Al Rajhi Bank contributes 41% of retail housing loans: Chairman

He told Al-Arabiya TV that this percentage was achieved by focusing on the retail segment and paying special attention to this product.

Any product provided by the bank must be in line with its liquidity and the management of its overall balance sheet, he further noted.

The bank is particularly interested in the SMEs segment, said Al Rajhi, adding that the SMEs financing portfolio amounts to SAR 40 billion currently, compared to nearly SAR 10 billion in 2020.

He indicated that fintech firms are now market players and pose a threat to banks in general, explaining that these firms may represent an opportunity if the banks leverage technology and market developments.

Al Rajhi Bank has expanded its footprint in fintech sector. It introduced new products and technologies, where the product can be offered via the bank in specific cases or through new fintech firms set up by the bank in other cases. The bank found out that, in certain cases, it is better to own fintech firms, whether wholly or partially, according to the top official.