SABB Launched Two Investment Linked Insurance Plans
The Saudi British Bank (SABB) launched two investment linked insurance plans, 'Al Manar' and 'Al Amal', designed to assist its customers in planning for their future financial security and their children's education.
The Plans, which have been approved by the Saudi Arabian Monetary Agency, are offered in collaboration with American Life Insurance Company (ALICO), a leading life insurance company in the region, and a member company of the American International Group. Inc. (AIG), one of the foremost and largest global insurance organisations.
Mr David Hodgkinson, SABB Managing Director, speaking on the new products said: "SABB is continually seeking to enhance the range of financial services offered to its personal banking customers. 'Al Manar' and 'Al Amal' are tailored to help our customers plan for their future financial needs, for example, retirement or their children's education, whilst at the same time offering financial protection in the event of the policy holders death and/or disability. The Plans are available denominated in either Saudi Riyals or US Dollars, ensuring stability and security of your investments, and carry a guaranteed minimum future investment value."
The 'Al Manar' and 'Al Amal' plans are complimentary to SABB's award winning range of investment products which include: Saudi Riyal, US Dollar and Sterling Money Market Funds; Saudi Riyal, Asian, US, Japanese and European Equity Funds; Saudi Government, US Dollar and International Bond Funds; Saudi Riyal and US Dollar Al Tadhamon Funds and the recently launched US Capital Guaranteed Equity Fund.
Commenting on the launch of these two investment linked insurance plans, ALICO General Manager, Mr Trevor H. Lee, said: "ALICO warmly welcomes this collaboration with SABB, where the complementary strengths of the respective companies will be used to serve the growing market for Personal Financial Services in the Kingdom."
November 28, 2000
The Saudi British Bank (SABB) recently signed a Securitisation Agreement with the United Installments Sales Co., a subsidiary of Abdul Latif Jameel (ALJ) Group, valued at SAR 560 million. The Agreement incorporates an innovative approach for securitisation of a mix of leasing and installments activities on basis of a profit and loss principle. The contract was signed by Mr David Hodgkinson, Managing Director SABB, on behalf of the Bank, and by Dr. Saad Al Ghamdi, Executive Vice President of AJL Group, for United Installments Sales Co. The newly inked deal is part of SABB's strategy of strengthening relationships with major Saudi companies. Commenting on the SAR 560 million Agreement, both parties opined that the development will enhance their relationship, resulting in a greater level of mutual business cooperation.
September 25, 2000
The Saudi British Bank (SABB) has recently installed a number of ATMs in Riyadh and Makkah to serve visually impaired customers. The specially modified ATMs will enable these customers to conduct their transactions with complete privacy, security and independence. Mr Sulaiman Al Hamdan, General Manager Personal Banking, speaking on this service which has been pioneered in the Kingdom said: "These Braille and voice operated machines have already been installed at the Al Noor Institute (Abdul Malik Bin Muslimah Street – Shumaisi) in Riyadh and the Al Noor Institute in Makkah (Old Makkah-Jeddah Road, opposite Islamic League, Um Joud). SABB has taken the initiative in introducing this service in Saudi Arabia due to its resolve to address the unique needs of the visually impaired. Now, this special group of customers who face a number of obstacles in accessing new technologies, as exemplified by ATMs, will also be able to benefit from them." "SABB is keen to expand this service and work is underway to install another machine at the Al-Noor Institute in Hofuf," Mr Al Hamdan added.
July 17, 2000
