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The best Islamic bank in Saudi Arabia 2023: Al Rajhi Bank

Al Rajhi Bank had a busy 2022, arranging 12 high-profile transactions in the Saudi riyal and US dollar debt capital markets.

Those deals involved issuers ranging from the Kingdom of Saudi Arabia to UAE sovereigns and corporates. They also included Al Rajhi’s own groundbreaking perpetual sukuk issuance. This transaction is the first publicly offered sukuk issued by a bank in Saudi Arabia. It drew bids from more than 126,000 investors.

This interest was testament to the franchise that Al Rajhi has built up steadily over the decades. It was also, as chief executive Waleed Al-Mogbel argues, proof of investors’ strong confidence in the bank’s capabilities to structure, manage and distribute sukuk.

Bloomberg data ranks Al Rajhi number one in the kingdom’s sukuk debt capital markets.

Waleed A Al-Mogbel, Al Rajhi_960.jpg
Waleed Al-Mogbel

It helps that the bank has one of the best banking networks in the Middle East, giving it unique reach both in domestic and international sukuk markets.