Banks support Malaysian SME’s overseas expansion
Malaysia’s small and medium enterprises receive more banking support in their quest for higher exports.
The Export-Import Bank of Malaysia Bhd (Exim Bank) entered into a strategic partnership with Al Rajhi Bank Malaysia to assist the country’s SMEs and corporations expand overseas, especially in the Middle East. Al Rajhi Bank, with headquarters in Saudi Arabia, is the largest Islamic bank in the world.
A memorandum of understanding signed by the two banks will provide financing-related agency services for Exim Bans customers with businesses in member countries of the Gulf Cooperation Council and in other places where Al Rajhi Bank has a presence.
“Our role as Exim Bank is to support exports from Malaysia. Our exports can be goods or services,” said ,” managing director and chief executive officer Datuk Adissadikin Ali.
“We will fund these projects. Banks are very calculative about risks, and we fill the gaps where the Malaysian banks can’t and where they are not present in after the signing ceremony.
Rajhi Bank said it is well positioned to assist Exim Bank in its role of supporting Malaysian businesses intending to enter the Middle Eastern market, both companies said in a statement.
Al Rajhi’s wholesale banking chief Mudassir Amray said the proposed collaboration with Exim Bank supports the strategy of leveraging the bank’s Saudi network by delivering Al Rajhi Bank’s extensive reach to Malaysian businesses.