Industry: Banking & Finance
Company: Al Rajhi Bank
Country: Saudi Arabia
Wealth: 4.57 Billion
Sulaiman Al Rajhi, chairman of Al Rajhi Bank — Saudi Arabia’s largest Islamic bank, established by royal decree in 1988 — began transferring his assets to family members in July. His 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. Sulaiman owns the largest cut of the institution’s shares. With an established base in Riyadh, Al Rajhi Bank has a network of over 550 branches, over 100 dedicated ladies branches, more than 2,600 ATMs, 16,700 POS terminals installed with merchants and the largest customer base of any bank in the kingdom.
A philanthropist, Al Rajhi founded the SAAR Foundation, a flagship corporation representing charities, think tanks, and business entities. Al Rajhi also oversees stakes worth more than $8bn in a number of Saudi firms — 24.9 percent of Al Rajhi Bank, 23.7 percent of Yanbu Cement Company and a 19.7 percent stake in National Agricultural Development Company (Nadec).