Comprehensive timeline of Al Rajhi Bank, one of the largest Islamic banks globally, from its founding as a money exchange in 1957 to its modern digital transformation.
Brothers Saleh and Sulaiman Al Rajhi found the Al Rajhi Company for Exchange and Commercial Works in Saudi Arabia, starting as a small money exchange business. #banking #history
The company expands beyond currency exchange into trading and commercial activities, growing its network across Saudi Arabia. #banking #expansion
Al Rajhi opens its first official branch in Riyadh, transitioning from a money exchange to a more formal banking operation. #banking #retail
A Saudi Royal Decree converts the company into Al Rajhi Banking and Investment Corporation, the first fully Islamic bank in Saudi Arabia. #islamicfinance #milestone
Al Rajhi begins full-fledged Islamic banking operations, offering Sharia-compliant products like Murabaha and Mudaraba. #islamicfinance #banking
Al Rajhi opens branches in Jeddah, Dammam, and other major Saudi cities, expanding its branch network. #expansion #growth
The bank rebrands from Al Rajhi Banking and Investment Corporation to simply Al Rajhi Bank, reflecting its retail focus. #branding #banking
Al Rajhi Bank introduces its first Islamic credit card, the Al Rajhi Credit Card, compliant with Sharia law. #islamicfinance #innovation
Al Rajhi launches its website and online banking services, allowing customers to manage accounts digitally. #digital #banking
The bank introduces Ijara (leasing) financing for vehicles and equipment, expanding its product portfolio. #islamicfinance #products
Al Rajhi opens its first branch dedicated to female customers, staffed by women, to serve the segment conveniently. #inclusion #banking
Al Rajhi adapts to the newly established Saudi Capital Market Authority regulations, enhancing corporate governance. #regulation #finance
The Saudi government approves Al Rajhi's IPO, allowing the bank to list 30% of its shares on the Tadawul. #ipo #finance
Al Rajhi Bank goes public, listing on the Saudi Stock Exchange (Tadawul) with a market capitalization exceeding $10 billion. #ipo #market
Al Rajhi becomes one of the most valuable banks in the Middle East, with market cap surpassing $20 billion. #growth #finance
Despite the global crisis, Al Rajhi reports strong profits due to conservative Islamic lending practices and low exposure to subprime. #crisis #resilience
Al Rajhi launches mobile banking services via SMS and WAP, leading digital innovation in Saudi banking. #mobile #digital
Al Rajhi opens its first international branch in Kuwait, marking its expansion outside Saudi Arabia. #expansion #international
Al Rajhi Bank launches its first smartphone banking app for iOS and Android, enhancing customer convenience. #digital #app
The bank expands its ATM network to over 3,000 machines across Saudi Arabia, improving accessibility. #banking #infrastructure
Al Rajhi introduces Tamweel, a Sharia-compliant real estate financing product, boosting the housing market. #realestate #islamicfinance
Al Rajhi issues its first Islamic bond (Sukuk) worth $1 billion, diversifying funding sources. #sukuk #capitalmarkets
Al Rajhi begins a major digital transformation, investing in fintech and upgrading IT infrastructure. #digitaltransformation #innovation
The bank launches Rasmala, a suite of Sharia-compliant investment funds for high-net-worth clients. #investment #islamicfinance
Al Rajhi becomes the first Saudi bank to support Apple Pay, enabling contactless payments. #fintech #partnership
Al Rajhi acquires a stake in a Saudi electronic payment company, strengthening its digital payment ecosystem. #acquisition #fintech
Al Rajhi launches open banking APIs, allowing third-party developers to integrate with the bank's systems. #openbanking #digital
During the pandemic, Al Rajhi's digital services see a 50% increase in usage, driving remote banking adoption. #pandemic #digital
Al Rajhi launches a fully digital bank (neobank) under the name 'Al Rajhi Digital', targeting tech-savvy customers. #neobank #digital
Al Rajhi partners with a regulated crypto exchange to offer Bitcoin and Ethereum trading to clients. #crypto #innovation
Al Rajhi partners with Tamara to offer buy now, pay later services, expanding consumer finance options. #fintech #bnpl
Al Rajhi Bank reports a record annual profit of $4 billion, solidifying its position as Saudi Arabia's largest Islamic bank. #profit #growth
Al Rajhi deploys an AI chatbot for customer service, handling over 80% of queries automatically. #AI #digital
Al Rajhi obtains a license to open branches in the United Arab Emirates, its second international market. #expansion #international
Al Rajhi issues a $500 million green Sukuk to fund sustainable projects, aligning with ESG goals. #sustainability #sukuk
Forbes ranks Al Rajhi as the most valuable brand in Saudi Arabia, with a brand value exceeding $10 billion. #brand #award
The bank introduces a digital retirement planning platform, helping customers save for retirement with Sharia-compliant funds. #retirement #digital
Al Rajhi Bank reaches net-zero carbon emissions across its operations, a milestone in sustainable banking. #sustainability #climate
The bank creates a dedicated wealth management division to serve high-net-worth individuals with Islamic investment solutions. #wealthmanagement #finance
Al Rajhi partners with the Saudi Central Bank to issue a digital riyal, pioneering central bank digital currency (CBDC) adoption. #crypto #cbd