Al Rajhi Bank was founded in 1957 by four brothers: Saleh, Sulaiman, Mohamed, and Abdullah Al Rajhi. Initially, it started as a group of banking and commercial operations, which in 1978, joined together under the umbrella of Al Rajhi Trading and Exchange Company. In 1987, the company transformed into a joint stock company and was rebranded as Al Rajhi Banking and Investment Corporation. In 2006, it adopted its current name, Al Rajhi Bank. The bank has since expanded its operations beyond Saudi Arabia, opening branches in Kuwait, Jordan, and Malaysia, and establishing a subsidiary in Syria.
Core Values and Mission
Al Rajhi Bank is committed to providing innovative financial solutions while adhering to Islamic banking principles. Its core values include integrity, a passion to serve, modesty, innovativeness, meritocracy, and care for society.
Services and Products
The bank offers a wide range of Sharia-compliant financial products and services, including personal banking, corporate banking, investment banking, and Islamic finance. It also provides cross-border banking services to facilitate international transactions.
Global Presence
Al Rajhi Bank has a significant global presence, with branches in Kuwait, Jordan, and Malaysia, and a licensed Islamic bank in Malaysia. It also provides cross-border banking services to meet the needs of its international customers.
Sustainability and Governance
The bank follows the Saudi Exchange ESG Disclosure Guidelines and the GRI Sustainability Reporting Standards. Its governance framework ensures transparency and accountability in its operations.
Recent Initiatives
Al Rajhi Bank has introduced various digital banking solutions, including a mobile app and online services, to provide 24/7 banking convenience. It has also launched several initiatives to support Saudi Arabia's Vision 2030, including expanding its retail financing and corporate banking businesses.
Future Outlook
Al Rajhi Bank's future outlook is promising, with a focus on continuing to grow its core banking franchise and exploring diversification opportunities. The bank is aligned with the objectives of Saudi Arabia's Vision 2030, aiming to increase Saudi homeownership and support the growth of small and medium-sized enterprises (SMEs). Al Rajhi Bank plans to expand its funding mix and introduce new fintech businesses to meet evolving customer needs.
Al Rajhi Bank's commitment to innovation, customer satisfaction, and sustainability positions it as a leader in the Islamic banking industry, with a bright future ahead.
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