Al Rajhi eCorporate

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What's New
  • June 26, 2022

    Al Rajhi Bank maintains its position as the best bank in the Kingdom and the largest financier of housing and real estate

    Al Rajhi Bank received three awards at the Sakani Forum, which was hosted by the Ministry of Municipal and Rural Affairs and Housing last Wednesday evening: Best Bank Award, Best Financial Agency in the Real Estate Sector Award, and Best Real Estate Investment Firm Award. These awards highlight the bank's continued distinction as the Ministry of Municipal and Rural Affairs and Housing's largest partner in the financial and financing sector, as well as the Real Estate Development Fund, in its contribution to achieving the Kingdom's Vision 2030 goals and citizens' aspirations of owning housing.

    The awards were handed over by His Excellency the Minister of Municipal, Rural Affairs and Housing, Mr. Majid Al-Hogail, to Mr. Majid Al Rajhi, General Manager of the Retail Banking Group, who represented the bank on this occasion.

    The bank had won eight awards at the Sakani forum over the previous year, which were distributed throughout the year 2021, in addition to being named the Best Financing Agency during the Corona pandemic. It also won the Best Bank Award and Best Financing Agency in the Real Estate Advisor for three years in a row. In addition to winning two awards: Best Marketing Offer Award and Best Sales Representative Award in the Real Estate Sector.

    Al Rajhi Bank continues to excel as the Kingdom's largest and best financier of housing and real estate, earning it the most national awards in the housing sector.

    Within the housing products provided by the Ministry and the Fund, the bank offers a variety of products for all customer needs, 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 & up to the age of 77 years for retired customers. Along with 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.

    The bank has also signed numerous long-term agreements with many real estate developers for residential projects in various cities and regions throughout the Kingdom. In this manner, the bank can enable the customer to benefit from purchasing a home by obtaining special prices, reward points, and cashback from the property's value through real estate developers.

  • June 23, 2022

    alrajhi bank has signed a Memorandum of Understanding (MoU) with the Diriyah Gate Development Authority (DGDA) to provide financing options for the purchase of residential property units. The agreement facilitates financing for individuals looking to purchase homes in DGDA’s residential projects and bolsters cooperation on real estate investments, banking services, and other areas related to the coordination, development, and implementation of projects and initiatives.

    The MoU was signed by Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, and Waleed Al-Mogbel, Chief Executive Officer of Al Rajhi Bank. The agreement will pave the way for cooperation discussions across fields such as corporate and retail banking, sharia-compliant solutions, and e-commerce products intended to help DGDA improve efficiency and manage administrative challenges such as import and export credit lines, bank letters of guarantee, shipping guarantee letters, and online supply chain finance. Additionally, the agreement includes cooperation with the bank’s corporate banking group for solutions to manage cashflow, collection, and payments, as well as managing digital payments through DGDA’s online portal.

    Under the terms of the MoU, the two parties will also explore the possibility of the bank offering off-plan sales management using tools including an advanced user interface and reporting system, which would enable DGDA to achieve granular visibility over its projects. The two sides also agreed to develop new ways to offer financial backing to individuals looking to buy homes around Diriyah, together with the possibility of extending comprehensive banking services to DGDA’s staff at competitive rates.

    The MoU also covers working with alajhi bank’s insurance arm, Takaful, to offer Sharia-compliant insurance for DGDA’s properties and staff, including medical, vehicle, and savings insurance policies.

    Mr. Al-Mogbel indicated that the MoU will create potential opportunities for the creation of new real estate funds designed to finance specific types of developments, lease them, and then divest them if and when needed.

    He also stated that real estate funds can be founded to operate on the sell-sublet model, with cashflow and investment management tools tailored to each individual project, as well as joint financing with other banking institutions. In conclusion, he expressed his hope that the agreement would bolster collaboration between the two sides to accomplish their mutual goals.

  • June 21, 2022

    Abdullah Al Rajhi: Al Rajhi Bank supports private university education for orphans throughout the Kingdom

    • The largest social educational initiative for this special group of people.
    • The first year costs 13.5 million riyals and benefits 150 male and female students.

    Al Rajhi Bank and the Ministry of Human Resources and Social Development signed an agreement on the "Al-Rajhi Bank Program for Educational Orphans Care ," under which the bank will pay the tuition fees for bachelor's degrees at private universities for all orphans in the Kingdom who were not accepted at public universities.

    Mr. Majid Al-Ghanimi, Deputy Minister of Labor and Social Development, and Mr. Waleed Al-Mogbal, CEO of Al Rajhi Bank, signed the agreement at the Ministry's headquarters in Riyadh in the presence of a number of officials from both sides.

    His Excellency Deputy Minister Al-Ghanimi appreciated Al Rajhi Bank's efforts to provide such initiatives that contribute to the development and training of our orphans with special needs. All of this takes place within the context of community collaboration, mutual benefit, and collaborative efforts to achieve the Kingdom's Vision 2030.

    Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of Al Rajhi Bank, stated on this occasion that the bank aims to implement a qualitative initiative with a long-term impact on society through this agreement.

    He emphasized that this initiative is the largest social and educational initiative in the Kingdom that belongs to this special group that is dear to our hearts, as it will include all orphans in the Kingdom, and that it is considered one of the bank's major social responsibility programs, which targets sustainable programs and applies the highest governance standards. Especially given that this is one of the Kingdom's Vision 2030 pillars, as well as their direct contact with various segments of society.

    Al Rajhi went on to say that this initiative is in support of the charitable work process, which is receiving extreme and great attention from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Highness the Crown Prince, may God protect them, as the charitable sector witnessed the launch of many charitable and community initiatives with a significant positive impact.

    He explained that the "Al Rajhi Bank Program for the Care of Educational Orphans" includes the bank's guarantee, through a specialized party (a third party), to rehabilitate students and assist them in determining their educational inclinations, as well as selecting appropriate specializations for them that are equivalent to their capabilities.

    According to the Chairman of the Board of Directors, the bank will cover all tuition fees for the duration of their studies, and the term of the agreement will be an academic year to be renewed every year until the next five years, as the cost of the first year is 13,500,000 riyals, and approximately 150 students from various regions of the Kingdom will benefit from it, who will study in the best universities eligibility.

    Al Rajhi Bank was keen for the program to be implemented using the most recent methodological methods in vocational guidance in the project's implementation. That way the bank can ensure that the maximum benefit is achieved for our students by passing through four main stations that ensure the selection of students for the specialization appropriate to his abilities and then follow-up throughout the study period until his graduation.

    The largest and first of its kind in the Kingdom, the initiative to educate orphans is an extension of Al Rajhi Bank's community contributions under the slogan "Right and Duty," and as part of the long-term support programs for educational programs, as Al Rajhi Bank previously supported the medical tower located within King Saud University's endowments with 70 million riyals. In addition to many Community Education programs, the bank donated a 20 million riyal tower to the endowments of King Fahd University of Petroleum and Minerals.