AMMAN - Al Rajhi Bank in Jordan plans to expand its operations in Jordan and at the regional level, Tarek Akel, the bank's chief executive officer said on Wednesday.
During a meeting with representatives from various local media outlets at its main branch, Akel emphasised the opportunities available for growth at the local level.
"Islamic banks have not yet taken their normal share of the market," Akel told the media. "Their share currently stands at 15 to 18 per cent."
During the meeting, Akel highlighted Al Rajhi's vision for the Jordanian banking industry and its plans for contributing to it, providing the delegation with a brief overview of the bank's services.
Media representatives had the chance to tour the different facilities of the bank, whose capital currently stands at JD50 million, in accordance with the requirements of the Central Bank of Jordan.
To date, the Sharia compliant bank has launched fully operational branches in Shmeisani and in Abdullah Ghosheh Str., with more branches expected to be launched in the near future.
Founded in 1957, Al Rajhi has total assets of $49 billion with thousands of employees.
Supported by an international network over 500 branches, 2,800 ATMs and online banking capabilities, the bank is present in Saudi Arabia, Malaysia, Kuwait and Jordan.
© Jordan Times 2011
