Al Rajhi Bank

Al Rajhi Bank is a Saudi Arabian banking institution headquartered in Riyadh and one of the most prominent banks operating according to Islamic banking principles. Its modern history began in 1957 with the financial and commercial activities of four members of the Al Rajhi family. The business initially developed through banking, money-transfer and trading operations and was later consolidated into a more formal corporate structure. In 1978, those activities were brought together under the Al Rajhi Trading and Exchange Company. The institution became a joint-stock company in 1987 and was subsequently known as Al Rajhi Banking and Investment Corporation before adopting the shorter Al Rajhi Bank name in 2006. The bank provides a broad range of Sharia-compliant financial services. Its retail franchise includes current and savings-related accounts, payments, remittances, cards, consumer finance, personal financing, home finance and digital banking. Corporate and institutional offerings include deposits, cash management, working-capital and other financing, investment advice, securities-related services and transaction banking. The bank has historically generated a substantial part of its business from consumer banking, while also seeking greater diversification through mid-market corporate customers and small and medium-sized enterprises. Its participation in Saudi housing-finance initiatives connected the bank with national efforts to expand home ownership. Al Rajhi Bank’s principal market is Saudi Arabia, where it has maintained a large branch and customer-service network. It has also established or operated businesses in selected overseas markets, including branches or operations in Kuwait and Jordan and a Malaysian subsidiary. The precise status and scope of each international operation can change with local regulation and group strategy. The bank is listed on the Saudi Exchange and has been described in financial and business rankings as one of the Kingdom’s largest listed companies and one of the world’s largest Islamic banks by capital, although such rankings and scale measures depend on the relevant date and methodology. In the digital era, Al Rajhi Bank has expanded mobile and online banking, electronic payments and remote customer services alongside its physical network. More recent partnerships have addressed vehicle-finance journeys, artificial-intelligence-supported financial-crime prevention and workflow automation. The brand’s central positioning remains a combination of Islamic banking principles, broad retail reach, financing capability and technology-enabled service delivery. Governance and operating details should be read together with the bank’s latest annual reports, exchange filings and regulatory disclosures.

Al Rajhi Bank originated in 1957 from financial activities established by four Al Rajhi brothers: Saleh, Sulaiman, Mohammed and Abdullah. The business developed during a period in which Saudi Arabia’s population, trade and oil-driven economy were expanding rapidly. Its early activities included banking, commercial operations and money exchange. Rather than beginning as a modern listed bank, it gradually assembled the capabilities and organizational structure that later supported a large Islamic financial institution. A major organizational step occurred in 1978, when the family’s banking and commercial activities were consolidated under the Al Rajhi Trading and Exchange Company. The institution became a joint-stock company in 1987, providing a more formal corporate basis for expansion and public ownership. Two years later it adopted the name Al Rajhi Banking and Investment Corporation. The shorter Al Rajhi Bank brand was introduced in 2006, marking a clearer consumer-facing identity while retaining the institution’s association with Islamic finance. For much of its development, the bank concentrated heavily on Saudi retail customers. It built a large branch network and expanded services covering deposits, remittances, cards, consumer finance, personal financing and payments. Its products are structured around Islamic banking requirements, making Sharia compliance a central part of its identity rather than a specialist offering. Over time, the bank added or strengthened corporate, institutional, investment-related and wealth-oriented activities, broadening its revenue base beyond individual consumers. International expansion began in a significant way in 2006, when Al Rajhi Bank Malaysia was launched after almost five decades focused primarily on Saudi Arabia. The group has also had operations or branches in Kuwait, Jordan and Syria. These activities gave the brand a regional and Asian presence, although the legal form, scale and current status of overseas businesses must be distinguished by jurisdiction and verified against current disclosures. The bank’s Saudi business became increasingly connected to national economic and social policy. In 2016, it partnered with the Ministry of Housing in an effort to increase home ownership through mortgage products supported partly by government programs. Around the same period, the bank was seeking to diversify from its traditional consumer emphasis toward mid-corporate and SME banking as Saudi economic reforms and the National Transformation Programme developed. Technology has become another important phase of the bank’s evolution. Mobile banking, internet banking, electronic payments and automated service channels have extended the institution beyond branches. Announced partnerships in 2025 with Porsche Services Middle East & Africa, Mozn and ServiceNow reflected applications in vehicle ownership, artificial-intelligence-assisted financial-crime prevention and enterprise workflow automation. These initiatives fit a broader transition from a branch-centered bank toward an integrated digital and financial-services platform. The institution has also faced substantial reputational and legal scrutiny connected with allegations arising after the September 11, 2001 attacks. U.S. investigations and civil litigation examined alleged links between Al Rajhi-related people or entities and terrorist financing. Courts dismissed claims against the bank, and in 2014 the U.S. Supreme Court left the dismissal with prejudice in place. The litigation therefore ended without the claims against the bank being sustained, although the episode remains part of the institution’s public history. Today, Al Rajhi Bank remains a listed Saudi banking group whose principal identity rests on Islamic retail banking, financing, payments, corporate services and digital delivery.

1. 2025Technology and mobility partnerships

   The bank announced partnerships involving vehicle finance, AI-enabled financial-crime prevention and enterprise workflow automation.

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2. 2016Housing-finance partnership

   The bank partnered with Saudi Arabia’s Ministry of Housing to support mortgage financing and home ownership.

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3. 2006International expansion and brand change

   Al Rajhi Bank Malaysia was launched, and the group adopted the shorter Al Rajhi Bank brand.

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4. 1989Al Rajhi Banking and Investment Corporation name adopted

   The company adopted the Al Rajhi Banking and Investment Corporation name.

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5. 1987Conversion to a joint-stock company

   The institution became a joint-stock company, creating the structure for later public-market development.

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6. 1978Activities consolidated

   The family’s banking and commercial operations were brought together under the Al Rajhi Trading and Exchange Company.

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7. 1957Founding financial activities

   The Al Rajhi family’s financial and commercial activities began the institutional history that later became Al Rajhi Bank.

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A large, Sharia-compliant Saudi bank combining mass-market retail reach with corporate, financing, payments and digitally delivered financial services.

• Retail bankingBanking services

  The retail franchise serves individuals through accounts, deposits, payments, remittances, cards, consumer finance and personal financing. It has historically been the bank’s principal business area and is supported by a broad Saudi branch network as well as mobile and online channels. Retail offerings are structured to comply with Islamic banking requirements, with product availability and contractual form varying according to local regulation.

• Personal and home financingIslamic finance

  Al Rajhi provides Sharia-compliant financing for personal needs and residential purchases. Home-finance activity became especially prominent through the bank’s 2016 partnership with Saudi Arabia’s Ministry of Housing. Financing structures, eligibility and government support can change over time, so current terms should be checked in official product disclosures.

• Corporate and SME bankingBusiness banking

  Business services address companies, institutions and smaller enterprises through accounts, deposits, cash management, financing and transaction-banking capabilities. The bank has sought to increase its exposure to mid-corporate and SME customers as part of a broader effort to diversify beyond consumer banking and align with Saudi economic-development priorities.

• Cards and paymentsPayments

  The bank offers payment cards and electronic payment services alongside account-based transfers and remittances. These products connect its retail and business customers to everyday spending, money movement and merchant-payment needs. Specific card schemes, fees and benefits differ by market and product version.

• Digital bankingDigital financial services

  Mobile and internet banking provide digital access to account management, payments and selected financing or service functions. Digital channels complement the physical branch network and support the bank’s strategy of automating routine interactions and improving customer experience. The bank’s later ServiceNow partnership also targeted internal workflow and service operations.

• Investment and securities servicesInvestment services

  The institution has offered investment advice and securities-related services in addition to its core deposit and financing activities. These capabilities extend the brand toward wealth management and institutional needs, although the exact services and legal entities involved depend on applicable Saudi and international regulations.

• 2025Porsche Services vehicle-ownership partnership

  Middle East · Africa

  The bank and Porsche Services Middle East & Africa announced cooperation intended to improve the vehicle-ownership journey for customers of Volkswagen Group brands.

  Outcome. Partnership announced; detailed commercial outcomes were not provided in the reference material.

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• 2016Ministry of Housing home-ownership partnership

  Saudi Arabia

  Al Rajhi Bank partnered with Saudi Arabia’s Ministry of Housing to offer mortgage financing supported in part by government programs. The initiative connected the bank’s home-finance capabilities with a national policy goal of raising home ownership.

  Outcome. Established a stronger role for the bank in Saudi housing finance; the cited material does not provide a complete independent assessment of the program’s results.

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• 2025Adopted AI and workflow-automation partnershipsOther

  Banks have increasingly used artificial intelligence and workflow platforms for fraud prevention, operational efficiency and service delivery.

  What changed. Al Rajhi announced cooperation with Mozn on financial-crime prevention and with ServiceNow on AI-enabled workflows.

  Aftermath. The announcements indicated continued investment in technology-enabled controls and operations; measurable outcomes were not provided.

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• 2016Diversified toward corporate and SME bankingStrategy

  Consumer banking remained central, while Saudi economic reforms and the National Transformation Programme created opportunities in business banking.

  What changed. The bank planned to increase its focus on mid-corporate and small and medium-sized enterprise customers.

  Aftermath. The decision represented an effort to broaden revenue sources beyond consumer banking; the reference does not quantify the later result.

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• 2006Entered Malaysian banking marketStrategy

  After operating primarily within Saudi Arabia for almost five decades, the group pursued international expansion.

  What changed. Al Rajhi Bank Malaysia was launched as the group’s first major international banking venture.

  Aftermath. The move expanded the brand into Southeast Asia while the group continued to maintain Saudi Arabia as its core market.

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• 2006Rebranded as Al Rajhi BankOther

  The institution had previously operated under the longer Al Rajhi Banking and Investment Corporation name.

  What changed. It adopted the shorter Al Rajhi Bank name and brand.

  Aftermath. The simplified identity became the bank’s principal public-facing brand.

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• 1987Adopted joint-stock structureStrategy

  The family’s banking activities had grown beyond their earlier trading and exchange organization.

  What changed. The institution converted into a joint-stock company.

  Aftermath. The change provided a corporate and ownership structure that preceded the bank’s later public-market development.

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• 2014Final dismissal of September 11-related claimsControversy

  Claims brought in U.S. litigation by September 11 victims and survivors against Al Rajhi Bank and related individuals were dismissed with prejudice. The U.S. Supreme Court’s June 30, 2014 order left that dismissal intact, bringing the claims against the bank to a final close.

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• 2004Defamation litigation involving The Wall Street JournalControversy

  Al Rajhi Bank sued The Wall Street Journal over reporting concerning monitoring of accounts because of terrorism-related concerns. The matter settled without the newspaper paying damages; the newspaper published a letter from the bank’s chief executive and stated that it had not intended to allege that the bank supported or financed terrorism.

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• 2002U.S. investigations into alleged terrorist-finance connectionsControversy

  U.S. authorities searched businesses and nonprofit organizations associated with the SAAR Foundation and the wider group of entities sometimes described as the Safa Group during Operation Green Quest. The investigation and subsequent reporting raised allegations concerning Al Rajhi family-linked entities and terrorist financing. Later federal subpoenas reportedly indicated that Al Rajhi Bank was not directly related to the entities searched.

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• 2025Al Rajhi Bank and Porsche Services announce vehicle-finance partnership

  The parties announced a partnership intended to improve the vehicle-ownership journey for customers of Volkswagen Group brands in the Middle East and Africa.

  OtherCampaign
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• 2025Al Rajhi Bank partners with Mozn on financial-crime prevention

  Al Rajhi Bank announced an agreement with Mozn to use the FOCAL artificial-intelligence platform in efforts to combat financial fraud and improve financial-crime controls.

  OtherRegulation
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• 2025Al Rajhi Bank signs multi-year ServiceNow agreement

  The bank announced a multi-year arrangement to use the ServiceNow AI Platform for workflow automation and improvements to customer and employee experiences.

  Other
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• 2016Al Rajhi Bank partners with Saudi Ministry of Housing

  The bank became the first Saudi bank to partner with the Ministry of Housing in a program intended to support increased home ownership through state-supported mortgage financing.

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1. Al Rajhi Bank
2. Al Rajhi Bank official website