Al Rajhi Bank is named Saudi Arabia's best Islamic bank following a strong performance across several market segments.
Assets grew by 6.1% in 2023, reaching SR808 billion ($215 billion) – 21.8% of total bank assets in the Kingdom. The bank’s corporate financing and small and medium-sized enterprise lending portfolios increased by 20.7% and 22.8% respectively.
The bank has successfully expanded its digital banking services, and active user numbers have grown by 1.2 million. This has contributed to an increase in digital transactions, which accounted for 94% of total banking transactions in 2023.
The bank has a dominant 41.3% retail market share in the Kingdom, with demand deposits up by 25.1% and a 35.4% rise in point-of-sale terminals over the period.
The bank's investment banking arm, Al Rajhi Capital, is a distinct area of strength. It is ranked third in Saudi riyal sukuk transactions, with a market share of 19.68% in 2023.
It took leading roles in several important transactions, including Public Investment Fund's inaugural sukuk issuance and the landmark Greensaif's $1.5