Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 343 billion (US$ 80 billion), a paid up capital of SR 16.25 billion (US$ 4.33 billion) and an employee base of over 9,600 associates..
Best Islamic Bank in Saudi Arabia - The Banker
2018 - Global Awards
Best Bank in Saudi Arabia - Euromoney
3 consecutive years 2016, 2017 and 2018
Best Bank in Saudi Arabia - The Banker
2018 - Global Awards
Best Employer Award - Employer Branding Awards
2018 - Regional Awards
July 02, 2020
Al Rajhi Bank Launches Motor Insurance Service through Al Rajhi Mobile App
Al Rajhi Bank has just launched a third-party motor insurance service through Al Rajhi Mobile App, which makes it the first bank in the Kingdom to provide this service through a digital platform.
The new service, which is in full compliance with the rulings and principles of the Shariah law, will be implemented in cooperation with Al Rajhi Takaful.
This new endeavor is a part of the bank’s strategy to become the leader of digital banking in the Kingdom by providing its customers with the best digital services and solutions. The entire process of the motor insurance can be done easily through Al Rajhi Mobile App, and the customer will immediately receive the insurance policy via e-mail, in addition to a 5% discount on his/her plan.
It’s worth mentioning that Al Rajhi Bank always strives to put the customers’ needs at the heart of the new digital products development process. That’s why Al Rajhi Bank decided to establish Saudi Arabia’s first Innovation Lab in the banking industry of Saudi Arabia.
July 01, 2020This IPO news is available only in Arabic.
May 13, 2020
Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank made profits before Zakat, in the first quarter of the year 2020, that have reached 2,654 Million Riyals, as opposed to last year’s first quarter, which amounted to 2,848 Million Riyals. Profits made in the first quarter of the current year 2020 after Zakat have reached 2,380 Million Riyals, as opposed to 2,568 Million Riyals made in last year’s first quarter. The operating income increased by 7% during the first quarter, reaching 4,968 Million Riyals, as a result of a growth in the net special commission income and administrative fees.
Mr. Al Rajhi clarified that financial results showed an increase in total assets, rounding up to 392 Billion Riyals with an increase of 7.9%. Customer balances also increased by 7.5% and reached 316 Billion Riyals. The average return of assets and shareholders’ equity amounted to 2.49% and 18.36% respectively, as earnings per share during the first quarter stood at SR 0.95.
The Chairman of the Board of Directors thanked the bank’s customers and employees for their ongoing efforts during this exceptional time, where they all contributed to the implementation of precautionary and preventive measures required, confirming their level of awareness, responsibility and willingness to support the government’s tremendous and much-appreciated efforts in containing the pandemic that took over the world.
Mr. Abdullah Al Rajhi said that the bank succeeded in securing, configuring and distributing all the required technology to successfully transform the bank into a business continuity model for emergencies, where a large number of employees worked from home, taking social distancing measures, while basic roles pertaining to the bank’s systems and customer service were met as usual.
Mr. Al Rajhi also stressed on the bank’s contributions to all initiatives adopted by the government of the Custodian of the Two Holy Mosques with an aim to reduce repercussions on individuals, organizations, and small and medium enterprises (SMEs) in particular; for which many fees were waivered, payments were postponed, financing guarantee support programs were applied, SME settlements were rescheduled, and financing for the private sector through restructuring was put in place; all in collaboration with the Saudi Arabian Monetary Agency.
Due to the Covid-19 pandemic, Al Rajhi Bank offered its direct support to a number of initiatives as part of its social responsibility programs. The bank donated 25 Million Riyals in favor of the Endowment Health Fund to fight the virus; 9.1 Million Riyals to the “Watan Al Ataa’“ initiative to deliver food and medicine through the Ministry of Human Resources and Social Development; and 15.514 Million Riyals to support the Community Fund initiative with the Ministry of Human Resources and Social Development, as well as the General Authority of Endowments, to relieve the community of this pandemic. The bank has also given healthcare personnel a grace period of 3 months on their next settlements.