Awards for Excellence
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Al Rajhi chief executive Abdullah Sulaiman Al Rajhi collects the Outstanding achievement award on behalf of his father from QFC chief executive Stuart Pearce |
When, in the middle of the last century, Sulaiman Abdul Aziz Al Rajhi and his brothers opened a bullion arbitrage and money-changing business, operated on Islamic principles, they could not have realized what they were starting.
The global Islamic financial sector is now worth an estimated $1 trillion in assets, with a bond market of more than $50 billion. This figure is expected to increase dramatically as the Islamic financial sector grows by an estimated 23% a year and is broadening its appeal to include non-Islamic investors and issuers.
As for the company itself, it is now Al Rajhi Bank, the world’s largest Shariah-compliant financial institution, with a capital base that by March 2007 had grown to SR13.5 billion ($3.6 billion), 375 branches,...
