RIYADH, 12 February 2006 — Al-Rajhi Banking and Investment Corporation (ARABIC) introduced its new name and new logo yesterday. The name is now Al-Rajhi Bank, according to Abdullah Sulaiman Al-Rajhi, the CEO, who made the announcement at a press conference. Abdullah Al-Rajhi unveiled the bank’s new corporate identity and the name change. Al-Rajhi also announced that the bank had been licensed to open its first branch in Malaysia in the second quarter of this year.
The chairman said Al-Rajhi Bank, as the world’s largest Islamic bank, “is a truly Islamic bank built on values and beliefs which will never change. As the bank continues to grow and move forward into new markets, it has taken the decision to change its identity and name to give it a broader appeal as it acquires an international customer base.” The bank’s name change from Al-Rajhi Banking and Investment Corporation to Al-Rajhi Bank, he said, reflects its need to focus on the core business-Islamic banking. As the bank expands outside the Kingdom, it wants to create broader international appeal. “The new identity will be rolled out to all branches in the Kingdom and all customers will be issued with Al-Rajhi Bank’s new bank cards and check books from today.”
Commenting on the launch of its new corporate identity, Abdullah Al-Rajhi said: “The whole world is witnessing rapid development that affects all aspects of life and business — namely in the banking and investment industry. It is our valuable traditions which never hold us back from moving fast in the course of progress. They push us forward and allow us to deploy new technologies, innovative services and rich products that suit our culture. Hence we realized the necessity for adopting a formal change in the shape and name of the bank. The change will affect the name of the corporation only and the new name Al-Rajhi Bank portrays a bank that derives its power from originality, strength and its Islamic beliefs.” He said the bank had grown from a strong base, focusing on the needs of the nation and its citizens, contributing to the Kingdom’s construction and development, and always operating within the framework of Shariah principles.