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 710 billion, a paid-up capital of SAR 40 billion (US$ 10.66 billion) and an employee base of over 9,300+. 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 2022, customer deposits at ARBJ grew by 9%, and the international branch utilized idle local-currency funds though growing its Sukuk portfolio by 80% in a concerted effort to diversify revenue streams. The reporting period, most significantly, saw a 36% expansion of its mid-corporate and small and medium enterprises (SME) portfolio.
Regarding the future outlook for ARBJ, it will continue to align with the new identity of Al Rajhi Bank with plans to relocate toa new head office in Amman in 2023. 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 strengthened with the adequate digital and fintech technology which is being developed to be launched in Q1 of 2024.
ARBJ is also laying the necessary foundation to set-up an acquiring business in Q2 of 2023, with POS, soft POS, E-commerce, and lending services to be launched following its establishment. Customers will also benefit from new products and services in the pipeline such as a Lease-to-Own program, as well as a targeted affluent customer offering.