Saleh Abdul Aziz Al Rajhi
Saleh Abdul Aziz Al Rajhi | |
|---|---|
| Born | 1921 Al Bukayriyah, Qassim Region, Saudi Arabia |
| Died | 2011-02-12 |
| Occupation(s) | Banker, businessman, philanthropist |
| Known for | Founder of Al-Rajhi Bank |
Sheikh Saleh Abdul Aziz Al Rajhi (1921 – February 12, 2011) () was a prominent Saudi banker and the founder of Al-Rajhi Bank, recognized as the largest Islamic banking institution globally.
As the senior member of the Al Rajhi family, he diversified into sectors such as construction, real estate, and agriculture. Apart from his commercial pursuits, he was a dedicated philanthropist who made substantial donations to agriculture, education, and healthcare. In his later years, Al Rajhi created a foundation to oversee the endowments that continuously support charitable causes he had long championed.[1][2][3]
Early life
Born in 1921 in Al Bukayriyah, Qassim Region, Saudi Arabia, Saleh bin Abdul-Aziz Al Rajhi was the son of Sheikh Abdul-Aziz Al-Rajhi, a modest farmer and merchant. Following a move to Riyadh seeking enhanced business prospects, Saleh pursued his studies under Sheikh Muhammad Ibn Ibrahim, completing memorization of the Quran and other educational requirements by the age of 13.[4]
Early business enterprise
During the early 1930s, Al Rajhi began working various small jobs at the local market, initially as a porter. After accumulating some savings, he started trading in scrap goods like keys, locks, and haberdashery items, vending them in bustling market areas near mosques.
By 1937, at just 16 years old, he rented a modest trading spot known as a in Safat opposite Riyadh's Grand Mosque. He earned a commission of 5% by exchanging Riyals into smaller denominations such as and . As his business prospered, he invested in a secure chest to store money in multiple currencies. His clientele included merchants and pilgrims who brought diverse currencies for exchange, including Indian Rupees and gold.
Currency exchange business
In 1947, Al Rajhi launched an official currency exchange office in Riyadh and invited his brothers Mohammed and Sulaiman to participate in the enterprise. Sulaiman began working as a messenger with a monthly wage of $10. Al Rajhi implemented systematic methods for recording and managing transactions efficiently.
Throughout the 1950s, Sulaiman extended their currency exchange operations to Mecca and subsequently Jeddah, which was undergoing rapid economic expansion. The brothers managed branches across these vital cities for approximately 25 years, establishing the groundwork for what evolved into Al-Rajhi Bank.
Al Rajhi Bank
The formal establishment of Al-Rajhi Bank occurred in 1957 by the brothers. Saleh Al Rajhi traveled extensively within the region to foster partnerships with other banking institutions and initiated gold trading activities with Kuwait. He introduced innovative systems for drafts and money transfers that linked their services with banks in the United States. By the 1960s, Al-Rajhi had broadened banking operations across major financial hubs throughout Europe and Asia.
Al Batin Project
In 1993, Al Rajhi established an agricultural estate in Buraydah, located in the Qassim region, initially cultivating wheat, barley, watermelon, vegetables, and date palms across 5,466 hectares. By 1995, the operation concentrated solely on date palms, planting 63,000 seedlings representing 45 different varieties, with an objective to reach 200,000 trees. The Ministry of Agriculture oversaw the initiative and authorized the use of advanced irrigation techniques.
The Al Batin Palm Project earned recognition from the Guinness Book of World Records in 2006 as the largest palm tree plantation worldwide.
Durma Project
From 1994 to 1996, Al Rajhi launched the Durma Project spanning 760 hectares, where specialized tissue-cultured palms were planted in fertile soil supported by natural deep wells. Initially dedicated to wheat and barley cultivation, the land was subsequently converted to date palm farming. The project targeted planting 50,000 palm seedlings of diverse varieties.
Other projects
During the 1990s, Al Rajhi transitioned his focus from leading Al Rajhi Bank towards ventures in real estate and agriculture, contributing to some of Saudi Arabia’s most prosperous enterprises in these fields. Additionally, he maintained substantial investments in Al Baraka Banking Group as well as holdings in cement and construction sectors.
Beyond his banking and currency exchange activities, Saleh Al Rajhi played pivotal roles in numerous corporations:
| Year Established | Role | Company |
| N/A | Managing Director | Central Electricity Company |
| 1955 | Founder, member, and chairman | Saudi Cement Company |
| 1959 | Founder, member, and chairman | National Gypsum Company |
| 1961 | Founder, member, and chairman | Yamama Cement Company |
| 1961 | Founder and member | Chamber of Commerce and Industry in Riyadh |
| 1977 | Founder, member, and chairman | Saudi Ceramic Company |
| 1977 | Founder and member | Saudi Lime Sand Bricks Company |
| 1978 | Founder, member, and chairman | Southern Cement Company |
| 1978 | Founder | Saleh Abdul Aziz Al-Rajhi & Co. Ltd. |
| 1981 | Founder, member, and chairman | Nadec Agricultural Development Company |
| 1982 | Founder, member, and chairman | Hail Agricultural Development Company |
| 1983 | Founder | Tabuk Company for Agricultural Development |
| 1987 | Founder, member, and chairman | Al Rajhi Banking and Investment Company |
| N/A | Founder and member | Light Buildings Company (SIBOREX) and Saudi Serpo Company Limited |
| N/A | Board Member | National Company for Operation and Industrial Services |
See also
References
- ↑ "شركة صالح عبد العزيز الراجحي وشركاه المحدودة". www.rajhicorp.com. Retrieved 2019-10-28.
- ↑ "الشيخ صالح بن عبدالعزيز الراجحي.. صاحب أكبر وقف خيري في السعودية". www.medadcenter.com. Retrieved 2019-10-28.
- ↑ "The richest man in the world". Euromoney. May 1983. Retrieved 2019-10-28.
- ↑ د. سليمان, الميمان (2008). صالح عبدالعزيز الراجحي، مسيرة حياة. Riyadh, Saudi Arabia: الميمان للنشر والتوزيع. pp. 36–43. ISBN 978-9960-686-22-6.