Al-Rajhi Bank
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| Public (: 1120) | |
| Industry | Finance |
| Founded | 1957 |
| Headquarters | Riyadh, Saudi Arabia |
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Key people
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| Products | Financial Services |
| Revenue |
 SR 2,704 million (2015) |
| Total assets |
SR 316 billion (2015) |
| Total equity |
SR 46.6 billion (2015) |
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Number of employees
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9,600 |
| Divisions | Tahweel Al Rajhi |
| Subsidiaries | Al Rajhi Capital, Al Rajhi Banking & Investment Corp., Al Rahji Takaful Agency, Al Rajhi Development Company (Riyadh), Alrajhi for Administrative Services Company |
| Rating | A1 (Moody's) |
| Website | www.alrajhibank.com.sa |
The Al Rajhi Bank (Arabic: مصرف الراجحي) (previously known as Al Rajhi Banking and Investment Corporation) is a Saudi Arabian bank and the world's largest Islamic bank by capital based on 2015 data.
The bank is a major investor in Saudi Arabia's business and is one of the largest joint stock companies in the Kingdom, with over SR 330.5 billion in AUM ($88 billion) and over 600 branches. Its head office is located in Riyadh, with six regional offices. Al Rajhi Bank also has branches in Kuwait and Jordan, and a subsidiary in Malaysia.
Al Rajhi Bank was founded in 1957, and is one of the largest banks in Saudi Arabia, with over 9,600 employees and $88 billion in assets. The bank is headquartered in Riyadh, and has over 600 branches, primarily in Saudi Arabia, but also in Kuwait, and Jordan, with a subsidiary in Malaysia. The bank was started by four brothers, Sulaiman, Saleh, Abdullah, and Mohamed, of the Al Rajhi family, one of the wealthiest families in Saudi Arabia. The bank initially began as a group of banking and commercial operations which, in 1978, joined together under the umbrella of the Al Rajhi Trading and Exchange Company. The company changed to a joint stock company in 1987, and after two years was rebranded as the Al Rajhi Banking and Investment Corporation. In 2006, the bank rebranded itself as Al Rajhi Bank. It is traded on the Saudi Arabian Stock Exchange (Tadawul), and around 75% of their shares are publicly owned. Al Rajhi family members are the bank's largest shareholders.
In 2006, after nearly 50 years of operation solely within Saudi Arabia, the bank launched in Malaysia, signifying its first foray into international banking. 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 women's' branch in Kuwait. Followed by the 2011 launch of a national office and branches in Jordan.
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Wikipedia