Sector: Banks & Financial Services
Date of Establishment: 1957
Market Value: $65.9 billion
Al Rajhi Bank was originally established in 1957 as an exchange house by the Al Rajhi family. It became the Al Rajhi Banking Corporation in 1988 and changed its name to Al Rajhi Bank in 2006. In 2020, the bank’s active users for digital transactions increased 39% to 7.9 million. The bank’s subsidiaries include investment bank Al Rajhi Capital, insurance broker Al Rajhi Takaful Agency, and microfinance company Emkan Finance. Waleed Abdullah Al-Mogbel became CEO of Al Rajhi bank in 2020. He has a PhD in accounting and auditing, and 23 years of experience in the banking and finance sector.