Al Rajhi Bank
Al Rajhi, the largest Islamic bank in the world, had an outstanding year in 2005, not only with significant financial achievements, but also with developments outside Saudi Arabia.
Capitalising on booming markets in the kingdom, the bank produced record profit growth of 91.9% and a significant boost in RoE to a huge 47.6%, up from 30.8% the previous year.
With 32.3% growth in Tier 1 capital and 22% growth in assets, Al Rajhi has become the second largest bank in the kingdom. It has expanded its branch and remittance centres network significantly, reorganised its treasury division and entered the Malaysian market.
CEO Sheikh Sulaiman Al Rajhi notes: “We feel privileged to be honoured with The Bank of the Year award. I take this accolade with a sense of humility. Al Rajhi had started with modest beginnings but with a vision to be a modern and diversified multi-product bank for all with world-class service standards. We aimed to fulfil all the modern financial, business and commercial needs competitively.
“To achieve all this, we have evolved our own strategies, developed organisational methods, perfected our systems and technology, and established meaningful partnerships globally with the major international banks.
“Retaining our dominant position in existing areas, we now intend to create fresh space for ourselves. Our dedicated staff members stand committed to our mission to remain the nation’s premier bank in all the economy’s business segments.”
