Al Rajhi Bank

Al Rajhi Bank is the largest Islamic bank in the world by total assets and one of the most significant financial institutions in Saudi Arabia, with a history dating back to 1957. The bank operates under a full Shariah-compliant model, meaning all products and services are structured to avoid interest (riba), speculation (gharar), and prohibited (haram) activities. Instead of interest-bearing accounts, Al Rajhi offers current accounts based on the Qard (interest-free loan) principle where no profit is paid or charged, and investment accounts based on Mudarabah (profit-sharing) where depositors share in the bank's profits from Shariah-compliant investments rather than earning predetermined interest. The bank serves over 8 million customers through over 500 branches and 4,700-plus ATMs across Saudi Arabia, with additional international operations in Malaysia, Jordan, and Kuwait. Al Rajhi Bank has made substantial investments in digital transformation and fintech innovation. The Al Rajhi Mobile App is one of the most downloaded banking apps in the Middle East, featuring instant account opening via Saudi national ID and biometric verification, Apple Pay and Samsung Pay integration, real-time SADAD bill payment, and an AI-powered personal financial management assistant that helps customers track spending and manage budgets in compliance with Shariah principles. The bank also operates a fully digital onboarding process for its Al Rajhi Digital Current Account, which can be opened remotely without visiting a branch. Al Rajhi was among the first Saudi banks to integrate with the government's Absher platform for streamlined identity verification and has invested in open banking APIs through Saudi Arabia's open banking framework, allowing fintech partners to build on its banking infrastructure. As a Shariah-compliant institution, Al Rajhi Bank does not offer conventional savings accounts with predetermined interest rates. Instead, it offers investment deposits (Mudarabah-based) where profit rates are variable and distributed based on the bank's actual investment performance — these have historically yielded competitive returns but are not guaranteed. The bank's current accounts have no minimum balance requirements for basic accounts, though premium tiers require higher deposits for fee waivers and exclusive benefits. ATM access is free across Al Rajhi's network of over 4,700 ATMs nationwide, and the bank supports all local payment systems including SADAD, MADA, and SRIP. Al Rajhi Bank is best suited for customers in Saudi Arabia seeking a fully Shariah-compliant banking relationship with robust digital capabilities and the convenience of the largest branch network in the kingdom.

Reviewed by Finatune · Last updated 2026-10-24