Sulaiman Bin Abdul Al Rajhi
Encyclopedia
Sheikh Sulaiman bin Abdul-Aziz Al-Rajhi (born 1920) is a Saudi Arabia
n corporate figure and billionaire. He is the chairman of Al Rajhi Bank
, one of the largest companies in Saudi Arabia and the largest Islamic bank
in the world. As of 2011, his wealth was estimated by Forbes
to be $7.7 billion, making him the 120th richest person in the world.
s taking camel caravan
s across the desert to the cities of Mecca
and Medina
.
Sulaiman Abdul Aziz Al Rajhi holds the largest individual stake in his family's Al Rajhi Bank
, which has consistently reported the most profitable operations amongst all of Saudi Arabia
's banking groups. A co-founder of the bank
, with older brother, Saleh, he is currently the chairman of what is nationally recognized as the Tadawul
's most venerable institution.
The Al Rajhi brothers’ business growth and expansion was fed by the flood of migrant workers to Saudi Arabia during the 1970s oil boom. The Al Rajhis helped them send their earnings home to places like Indonesia and Pakistan. In 1983, the brothers won permission to open Saudi Arabia’s first Islamic bank, one that would observe religious tenets such as a ban on interest.
The Al Rajhi family continue to be Al Rajhi Bank
's majority share holders though Sulaiman and his brothers have diversified family investments into gypsum, agriculture, steel, and other industrial sectors.
He received his Bachelor's degree from King Abdulaziz University
. He lives in Saudi Arabia
and has at least 23 children.
(fronting a network of charities, think tanks, and supporting business entities) achieved prominence as the key subject of a March 20, 2002 raid by Federal Bureau of Investigation
(FBI), as a part of Operation Green Quest
. The Operation Green Quest raids led to the convictions of two people, including Abdurahman Alamoudi, who worked for the SAAR Foundation. Alamoudi admitted that he plotted with Libya to assassinate the Saudi ruler and was sentenced to 23 years in jail.
He established the Sulaiman Alrajhi University in his hometown, a non profit university. The university's main focus is on health and Islamic banking, but contains other faculties as well.
In May 2011, he announced he was donating most of his $7.7 billion fortune to charity.
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
n corporate figure and billionaire. He is the chairman of Al Rajhi Bank
Al Rajhi Bank
The Al-Rajhi Bank The Al-Rajhi Bank The Al-Rajhi Bank (known as the Al Rajhi Banking and Investment Corporation until a 2006 name change is the world's largest Islamic bank, and a major investor in Saudi Arabia's business world. It is one of the largest joint stock companies in the Kingdom, with...
, one of the largest companies in Saudi Arabia and the largest Islamic bank
Islamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
in the world. As of 2011, his wealth was estimated by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
to be $7.7 billion, making him the 120th richest person in the world.
Biography
Sulaiman Al-Rajhi grew up in the Nejd desert where he and his brother Saleh began their business by changing money for pilgrimPilgrim
A pilgrim is a traveler who is on a journey to a holy place. Typically, this is a physical journeying to some place of special significance to the adherent of a particular religious belief system...
s taking camel caravan
Convoy
A convoy is a group of vehicles, typically motor vehicles or ships, traveling together for mutual support and protection. Often, a convoy is organized with armed defensive support, though it may also be used in a non-military sense, for example when driving through remote areas.-Age of Sail:Naval...
s across the desert to the cities of Mecca
Mecca
Mecca is a city in the Hijaz and the capital of Makkah province in Saudi Arabia. The city is located inland from Jeddah in a narrow valley at a height of above sea level...
and Medina
Medina
Medina , or ; also transliterated as Madinah, or madinat al-nabi "the city of the prophet") is a city in the Hejaz region of western Saudi Arabia, and serves as the capital of the Al Madinah Province. It is the second holiest city in Islam, and the burial place of the Islamic Prophet Muhammad, and...
.
Sulaiman Abdul Aziz Al Rajhi holds the largest individual stake in his family's Al Rajhi Bank
Al Rajhi Bank
The Al-Rajhi Bank The Al-Rajhi Bank The Al-Rajhi Bank (known as the Al Rajhi Banking and Investment Corporation until a 2006 name change is the world's largest Islamic bank, and a major investor in Saudi Arabia's business world. It is one of the largest joint stock companies in the Kingdom, with...
, which has consistently reported the most profitable operations amongst all of Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
's banking groups. A co-founder of the bank
Al Rajhi Bank
The Al-Rajhi Bank The Al-Rajhi Bank The Al-Rajhi Bank (known as the Al Rajhi Banking and Investment Corporation until a 2006 name change is the world's largest Islamic bank, and a major investor in Saudi Arabia's business world. It is one of the largest joint stock companies in the Kingdom, with...
, with older brother, Saleh, he is currently the chairman of what is nationally recognized as the Tadawul
Tadawul
Saudi Stock Exchange or Tadawul is the only stock exchange in Saudi Arabia. It is supervised by the Capital Market Authority. The Tadawul All-Share Index reached its highest point at 20,634.86 on 25 February 2006. It lists 144 publicly traded companies...
's most venerable institution.
The Al Rajhi brothers’ business growth and expansion was fed by the flood of migrant workers to Saudi Arabia during the 1970s oil boom. The Al Rajhis helped them send their earnings home to places like Indonesia and Pakistan. In 1983, the brothers won permission to open Saudi Arabia’s first Islamic bank, one that would observe religious tenets such as a ban on interest.
The Al Rajhi family continue to be Al Rajhi Bank
Al Rajhi Bank
The Al-Rajhi Bank The Al-Rajhi Bank The Al-Rajhi Bank (known as the Al Rajhi Banking and Investment Corporation until a 2006 name change is the world's largest Islamic bank, and a major investor in Saudi Arabia's business world. It is one of the largest joint stock companies in the Kingdom, with...
's majority share holders though Sulaiman and his brothers have diversified family investments into gypsum, agriculture, steel, and other industrial sectors.
He received his Bachelor's degree from King Abdulaziz University
King Abdulaziz University
King Abdulaziz University was founded in 1967 in Jeddah, Saudi Arabia. Designed by English architect John Elliott, it had 2,000 teachers and more than 37,000 students in 2000/2001....
. He lives in Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
and has at least 23 children.
Philanthropy
The Al Rajhi family is considered, by most in Saudi Arabia, as the country's wealthiest non-royals, and among the world's leading philanthropists. His flagship SAAR FoundationSAAR Foundation
The SAAR Foundation was a flagship corporation representing charities, think tanks, and business entities named after its founder, Saudi patriarch Sulaiman Abdul Aziz Al Rajhi. The SAAR Foundation achieved prominence as the key subject of a March 20, 2002 raid by federal agents, as a part of...
(fronting a network of charities, think tanks, and supporting business entities) achieved prominence as the key subject of a March 20, 2002 raid by Federal Bureau of Investigation
Federal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
(FBI), as a part of Operation Green Quest
Operation Green Quest
Operation Green Quest was a United States Customs Service-sponsored interagency investigative unit formed in October 2001 after the September 11 attacks, and concerned with the surveillance and interdiction of terrorist financing sources...
. The Operation Green Quest raids led to the convictions of two people, including Abdurahman Alamoudi, who worked for the SAAR Foundation. Alamoudi admitted that he plotted with Libya to assassinate the Saudi ruler and was sentenced to 23 years in jail.
He established the Sulaiman Alrajhi University in his hometown, a non profit university. The university's main focus is on health and Islamic banking, but contains other faculties as well.
In May 2011, he announced he was donating most of his $7.7 billion fortune to charity.