Sulaiman Abdul Aziz Al Rajhi
Sulaiman bin Abdulaziz Al Rajhi | |
|---|---|
| Born | 1929 Al Bukayriyah, Al Qassim, Saudi Arabia |
| Occupation(s) | Entrepreneur, banker, philanthropist |
| Known for | Co-founder and principal shareholder of Al Rajhi Bank; philanthropist who donated majority of his wealth |
Sheikh Sulaiman bin Abdulaziz Al Rajhi (Arabic: سليمان بن عبد العزيز الراجحي, born 1929) is a prominent entrepreneur from Saudi Arabia. In 2011, Forbes valued his net worth at $7.7 billion, placing him as the 120th wealthiest individual worldwide.
He was honored with the 2012 King Faisal International Prize in recognition of his decision to allocate half of his wealth to charitable causes, his establishment of an Islamic financial institution, his support for humanitarian efforts, and his role in executing significant national development projects.
Biography
Originating from Al Bukayriyah in the Al Qassim region, Sulaiman Al Rajhi was raised in the desert area of Nejd. Together with his brother Saleh, he initiated their commercial activities by organizing camel caravans that transported pilgrims to Mecca and Medina.
Sulaiman is the principal individual shareholder of the family-owned Al Rajhi Bank, which he co-founded alongside Saleh. This bank is regarded as the most lucrative among Saudi Arabia’s banking groups and stands as a top entity on the Tadawul stock market.
During the 1970s oil expansion, the Al Rajhi brothers broadened their enterprise by managing remittance services for migrant laborers sending money to nations such as India and Pakistan. In 1983, they pioneered Saudi Arabia’s first Islamic bank, operating under Sharia law principles that prohibit charging interest.
Although the family retains majority ownership of Al Rajhi Bank, they have extended their investments into sectors including gypsum production, agriculture, steel manufacturing, and various other industries.
Sulaiman has completed elementary education, lives in Saudi Arabia, and is a father to at least 23 children.
Philanthropy
Among Saudi Arabia’s wealthiest non-royal families, the Al Rajhi clan is also recognized as a major philanthropic force globally. Sulaiman Al Rajhi established the nonprofit Sulaiman Al Rajhi University located in his hometown, with academic programs concentrated on healthcare and Islamic finance.
In May 2011, he committed to donating the majority of his $7.7 billion fortune to charitable organizations.