Al Rajhi Bank
About Al Rajhi Bank
Al Rajhi Bank, founded in 1957, is the largest Islamic bank in the world by assets. The Al Rajhi family started as a money changer in the 1940s. The bank operates over 500 branches in Saudi Arabia and has expanded internationally. Al Rajhi pioneered Sharia compliant banking products, using partnership and leasing structures instead of interest. The bank has over 10 million customers. Al Rajhi was investigated by US authorities for potential terrorism financing connections but was cleared. The bank has implemented enhanced compliance procedures. Al Rajhi has been a leader in digital banking in Saudi Arabia, launching a highly rated mobile app. The bank represents the growth and sophistication of Islamic finance.
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