Bank AlJazira recently inaugurated Fawri Center for money transfer services in Riyadh, allowing the bank's current and potential customers to make immediate, worldwide money transfer transactions. The announcement follows an agreement with Moneygram, the leading Global money transfer company, to ensure Fawri's compliance with the highest international standards in the sector. The Center's launch coincided with the huge increase in demand for the highly reliable and fast money transfer services, where the Kingdom considered as the second largest market globally in this framework. As of 2012, total outward remittances from Saudi Arabia valued around$ 27.6 billion, World Bank report said. “The opening of our new money transfer centers is in line with our ambitious expansion strategy and commitment towards innovation and diversification of services and products”, said Nabil bin Dawood Al Hoshan, Chief Executive Officer and Managing Director at Bank AlJazira, “and we are confident that these centers will provide value-added services to our customers, specifically catered to their financial needs”. Al Hoshan said that the bank is committed to the highest local and international standards in applying the KYC (Know Your Customer) principles and streamlining money transfer transaction. He confirmed that new centers will be opened in the near future in Riyadh and several other cities around the Kingdom totaling to 20 remittance centers during 2014. Bank AlJazira is recognized as one of the leading Shariah-compliant fast growing financial institutions in Saudi Arabia, client-driven and service-oriented Saudi Financial Group which provides individuals, businesses and institutions with innovative Shariah- compliant financial services through professional and dedicated staff. The bank succeeded, within record time, in expanding its network through 62 branches all around the Kingdom. – SG
