The Financial Institutions Division oversees cross-border exposure by establishing, monitoring, and managing a global network of bank lines and country limits through correspondent relationships. This ensures that adequate limits and relationships are in place for Bank Al Jazira, facilitating the smooth and timely execution of customer transactions worldwide. Their customers includes banks, financial institutions, government/ semi government entities, investment and brokerage firms, insurance companies, and export credit insurance corporations.

Main functions of the Financial Institutions Division:

• Allocate and monitor cross-border exposure.

• Establish a strategic network of correspondent relationships and Nostro accounts based on business demand and growth.

• Open and manage Vostro and Nostro accounts for financial institutions.

• Provide and promote export finance solutions.

• Advise and confirm letters of credit for Saudi exporters on behalf of foreign banks and issue counter guarantees for customers.

• Process inward payments from correspondent banks.

• Assist all business units in building an international network of correspondent relationships and offering third-party services.

Product & Services

• Vostro Account Services: Includes remittances, Hajj drafts, account maintenance, and payments.
• SAR Clearing Activities: Encompasses foreign exchange transactions, letters of credit, letters of guarantee, and SAR remittances.
• Bilateral Financing: Tailored financing solutions for specific needs.
• Direct Financing Facility: Provides direct financing to borrowers (banks and NBFIs) in SAR or USD for specific purposes.
• Risk Participation Transactions: Large transactions requiring collaboration among multiple banks, with risk shared among them.
• contact FI group email; Financial Institutions fig@BankAljazira.com