The world’s largest Islamic bank today announced an agreement to expand into Malaysia later this year, as it re-styled itself the Al Rajhi Bank.
Previously known as the the Al Rajhi Banking and Investment Corporation, the company, which has 600 branches in Saudi Arabia, has paid up capital of $1.2 billion.
The bank was established as a Saudi share holding company in 1987 under royal decree to replace Al Rajhi Exchange and Trading Company, which was one of the oldest established banking institutions in the Arab world.
It is considered as one of the leading banks in terms of traditional banking products and services in addition to the lectronic links and facilities. Al Rajhi Bank has the largest branch network distributed throughout Saudi, the largest ATM network with nearly 1,400 and over 8,000 merchant terminals installed all over the Kingdom.
Advertisement
Mr Abdullah Sulaiman Al Rajhi, the chief executive, unveiled the bank’s new corporate identity as he announced the news that it has been granted a licence to operate in Malaysia, where it has plans to open 50 branches over the next five years.
“The bank’s move from Al-Rajhi Banking and Investment Corporation to Al Rajhi Bank reflects its need to focus on the core business and as the bank expands outside the Kingdom of Saudi Arabia, it wanted to create a more international look and feel,” a bank spokesman said.
“The whole world is witnessing rapid development that affects all aspects of life and business – namely in the banking and investment industry,” Mr Al Rajhi said.