Announcement |13/03/2024

alrajhi bank and General Authority for Endowments Partner to Facilitate Cash Endowments with Innovative Solutions

Announcement | 13/03/2024

alrajhi bank and General Authority for Endowments Partner to Facilitate Cash Endowments with Innovative Solutions

alrajhi bank has entered into a strategic partnership with the General Authority for Endowments, signing a memorandum of understanding that aims to enhance the establishment of cash endowments through innovative financial and technical solutions. This collaboration seeks to drive the digital transformation of the endowment sector, fostering a constructive cooperation that bolsters its societal role and business integration.

The initiative focuses on developing tailored banking services and solutions to benefit endowments, their donors, and workers, marking a significant step towards digitalization in the sector. A key feature of the agreement is the introduction of digital wallets, designed to streamline the process for donors looking to set up their own endowments Waqfy wallet easily and efficiently.

Moreover, the partnership will facilitate awareness through workshops and conferences, highlighting the significance of endowments and guiding potential donors on how to open and manage a digital endowment wallet, paving the way for a modernized approach in charitable giving and endowment management.