Al Rajhi Bank is named Saudi Arabia's best Islamic bank following a strong performance across several market segments.

Al Rajhi Bank had a busy 2022, arranging 12 high-profile transactions in the Saudi riyal and US dollar debt capital markets.

Al Rajhi Bank’s SAR10 billion ($2.7 billion) retail public offer tier-1 sukuk.

One transaction alone cemented Al Rajhi Bank’s claim to be the best sukuk house this year. On March 29, 2023, the world’s biggest Islamic bank by assets and market capitalization closed its first US dollar sustainable sukuk.

Banking is evolving in Saudi Arabia – the Gulf’s largest economy – with government and regulatory initiatives boosting growth in the sector.

What does the future hold for family ownership and oversight at Al Rajhi Bank?

In an interview in his office in Riyadh, Suliman Azzabin, chief executive of Al Rajhi Bank, pours scorn on allegations that link his bank to terrorist financing repeated in the US Senate report on HSBC last year. So what is Al Rajhi Bank in 2013 really, and how is it still making so much money?