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Al-Rajhi Bank
The Al Rajhi Bank (Arabic: مصرف الراجحي) (previously known as Al Rajhi Banking and Investment Corporation)[1] is a Saudi Arabianbank and the world's largest Islamic bank by capital based on 2006 data.[2] The bank is a major investor in Saudi Arabia's business and is one of the largest joint stock companies in the Kingdom, with a paid up capital of SR 6.75 billion. Its head office is located inRiyadh and there are six regional offices. Al Rajhi Bank also has 24 branches in Malaysia.
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Banking and trading activities began in 1957. In 1978 the 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 No. 59. The company was renamed to Al Rajhi Banking and Investment Corp under the ministerial decision No. 1398, and was re-branded, in February 2006, to Al Rajhi Bank, but is still registered as Al Rajhi Banking and Investment Corp.
Al Rajhi Bank's shareholding pattern show that the four sons of Abdul Aziz Al Rajhi (Saleh,Sulaiman, Abdullah and Mohammed) and their heirs remain the corporation's primary equity holders. The Al Rajhi family is considered, by most in Saudi Arabia, as the country's wealthiest non-royals, and among the world's leading philanthropists.[citation needed]
Al Rajhi Bank is considered as one of the largest banking corporations in the kingdom with a capital base funded at 100% beginning at SR 750 million, which was then increased to SR1.5 billion, then to SR2.25 billion, then to SR4.5 billion (March 2005) then to SR6.75 billion (March 2006) and finally to SR13.50 billion (March 2007).
In 2006 - nearly after 50 years of operation solely within Saudi Arabia - the bank launched in Malaysia, signifying its first foray into international banking.[3] Following the Saudi business model which adheres closely to the deeply rooted Islamic banking principles, the Sharia-compliant banking group is planning to be
The Al Rajhi Bank (Arabic: مصرف الراجحي) (previously known as Al Rajhi Banking and Investment Corporation)[1] is a Saudi Arabianbank and the world's largest Islamic bank by capital based on 2006 data.[2] The bank is a major investor in Saudi Arabia's business and is one of the largest joint stock companies in the Kingdom, with a paid up capital of SR 6.75 billion. Its head office is located inRiyadh and there are six regional offices. Al Rajhi Bank also has 24 branches in Malaysia.
background
Banking and trading activities began in 1957. In 1978 the 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 No. 59. The company was renamed to Al Rajhi Banking and Investment Corp under the ministerial decision No. 1398, and was re-branded, in February 2006, to Al Rajhi Bank, but is still registered as Al Rajhi Banking and Investment Corp.
Al Rajhi Bank's shareholding pattern show that the four sons of Abdul Aziz Al Rajhi (Saleh,Sulaiman, Abdullah and Mohammed) and their heirs remain the corporation's primary equity holders. The Al Rajhi family is considered, by most in Saudi Arabia, as the country's wealthiest non-royals, and among the world's leading philanthropists.[citation needed]
Al Rajhi Bank is considered as one of the largest banking corporations in the kingdom with a capital base funded at 100% beginning at SR 750 million, which was then increased to SR1.5 billion, then to SR2.25 billion, then to SR4.5 billion (March 2005) then to SR6.75 billion (March 2006) and finally to SR13.50 billion (March 2007).
In 2006 - nearly after 50 years of operation solely within Saudi Arabia - the bank launched in Malaysia, signifying its first foray into international banking.[3] Following the Saudi business model which adheres closely to the deeply rooted Islamic banking principles, the Sharia-compliant banking group is planning to be