Al Rajhi enters the Jordanian market with an array of innovative products and services

Press release
Published July 25th, 2011 - 08:42 GMT

Al Rajhi Bank, recently launched in the Kingdom, bringing an expansive array of highly versatile, Sharia compliant products and services to the local market. Leveraging on its strong retail banking base, its longstanding experience and expansive global network of affiliates, the bank will offer the Jordanian public a wide range of banking products delivered through modern and convenient banking channels.

Al Rajhi is first bank in the Kingdom to provide a Sharia compliant, Murabaha-based personal finance program to individuals that also allows them to consolidate debts in a single instalment, all the while enjoying a variety of added benefits, including one-hour approvals and 24-hour financing.

“Al Rajhi’s entry into the Jordanian market marks yet another major milestone in the bank’s outstanding legacy,” commented Tarek Akel, Regional Manger of Al Rajhi Bank in Jordan. “With an uncompromising commitment to establishing a contemporary global banking network founded on Islamic principles, Al Rajhi is eager to bring its varied array of Islamic banking solutions to the Jordanian market, which houses one of the most progressive and fastest growing banking industries in the region. Given our highly adaptable customer-centric approach to product development, our prime objective is to introduce quality products and services specifically tailored to meet the demands of the local market.”   

With over 50 years of experience in banking and trading activities, Al Rajhi has been instrumental in bridging the gap between modern financial demands and intrinsic Islamic values, spearheading the development of the global Islamic banking landscape and establishing many of its quality benchmarks.

So far, the bank has launched fully operational branches in two premier locations in Amman, one in Shmeisani and another in Abdullah Ghosheh St., with more branches expected to launch in the near future at various locations nationwide. 

Established in 1957, Al Rajhi is the leading International sharia compliant banking group based in the Middle East with total assets of around USD 46 Billion and a paid up Capital of USD 4 Billion. With over 50 years of experience in banking and trading activities, Al Rajhi has continually developed products and services that meet the various needs of its clients. In addition to its revolutionary personal financing package, the bank is also offering a variety of essential banking products, including current, savings and investment accounts, car and home financing solutions, card solutions, e-banking services, and others. Today, the bank’s Saudi network alone boasts 500 branches, more than 2,500 ATM's, 18,000 POS terminals installed with merchants, not to mention the largest customer base in the country. In addition to Jordan, the bank is currently present in Kuwait and Malaysia.

Over the years, Al Rajhi has garnered numerous awards from various independent institutions around the world, including Euromoney, Arabian Business, Global Finance and The Asian Banker. 

Background Information

Al Rajhi Bank

Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 343 billion (US$ 90 billion), a paid up capital of SR 16.25 billion (​US$ 4.33 billion) and an employee base of over 9,600 associates. With over 60 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella 'Al Rajhi trading and exchange corporation' in 1978 and it was in 1988 that the bank was established as​ a Saudi share holding company. Deeply rooted in Islamic banking principles, the Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.

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