MALACCA: Al Rajhi Bank, which opened a new branch here yesterday targets to open 50 branches by 2010, aims to become the market leader in Islamic banking in the country.
The world's biggest Islamic banking group said in a statement yesterday the new outlet was the group's 14th branch since it began operations in Malaysia in October last year.
Chief executive officer Ahmed Rehman said the bank, which already had 12 branches in Klang Valley, would be heading south.
“Last week, we opened a branch in Johor Baru and now we are in Malacca. The next few months will see us rapidly expanding our presence across other parts of the country,” he said, adding that the new branch was expected to facilitate and offer Middle East visitors to access their accounts in Malacca.
Meanwhile, hajj and umrah pilgrims from Malacca can soon take advantage of the Al Rajhi prepaid Riyal Card.
The bank said pilgrims could use the card to access funds easily from its extensive branch and network in Saudi Arabia.