Bahrain-based Gulf International Bank (GIB) has launched the trial phase of its retail banking services in Saudi Arabia under the brand name, ‘meem.’

The bank aims to provide services to the retail banking sector using a bold and innovative approach focused on technology and will offer a suite of non-traditional products that are considered a new addition to the Saudi banking sector which is set to propel the Bank into a new era, said a statement from GIB.

In developing its retail services for specific customers, GIB adopted the co-creation concept with a large target customer base using various social media channels over the last three years to contribute to the shaping of ‘meem’s identity, as well as defining the Bank’s product offering throughout the establishment phase.

This co-creation experience is considered the first of its kind in the banking sector globally, it added.

‘Meem’ is a registered trademark and an independent brand, offering a suite of innovative Shariah compliant non-traditional banking services that are approved by the Saudi Arabian Monetary Agency (SAMA) and target a technophile customer base.

Initially, ‘meem’ network will have service centres in Riyadh, Jeddah and Dhahran

On the launch, CEO Dr Yahya Alyahya said: "Meem comes in response to the needs of a wide array of customers who want a new breed of banking services."

“By launching ‘meem’ we are enabling customers to benefit from a range of banking services that are both simple and flexible by availing effective solutions which create a smooth and holistic banking experience,” he noted.  

Dr Alyahya said the new product will gain acceptance of customers looking for speed and ease in managing their banking requirements.

A leading bank in the Middle East, GIB is owned by the six GCC governments, with the Public Investment Fund of Saudi Arabia holding a majority stake (97.2 per cent).

In addition to its main subsidiaries Gulf International Bank (UK) and GIB Capital, the bank has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.-TradeArabia News Service