January 18, 2022
Abdullah Al Rajhi: the bank has achieved an unprecedented number in the Sukuk market, exceeding 600 investors
Al Rajhi Bank announces that it has successfully completed the issuance of Saudi Riyal denominated Tier 1 Sukuk. The issuance marks the largest issuance by a financial institution in the Kingdom of Saudi Arabia and the first of its kind in the bank’s history. Due to the significant investor demand, the bank has decided to increase the issuance size to an aggregate principal amount of SAR 6.5 billion, a total of 6,500 Suk and with a fixed profit rate of 3.5% per annum.
The Chairman of Al Rajhi Bank, Mr. Abdullah Suliman Al Rajhi, has expressed his appreciation for the success of the issuance and extended his gratitude to the participant investors of qualified individual investors, corporates, and financial institutions. The issuance size which is considered the largest by a financial institution in the Kingdom and the diversity of investors were evident in the order book, as the number of participants has reached an unprecedented number of more than 600 investors, which reflects the valuable trust in Al Rajhi Bank. He also revealed that the qualified individual investors’ orders have been fully allocated which constitutes 38% of the total issuance, as an initiative to diversify the investor base by furthering the integration and participation of qualified individual investors in the local Sukuk market, contributing to the goals of the Kingdom’s Vision 2030 through the Financial Sector Development Program, which aims to diversify the sources of income and stimulates the investment climate.
The Chairman expressed his appreciation and gratitude to Al Rajhi Capital Company for their excellent management of the issuance as the sole lead manager and bookrunner, cementing their position as a pillar in the local Sukuk market.
Mr. Abdullah Suliman Al Rajhi concludes by thanking the bank’s clients for their continued loyalty and the investors for their trust in the bank, and noted the bank’s commitment to continue to provide the best Islamic financial solutions that comply with Shari’ah principles.
It is noted that Al Rajhi Bank has announced on 3 January 2022 the commencement of offer through private placement of its SAR denominated Sukuk, aiming to support its core equity base and fulfill its financial and strategic needs.
January 17, 2022
Al Rajhi Bank won two awards from Sakani Forum 2022: the Best Bank Award and the Best Financial Agency in the Real Estate sector, continuing its distinction as the largest partner in the financial and financing sector of the Ministry of Municipal and Rural Affairs and Housing as well as the Real Estate Development Fund in its contribution to achieving the goals of the Kingdom’s Vision 2030 and achieving the citizens’ aspirations of owning housing. The two awards were handed over by His Royal Highness Prince Saud bin Talal bin Saud, Undersecretary of the Ministry of Municipal and Rural Affairs and Housing for Customer Experience and Customer Service to Mr. Majid Al Rajhi, General Manager of the Retail Banking Group, who represented the bank on this occasion. Al Rajhi Bank continues to excel as the largest and finest financier of housing and real estate in the Kingdom and will seek to maintain its distinguished position to achieve its customers’ desires and increase its contribution to achieving housing goals. Al Rajhi Bank had won four awards at the Sakani Forum 2021: Best Bank Award, Best Marketing Offer Award, Best Financing Agency in the Real Estate Advisor, and Best Sales Representative Award in the Real Estate Sector. The bank offers a variety of products for all customer needs within the housing products provided by the Ministry and the Fund, including self-construction, self-developed construction, off-plan sales and financing supported by many benefits, including financing up to 25 years, flexible installments, financing up to 75 years of age for military and civilians, and reducing the down payment (facilitator) and many other features and advantages to enable citizens to own the appropriate housing in line with their needs and wishes.
January 16, 2022As an extension of its strategy that was launched in 2020 “Bank of the Future”, Al-Rajhi Bank obtains the necessary approvals to complete the acquisition of Ejada Systems Company. As a result, the bank has fully acquired the company after obtaining the required approvals from relevant regulatory entities. Commenting on the transaction, Mr. Waleed Al-Mogbel, Chief Executive Officer of the bank clarified that the deal will contribute to the development of products and services provided to customers, especially in the digital banking services. The initiative will support the bank’s continued leadership and superiority in terms of the products and services provided to its customers from retail, corporates, government agencies, and non-profit organizations, which in return contributes to the stability and acceleration of the growth in the bank’s business and its results. Through this transaction in the information technology sector, the bank aims to develop its technological capabilities with the latest technologies that will contribute to its digital transformation in order to provide the best financial solutions, and meet customers’ expectations through innovative products that keep pace with their changing needs. The bank, through its new identity “Unbank the Bank”, relies on providing integrated financial solutions to its customers through its offerings and subsidiaries such as Al-Rajhi Capital which provides services in the capital markets, Emkan which provides services in the fields of microfinance, and medium and small enterprises, and Neoleap which provides services in the field of digital payment solutions for individuals and corporates. This acquisition will have a positive impact on the bank’s operations and the company at the same time, by relying on the expertise and workforce of the company that has marked its position in the information technology sector as one of the leading Saudi companies. It is noteworthy that Ejada is a leading information technology services provider in the Middle East and North Africa, providing its clients with the ability to maintain and increase its competitiveness through innovative technical solutions. The company delivers distinctive solutions by combining a local specialized talents and global strategic technology partnerships. Today, it is considered among the top providers that serves the Kingdom of Saudi Arabia, Middle East and North Africa region, and ranked first in multiple areas including consulting, application management outsourcing, and custom application development.