Bank for Social Development signed a cooperation agreement with the Arab National Bank

Monday-2021-06-07

The Bank for Social Development concluded a joint cooperation agreement with the Arab National Bank, aimed at providing savings financial services to the participants of the Zod al-Adaqari programme, submitted by the Bank for Social Development, on Monday, 7 June 2021, at its headquarters in Riyadh City and expanding options for participants in the selection of the appropriate commercial bank, where the National Arab Bank has adopted an extension of previous conventions.

The Convention was signed by the Executive Chairman of the Social Development Bank, Professor Ibrahim Bin Hamad Al Rashid, and by the National Arab Bank, a member of the Administered Governing Council and Executive Chairman, Professor Obaid Abdullah Al-Rashid.

The Convention aims to provide savings services to the participants of the Zoddar programme and to expand options for the client in selecting the appropriate commercial bank. The National Arab Bank has been adopted, in addition to the previous conventions. Under this Convention, the National Arab Bank will support the aspirations of the Bank for Social Development to achieve the goals of the savings programme and develop the savings of the participants, thereby providing it with possible opportunities to develop savings through its financial and investment solutions system.

The Savings Zod programme is the latest savings programmes launched by the Bank for Social Development in a year. 2018. Concurrently with World Savings Day, 31 The aim is to encourage families to save as one of the targets of the Kingdom Vision 2030, where the Bank for Social Development through the programme seeks to raise the proportion of family savings from 6% to 10% of their total income. The programme is one of the Bank ' s initiatives within the Financial Sector Development Programme, in addition to supporting the Bank ' s main pillars of promoting financial culture, developing programmes and savings products and building savings habits that contribute to enhancing financial awareness.

A programme that provided many features, such as a monthly cash incentive of up to 20%, full flexibility in savings management. The programme was received by social finance agents, as well as by productive families, in addition to the six-18-year-old generation supply product, where the number of participants exceeded savings products. 90 A participant, exceeding their total savings240.A million rials. I'm sorry.