Al Rajhi Bank Statement

25 July 2012

 

As you may be aware, Al Rajhi Bank has recently been mentioned in media publications regarding a report prepared by a US Senate Subcommittee on an international banking group. We are deeply concerned that this US Senate report as well as the respective media reports repeat false and irresponsible allegations brought against Al Rajhi Bank several years ago. Almost all of the citations in the Senate report about Al Rajhi Bank are to news reports and no new facts have been brought forward.

We wish to take this opportunity to assure you that the allegations contained in these reports are absolutely false. Al Rajhi Bank categorically denies that it has knowingly supported or facilitated terrorist activities in any way and at any time. Al Rajhi Bank has repeatedly condemned terrorism and denies any role in financing illegal or terrorist organizations of any sort. The subject report is not a determination by US law enforcement or regulatory authorities, none of which have ever taken any action against the bank or its shareholders despite these accusations and years of newspaper stories containing them.

For over half a century, Al Rajhi Bank has been a respected member of the Kingdom's and of the world's financial community. We are proud of our history and of the role we have played in the unprecedented economic growth of the region, and we have long recognized our obligations as a leading financial institution. These responsibilities are at the core of Al Rajhi Bank's mission, and we reaffirm without qualification our commitment to each of our compliance obligations, including strict adherence to anti-money laundering and anti-terrorism guidelines.

We also hold dearly our responsibilities to our clients, including our commitment to bank secrecy obligations that ensure that our clients and our customers are appropriately protected. We recognize that Al Rajhi Bank's success and reputation is due in no small part to the trust placed in us every day, and we will take every possible step to ensure we live up to that trust.

In this regard, Al Rajhi Bank will continue to work with the Saudi Arabian Monetary Agency (SAMA) and with the other bank regulators in those places where we conduct business, to ensure that we continue to reach the highest standards of service to our clients, and compliance with regulations. We will continue to do business with the integrity and honesty that have always been hallmarks of Al Rajhi Bank.

We appreciate your continued business and look forward to working with you long into the future.

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