KATHMANDU: Himalayan Bank and Al Rajhi Bank, Malaysia, today signed an agreement in Kuala Lumpur to provide remittance services through Money Transfer i-Tahweel to Nepal.
The service will be available by the end of September. Through the partnership, customers are able to remit money to Himalayan Bank accounts and other Nepali bank accounts in Nepal, said a press release from Himalayan Bank. Customers who do not maintain bank account in Nepal may also choose to collect cash at more than 1,000 outlets in Nepal.
In Malaysia, customers can go to any of the Al Rajhi Bank branches or i-Tahweel Centres, to remit money to Nepal. Al Rajhi Bank started its remittance business to Indonesia late last year and has extended its presence with remittance centres in Melaka and Klang.
Rajhi Bank also offers remittance services to customers at their work place via i-Tahweel Mobile Centre. We see potential in the remittance business in Malaysia, given the foreign workers employed here, said Sabry Ghouse, director of Retail Banking, Al Rajhi Bank, at
the agreement signing ceremony. We plan to enhance our channels to increase market share of our remittance business, he said.
Al Rajhi started with remittance in Saudi Arabia where Tahweel is already a known brand. Al Rajhi Bank Saudi
Arabia has similar remittance arrangement with Himalayan Bank.
Al Rajhi remittance services are available at all branches in Malaysia. Al Rajhi Bank was recently voted Most Outstanding Islamic Bank in the KLIFF 2010 Awards.