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Staying true to the principles of Shariah through our products, services and operations
sustainable development
mapping to the UN Sustainable Development Goals (UNSDGs)
GRI
3-3
Material Topics
Climate Change
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 7.a: By 2030, enhance international cooperation to facilitate access to clean energy research and technology, including renewable energy, energy efficiency and advanced and cleaner fossil-fuel technology, and promote investment in energy infrastructure and clean energy technology
Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries
Target 13.2: Integrate climate change measures into national policies, strategies and planning
Key Initiatives
- alrajhi bank aligns its efforts in environmental stewardship and climate action with KSA’s commitment to Net Zero emissions by 2060, and focuses on financing and renewable energy infrastructure investments to contribute towards building energy resilience, while reducing dependencies on non-renewable energy
- The Bank identified and financed a number of high impact green energy projects that enabled the generation of over 2,200 MW of cumulative power generated by renewable energy sources
- The Bank has decreased its operational carbon footprint with an estimated annual saving of SAR 2.5 Mn. by using strategic measures in their operational assets
- alrajhi bank has thus far issued USD 3 Bn. Sustainable Sukuk, reflecting the bank’s commitment to align with global sustainable financing trends
Material Topics
Human and Labour Rights
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 8.7: Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms
Target 8.8: Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment
Key Initiatives
- As explained in detail in the Human Rights section in Chapter 05, the bank abides by all applicable labour laws and regulations of KSA
- All employees are required to familiarise themselves with the bank’s Code of Conduct which covers a wide range of topics from human rights and non discrimination, to fair dealing and whistleblowing. All employees are also made aware of the consequences of violating the Code of Conduct
- The bank facilitates open communication where employee concerns and grievances can be safely and anonymously communicated, fostering a workplace culture where everyone is treated with respect and fairness
Material Topics
Customer Experience
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance
Key Initiatives
- By leveraging best-in-class digital capabilities and data insights, alrajhi bank has optimised digital journeys for customers belonging to identified segments under both retail and corporate verticals. This strategic and timely Digital Transformation ensures anytime anywhere access to economic resources through new technology and financial services for all demographics
- The customer-centric digital solutions are anchored to the bank’s strategically modernised and mature Information Technology infrastructure and digital core systems, advancing capabilities in data, digital, cloud and AI
- alrajhi bank’s dedicated MSME Business Unit continues to empower the MSME sector of KSA – which plays a vital role in the economic diversification and job creation across the Kingdom. The core MSME banking solutions are supported by an ecosystem of group services including payment, accounting, payroll as well as insurance solutions
- The bank’s subsidiary, Emkan Finance, focuses on microfinance solutions that empower small business owners and entrepreneurs with limited capital and financing means
- The customer experience is further enhanced by a stringent customer protection policy and fair marketing practices
Material Topics
Employee Attraction, Development and Retention
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 4.3: By 2030, ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education, including university
Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value
Key Initiatives
- alrajhi bank continues to strengthen its reputation as a sought-after employer offering highly competitive compensation and benefits
- Implementation of digitised talent acquisition tools as part of the bank’s talent attraction and retention efforts resulted in the dedicated alrajhi bank Careers website surpassing six million visits during the year.
- Over 500K training hours delivered to alrajhi bank employees in 2024, with the dedicated alrajhi Academy offering learning and development opportunities to equip employees with skills and knowledge required for career progression in the banking and financial services sector. This promotes a secure, conducive and growth-oriented work environment.
- alrajhi group’s female employees ratio increased from 30% to 34%, backed by focused efforts on creating female friendly as well as female-only job opportunities.
- 2024 marked a significant milestone with percentage of new female hires overtaking the percentage of female employees at the bank
- The bank abides by a Health, Safety and Security Policy in line with SAMA guidelines and national Safety regulations to ensure occupational health and safety for its employees
- The bank has implemented multiple initiatives to promote employee engagement and wellbeing, including comprehensive healthcare benefits, wellness programmes, and employee engagement events.
Material Topics
Community Investment and Engagement
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 1.5: By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters
Target 3.8: Achieve universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all
Target 4.6: By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy
Target 8.6: By 2020, substantially reduce the proportion of youth not in employment, education or training
Key Initiatives
- alrajhi bank participated in the ”Jood Eskan“ Housing Programme, collectively contributing SAR 250 Mn. with its clients to support the initiative, enabling low-income families to access affordable housing
- As part of its Community Development initiatives, the bank continued to work closely with the Real Estate Development Fund and the Ministry of Housing in its efforts to increase affordable home ownership for Saudi Nationals. Through sustainable financing instruments, alrajhi bank provided over 15,000 housing loans, benefitting more than 39,000 beneficiaries
- The bank considers providing access to healthcare as one of its key corporate social responsibilities, and has donated over SAR 100 Mn. for healthcare related programs such as kidney transplants and diabetes care centres. These initiatives provide critical healthcare services to vulnerable populations in Saudi Arabia
- The bank focuses on improving access to education across the Kingdom through multiple initiatives, key among them being a collaboration with the Adeid Association on the ‘Orphan Care Educational Program’, with 214 scholarships provided to orphan students over the past 3 years, allowing them to pursue tertiary education at private universities in Saudi Arabia, to meet the Kingdom’s labour market demands
- The Bank collaborates with government initiatives like the Health Endowment Fund to improve healthcare access and affordability
- The Bank offers internships for fresh graduates through the Graduate Development Programme, ensuring smooth entry into the workforce
- The bank has achieved a Saudisation rate of over 98%, reflecting its commitment to reduce unemployment rates in KSA, and fostering economic stability
Material Topics
Digitalisation and Automation
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities.
Key Initiatives
- alrajhi bank successfully processes over 1 billion transactions each month, backed by modernised information technology infrastructure, digital core systems, with 95% of all transactions carried out across digital channels, contributing towards minimising the utilisation of physical resources
- The bank invested in a modern, scalable data platform to power the bank’s analytics and leverage emerging technologies such as AI
- Over 200 digital APIs were published group-wide to further augment customer-centric digital journeys
- The alrajhi mobile app maintained its top position among all Saudi mobile banking apps, improving convenience, security and accessibility in order to provide the best mobile experience
- The bank continued to achieve agile delivery through automation, exceeding business process automation targets in 2024 with 111% completion rate
- alrajhi bank’s head office and operations building continued monitoring and optimising energy consumption, lighting distribution, and fresh air distribution by leveraging environmentally friendly technologies through its Business Management System (BMS)
Material Topics
Customer Satisfaction
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets
Key Initiatives
- Taking a highly strategic, segmented approach to identify and discern the banking and financial needs of specific customer demographics, and presenting each customer segment with a unique value proposition to meet their needs
- Leveraging collective group capabilities to deliver a unique value proposition of bundled solutions for MSME businesses beyond financial support; from payment solutions and eCommerce and marketplace access, to payroll services and accounting solutions
- Emkan Finance, a subsidiary of alrajhi bank, focuses on providing microfinance solutions to small businesses and individuals who might otherwise lack access to traditional financing
Material Topics
Innovation and Product Development
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 9.b: Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities
Key Initiatives
- alrajhi bank supports the development of financial technology in Saudi Arabia through strategic investments in FinTechs; neoleap, neotek and drahim, fostering innovation while also contributing to the growth of the Kingdom’s FinTech space
- alrajhi bank’s Sustainable Finance Framework supports projects that power the research and development of sustainable technologies, including renewable energy technologies and energy-efficient solutions
Material Topics
Diversity and Inclusion
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 5.b: Enhance the use of enabling technology, in particular information and communications technology, to promote the empowerment of women
Key Initiatives
- alrajhi bank aligns with Saudi Vision 2030 objectives to advance female participation in the economy, increasing female representation across the group to 34% of its entire workforce through focused diversity and inclusion initiatives, contributing towards female empowerment and gender diversity.
- The first female batch of the IT Development Programme (ITDP) inducted 30 female graduates, focusing on the Digital Business Line. This initiative is considered a high-impact programme, significantly increasing the number of female employees in technology roles, ensuring structured development and clear career progression.
Material Topics
Green Banking and Lending
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 13.a: Implement the commitment undertaken by developed-country parties to the United Nations Framework Convention on Climate Change to a goal of mobilising jointly USD 100 Bn. annually by 2020 from all sources to address the needs of developing countries in the context of meaningful mitigation actions and transparency on implementation and fully operationalise the Green Climate Fund through its capitalisation as soon as possible
Key Initiatives
- alrajhi bank has issued USD 3 Bn. in Sustainable Sukuks to fund both social and environmental projects under its Sustainable Finance Framework. Eligible green financing categories include projects focusing on Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Pollution Prevention and Control, Environmentally Sustainable Management of Living Natural Resources and Land Use, Clean Transportation and Green Buildings.
Material Topics
Governance, Ethics and Accountability
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 16.3: Promote the rule of law at the national and international levels and ensure equal access to justice for all
Target 16.5: Substantially reduce corruption and bribery in all their forms
Key Initiatives
- alrajhi bank has implemented a robust governance structure to ensure compliance with Saudi regulatory frameworks and international best practices.
- The bank’s efforts to provide equal access to financial services, particularly through digital transformation and microfinance initiatives, contribute to broader economic justice.
- alrajhi bank enforces stringent anti-money laundering (AML) and counter-terrorism financing (CTF) policies.
- An internal whistleblowing mechanism allows employees to report unethical practices anonymously, ensuring transparency and accountability.
- The risk management framework actively monitors and addresses any breaches in compliance.
Material Topics
Sustainable and Socially Responsible Procurement
UN Sustainability Development Goals
(UN SDGs)
Targets
Target 12.7: Promote public procurement practices that are sustainable, in accordance with national policies and priorities
Key Initiatives
- The bank’s Supply Chain Management function abides by its Procurement Policy, and ensures the process is conducted in a transparent and efficient manner, respecting ethical and fairness principles. 94% of all alrajhi vendors are local.
- alrajhi bank has introduced an Online Procurement Portal to increase transparency as well as improve efficiencies, cost savings and data driven decisions. The number of registered vendors on the portal rose to 1,199 at the close of the year.