Founded in 1957, Al Rajhi Bank is one of the largest banks in the world, by market cap, and the largest in the Middle East and Saudi Arabia; with total assets of SAR 776 billion, a paid-up capital of SAR 40 billion (US$ 10.66 billion) and an employee base of over 20000+. The bank has over 60 years of experience in banking and trading activities, plus an international presence in Malaysia, Kuwait in addition to Jordan.
AlRajhi Bank - Jordan (ARBJ) has been operating in Jordan since 2011. The bank provides financing, and investments services, in accordance with Islamic Shari’a rules and under the applicable banking law. The bank grew its network to 10 branches and over 44 ATMs in Jordan, covering the top three populated governorates of Amman, Irbid and Zarqa.
In 2023, Al Rajhi Jordan capitalized on the strength of Al Rajhi Group to expand Financing in both Retail and Corporate by 15% driving Total assets to JOD 870 Mio with an increase of 27% on yearly basis.
Looking forward, Al Rajhi Jordan has successfully aligned with the new identity of Al Rajhi Bank and has completed the relocation of all its offices to the new headquarters in Amman as of Q2 of 2024. Ten new branches will be added to the network in multiple locations across Jordan, for maximum reach in the coming years. This brand alignment will be further enhanced with the integration of advanced core banking systems, which are currently being developed and are scheduled for launch in Q2 of 2024.
Al Rajhi Jordan has successfully laid the necessary foundations to establish an acquiring business in Q2 of 2023, becoming the first Islamic bank to launch acquiring services in Jordan. This includes POS, soft POS, e-commerce, and lending services, all of which were launched following its establishment. Additionally, customers are already benefiting from new products and services, such as a Lease-to-Own program and a targeted offering for affluent customers.