Middle East's best bank 2020: Al-Rajhi Bank

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

Saudi banks reported an average asset growth of 12% in financial year 2019 and a healthy 40.9% growth in net profit, according to KPMG. In such a strong sector, however, one bank stands out as a highly profitable and increasingly modern institution: Al-Rajhi Bank, Euromoney’s best bank in the Middle East this year. 

The world’s largest Islamic bank by assets, Al-Rajhi is playing an essential part in the diversification of Saudi Arabia’s economy, facilitating home ownership, private-sector growth and the development of the small and medium-sized enterprise sector to help the government meet its Vision 2030 objectives. 

Waleed bin Abdullah Al-Moqbel took over as chief executive of the bank from Stefano Bertamini in January. Al-Rajhi saw a 12% increase in profit before tax in 2019 and a 13% rise in income year on year.

Al-Rajhi’s profit after zakat in 2019 stood at SR10.2