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The Al Rajhi Bank ( Arabic: مصرف الراجحي) (previously known as Al Rajhi Banking and Investment Corporation) [4] is a Saudi Arabian bank and the world's largest Islamic bank by capital based on 2015 data.
Al Rajhi Bank. In 1957, the brothers formally established the beginnings of Al-Rajhi Bank, with Al Rajhi travelling to other countries in the region to initiate relationships with various banking institutions. He had also engaged in the first gold trade with Kuwait. Aside from this, Al Rajhi also established a unique system of drafts and money ...
In Saudi Arabia, a total of 37 banks are currently licensed by the Saudi Central Bank (SAMA): [1] [2] 11 local banks, [2] 23 branches of foreign banks, and 3 digital banks.
His father was Saleh Abdulaziz Alrajhi, co-founder of Al-Rajhi Bank and many prominent industrial companies in Saudi Arabia, and his uncle is Sulaiman Abdul Aziz Al Rajhi, a Saudi Arabian corporate figure and billionaire who co-founder of Al-Rajhi Bank .
Sulaiman Abdulaziz Al Rajhi holds the largest individual stake in his family's Al Rajhi Bank, which has consistently reported the most profitable operations amongst all of Saudi Arabia 's banking groups.
In 1985, the al-Rajhi Banking and Investment Company was authorized to engage in interest-free banking, but on the condition that it did not use the word "Islamic" in its name. [2] Saudi Arabia does not officially recognize the concept of Islamic banking. The logic is that if one bank is recognized as an Islamic institution then all others, by ...
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^ UAE Central Bank. "List of Foreign Banks and Distribution of Their Branches in The UAE as at 30/09/2021" (PDF).