The four brothers Saleh bin Abdul Aziz Al Rajhi, Abdullah bin Abdul Aziz Al Rajhi, Mohammed bin Abdul Aziz Al Rajhi and Sulaiman bin Abdul Aziz Al Rajhi make up one of the wealthiest families in Saudi Arabia.
Their wealth is rooted in a currency exchange business which over the years has transformed into a financial giant, the star of which is Al Rajhi Bank, in addition to various other businesses like Al Rajhi Factories, which manufactures everything from PVC pipes to foam mattresses as well as bottles potable water, a holding company that has various steel and real estate interests and Al-Watania, which owns the largest chicken processor in the Middle East.
Mr. Abdullah Al Rajhi is the chief executive of Al Rajhi Bank (formerly known as Rajhi Banking and Investment Corporation until February 2006), his brother Sulaiman is the chairman and has the largest stake in the bank followed by Saleh the eldest of the brothers who has the second-largest share in the bank.
The bank was established in 1987 and has business activities that comprise banking and investment operations on its own account and/or on behalf of its customers in Saudi Arabia and abroad.
Al Rajhi Bank is the world’s largest Islamic bank with nearly 600 branches in the Kingdom and is the only Saudi bank to be given a license to operate in Indonesia with the first branch opening in Malaysia in the second quarter of 2006.
Al Rajhi Bank is one of the largest joint stock companies in the Kingdom, with a paid up capital of US$1.2bn. The bank was established as a Saudi share holding company in 1987 to replace Al Rajhi Exchange and Trading Company, which is one of the oldest established banking institutions in the Arab world. It is considered as one of the leading and developed banks in terms of traditional banking products and services.
Al Rajhi Bank has the largest branch network distributed throughout the Kingdom, the largest ATM network with nearly 1400 and over 8000 merchant terminals installed all over the Kingdom. The bank’s activities started in 1978 individual establishments were merged into Al Rajhi trading and Exchange Corporation and in 1987 it was converted into a joint stock company under the royal decree.
The bank is the third largest bank in Saudi Arabia in terms of size assets at US$27bn after the Saudi American Bank (SAMBA) and National Commercial Bank.
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