The Al-Rajhi Bank
() (known as the Al Rajhi Banking and Investment Corporation
until a 2006 name change is the world's largest Islamic bank
, 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.
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
, 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... Read More