Al-Rajhi Bank
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| Type | Public |
|---|---|
| Industry | Finance |
| Founded | 1978 |
| Headquarters | Riyadh, Saudi Arabia |
| Key people | Sulaiman Abdul Aziz Al Rajhi, Chairman Abdullah Sulaiman Al Rajhi CEO |
| Products | Financial Services |
| Employees | 7,600 |
| Website | www.alrajhibank.com.sa |
The Al-Rajhi Bank (Arabic: مصرف الراجحي) (known as the Al Rajhi Banking and Investment Corporation until a 2006 name change[1] is the world's largest Islamic bank,[2] and a major investor in Saudi Arabia's business world. It is one of the largest joint stock companies in the Kingdom, with a paid up capital of SR 6.75 billion. Its Head Office is located in Riyadh and there are six Regional Offices. Al-Rajhi Bank also has 18 branches in Malaysia and plans to have 50 branches in that country by 2010.
[edit] History
Banking and trading activities of Al-Rajhi Bank began 30 years ago. In 1398 H (1978) individual establishments were merged into "Al Rajhi Trading and Exchange Corporation" and in 1404 H (1987) it was converted into a joint stock company under the royal decree No. 59, dated 3/11/1407. In 5/4/1409 H, the company was renamed to Al-Rajhi Banking and Investment Corp under the ministerial decision No. 1398, and was re-branded, in February 2006, to Al-Rajhi Bank, but is still registered as Al-Rajhi Banking and Investment Corp.
Al-Rajhi Bank's shareholding pattern show that the four sons of Abdul Aziz Al Rajhi (Saleh, Sulaiman, Abdullah and Mohammed) and their heirs remain the corporation's primary equity holders. The Al Rajhi family is considered, by most in Saudi Arabia, as the country's wealthiest non-royals, and among the world's leading philanthropists.
Al-Rajhi Bank is considered as one of the largest banking corporations in the kingdom with a capital base funded at 100% beginning at SR 750 million, which was then increased to SR1.5 billion, then to SR2.25 billion, then to SR4.5 billion (March 2005) then to SR6.75 billion (March 2006) and finally to SR13.50 billion (March 2007).
After 50 years of operation solely within Saudi Arabia, the bank launched in Malaysia, signifying its first forey into international banking.[3] Following the Saudi business model which adheres closely to the deeply rooted Islamic banking principles, the Sharia-compliant banking group is planning to be instrumental in bridging the gap between modern financial demands and intrinsic Islamic values, for the numerous industry standards and development in Malaysia.
Further regional expansion has seen the 2010 opening of a national office, men's branch and separate ladies' branch in Kuwait. Followed by the 2011 launch of a national office and branches in Jordan.
[edit] References
- ^ Albawaba.com - middle east news information: Al-Rajhi Banking & Investment Corp, CEO launches new corporate identity and announces a name change.
- ^ World Largest Islamic Bank
- ^ Saudi's Al Rajhi on aggressive expansion, The Star, Wednesday December 13, 2006
