalb added that the agreement establishes a strategic partnership and ongoing collaboration with BAJ that help the latter become a driver of collateralized credit for Saudi exporters.
The agreement is set to bolster BAJ’s ability to accepts and fulfil requests for collateralized credit to Saudi exporters. The availability and accessibility of credit insurance is projected to help Saudi products make headway in new markets and expand in existing ones, assisted by easier transactions with foreign banks.
