Islamic finance awards 2008: Best Islamic bank in the Middle East
Al Rajhi Bank
As a retail operation, Al Rajhi Bank is already one of the leading Islamic banks. It is the world’s largest Islamic lender and had assets worth $33 billion at the end of September 2007. Now, though, it is adding corporate and investment banking to its armoury and is becoming a force to be reckoned with across all products. The decision to develop a wholesale banking business has not been taken lightly: it has taken Al Rajhi almost 50 years to change its model.
Abdullah Sulaiman Al Rajhi (right), chief executive of the world’s largest Islamic lender