AL RAJHI BANK
“ The thing that sets ARB apart from its competitors , is its authenticity as an Islamic Bank ”
ARSALAAN AHMED CEO , AL-RAJHI BANK MALAYSIA
once served and are now increasingly becoming underserved , to be servable now .” It was then that ARB contacted Oz and asked him to step into a position “ that would really allow us to bring about these changes ". What ' s interesting about ARB is that they have a strategy that they call ‘ unbank the bank ’, which is now very much their tagline . They also refer to themselves as ‘ a bank of the future ’.
It was here , at ARBM , that Oz began to work on the kinds of changes that he felt would be more impactful . “ When we started speaking about what ARBM was planning to do , it really was about changing the DNA and nature of banking , in order to offer better services for people . Our focus is on digital and being best in class in digital . Another thing that sets ARB apart from its competitors is its authenticity as an Islamic Bank , which is particularly important to Muslim customers and increasingly important to ethically minded customers . Combining the ethical with the digital is a powerful combination in the evolution of banking ”
“ Looking forward over the next five or 10 years , our strategy will align with unbanking the bank , which is more than just a slogan – it ’ s a mindset . Coming to ARBM , this means that we have the ability to provide an environment for people to try to do things differently and work in a supportive and agile fashion . ARB , being one of the largest banks by market capitalisation , certainly provides strong financial support to ARBM . On top of this , it ’ s the mindset support that sets ARB apart . I have worked in other banks and I realised that the traditional mindset of banks is not going to help them achieve the much needed and sustainable change .”
Technological Transformations as Drivers of Change ARB has now moved into digital payment services with its provider , neoleap , with features including a digital wallet , electronic payment methods , an e-market , online stores and rewards points . It has also recently acquired a technology company called Ejada Systems , which is expected to accelerate its digital and economic growth . “ Malaysia is , in many regards , one of the foremost countries in Islamic banking around the world ,” says Oz . “ So it ' s important for an Islamic bank to operate well in a jurisdiction like Malaysia . The ARB group is tasking me to turn around the business in Malaysia . As a part of this
154 June 2022