Throughout its long-standing history as a landmark national financial institution, and one of the driving forces of economic growth and prosperity in the Kingdom of Saudi Arabia, Al Rajhi Bank has strongly adhered to Islamic Sharia principles and provisions across all its business activities. To maintain this significant commitment, the Bank assigns responsibility for ensuring Sharia compliance of its products and transactions to an independent legal authority, whose membership includes a number of distinguished Islamic scholars. The composition of the Shariah Board and its bylaws are approved by the General Assembly, and its decisions are binding for all departments of the Bank as well as its subsidiaries both in and outside the Kingdom.

The Shariah Board holds its meetings periodically, and during the year 2022, 30 meetings were held, with more than 239 topics discussed, related to the following tasks:


The Shariah Group is the division responsible for coordinating and aligning the objectives of the Bank and the Sharia Board. The Shariah Group consists of two departments:

1. Sharia Board Secretariat Department

Comprising a number of legal advisors who study and analyze all new banking products, agreements and contracts put forward to them by various groups and departments of the Bank, this department prepares all the relevant legal research and studies to present them to the Sharia Board. The Department then informs the relevant teams of the recommendations and decisions of the Sharia Board. In addition, the department participates in the Bank’s development of Sharia-compliant products and provides Sharia counselling to other groups and departments in accordance with the decisions of the Sharia Board.

2. Sharia Audit Department

This department consists of an integrated team of specialized observers who conduct Sharia-compliance audits on the Bank’s business activities through automated systems, programs, and field visits. Such supervision ensures that there are no unauthorized products, contracts, or models; and that employees understand the Sharia Board’s decisions. The team is also responsible for developing and reviewing auditing standards issued by the Sharia Board.

Main activities carried out by Sharia Group in 2022

Seeking to enhance awareness about Islamic Banking among employees, customers and other stakeholders, Sharia Group organized a number of initiatives and events, including:

  • Holding 14 courses and workshops on products, services, and various fields of Islamic banking.
  • Answering more than 300 postal inquiries and 450 telephone inquiries.
  • Sending 12 awareness messages to the Bank’s employees about Sharia principles in banking and the Sharia policy of the Bank.
  • Training undergraduate students from Sharia colleges.
  • Preparing, printing, and distributing a number of specialized publications, including academic theses by experts and specialists in the field of Islamic banking and finance. During 2022, A total of 2 books and 19 publications were printed and distributed among researchers and scholars; and are made available in commercial and public libraries.
  • Representing the Bank in the meetings of the Islamic Banking Committee at the Saudi Central Bank.
  • Participating in specialized seminars and forums of Islamic jurisprudence.
  • Providing instructional support to researchers in the field of Islamic banking.
Future outlook

Future outlook

For the Bank:
The Sharia Group will continue to ensure that the Bank serves its stakeholders in full compliance with Sharia principles.

For Sharia group:
Sharia Group will continue to provide the necessary regulatory and advisory support for the product development process, as well as Sharia studies and research in this regard.

For Islamic Banking:
We expect changes in the market as the Sharia governance framework will be fully implemented by the beginning of 2023.

Indicators and facts:
Challenges will continue to face the Bank. Among such challenges are the knowledge aspects surrounding Islamic banking, either from the staff or client perspectives. This requires exerting more efforts towards raising awareness of Sharia and Islamic banking, through innovating and adopting new methods to keep pace with the developments in this field.