Al Rajhi Bank is the largest Islamic banking group in the world recognized for being instrumental in bridging the gap between modern financial demands and intrinsic Islamic values. One of the fastest growing and most progressive banks in Saudi Arabia, it owes its banking excellence to its unwavering commitment to Shariah principles and the use of technology to offer diverse products to meet customer needs. The Group has a vast network of over 500 bank branches, 2,000 ATM machines and over 18,000 POS installed all over the kingdom.
Leveraging on its established principles and operations in the Middle East, Al Rajhi Bank ventured out as an international bank by setting up its first overseas operations in Malaysia in October 2006. Operating on the same platform as the home bank, Al Rajhi Bank Malaysia extensively uses the latest banking technology to consistently provide customers with speed and convenience in banking. It opened its first and main branch at Jalan Ampang on 16th October 2006. Today, it has 19 branches, 14 in the Klang Valley, one each in Johor Bharu, Melaka, Penang, Kuching and Kota Bharu.
The bank is expanding its suite of products and services that currently offers Savings account-i, Current account-i, Personal financing-i, Charge card-i, Debit card-i, Fixed term investment-i, Automobile financing-i, Home financing-i, Structured Home Financing-i, Al Musafir Card-i and customised corporate products. As of Feb 2008, Al Rajhi had a customer base nearing 100,000 and the numbers are steadily growing.
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Banking and Financial Services
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Financial
Al Rajhi Bank is a financial institution to be reckoned with, due to the following:
As of December 31, 2007, Al Rajhi Bank has assets totaling US$ 33,298 million (RM110, 149 million) and a net income of US$ 1,720 million (RM 5,689 million).
Al Rajhi Bank commands a total equity of US$ 6,294 million (RM 20,821 million) and a market capitalization of US$48 billion (RM 155 billion) as of 31 Dec, 2007.
Al Rajhi Bank has the highest profitability among banks in Saudi, standing at US$ 1,720 million (RM 5,689 million) and offers the best ROE and ROA in the world at 29.5% and 5.6% respectively.
Financial strength is rated as A by S&P as of 11th May 2007
