Industry: Banking & Finance
Company: Al Rajhi Bank
Country: Saudi Arabia
Sulaiman Al Rajhi is considered by many to be one of the founding fathers of the Saudi banking industry.
Al Rajhi has already given away the vast majority of his fortune away to charity — making him not only one of the Arab world’s wealthiest businessmen, but one of its most generous as well. The bank in which he holds the biggest individual stake — Al Rajhi Bank — is one of the stalwarts of the Saudi stock index, and the largest Islamic bank in the world. Co-founded by Sulaiman and brother Saleh, Al Rajhi Bank’s origins date back to the 1940s, when it began operating as a money changer in the kingdom. Today, its operations include retail, corporate and investment banking.
With an established base in Riyadh, Al Rajhi Bank has a network of over 550 branches and the largest customer base of any Saudi bank. More recently, the bank has been focused on overseas expansion, with an office opened in Kuwait in 2010, and branches opened in Jordan this year. A philanthropist, Al Rajhi founded the SAAR Foundation, and he also launched the Sulaiman Al Rajhi University.