Published: September 28, 2010
Saudi lender is first Islamic bank to open RMB account for MENA-China settlements.
Alinma Bank Saudi Arabia has agreed an RMB nostro account with Standard Chartered Bank, the first Islamic bank to do so.
The move will help the Saudi bank’s clients settle cross-border trade between the Middle East and China in the Chinese currency.
Alinma Bank is one of four lenders in the Middle East and North Africa to sign a cross-border trade settlement account agreement with Standard Chartered. The others are Bank Al Falah Pakistan, Habib Metropolitan Bank Pakistan and Union Bank Jordan in Lebanon.