Euromoney Magazine has announced Al Rajhi Bank as the winner of the Best Islamic Bank in the Middle East Award for 2011 as part of the Islamic Finance Awards, which was unveiled in London last week.
The judging committee mentioned in its report the reasons why Al Rajhi Bank was selected as the Best Islamic Bank in the Middle East, describing it as the most successful Bank in the Saudi market, which is the most essential market in the Middle East, as stated by Euromoney Magazine.
Furthermore, the committee highlighted the Bank’s solid financial results for 2011 and marked Al Rajhi Bank asmost profitable Bank in the region.
This is the third such prize received by the back. In fact, it was awarded the same “EuroMoney”prize in 2010 thanks to its outstanding strategic planning and accurate project implementation, which enabled itsleadership in performance and profit.
The Bank also obtained the “Best Saudi Bank in 2010”award for its outstanding results,and consistent and balanced growth in Return on Assets and Shareholders’ Equity despite the unstable financial environment.
The “EuroMoney” Magazine Award is considered to be one of the most prestigious awards of the banking sector. It is usually given to establishments and individuals that show high levels of distinction, leadership and innovativeness in their financial and banking services.
While the Bank was receiving its honor, it was also recognized for its creative website and was awarded the Visual Creativity Award. It comes under the category of Arab Electronic Banking Awards and is given by the Arab Internet Academy based in Beirut. Al Rajhi Bank is the only Saudi Bank toachieve such notice and receive one of the Academy’s awards that fall under the categories of design, visual creativity, interactive creativity, structural creativity and technical creativity.
The Academy’ annual ceremony was held in Beirut last week and attended by the Arab world’s ambassadors and banking leaders, as well as representatives of the winning banks.