Al-Rajhi: ‘The Best Bank in Saudi Arabia’

RIYADH, 6 December 2006 — Al-Rajhi Bank has been crowned with “The Best Bank in Saudi Arabia” award by The Banker Magazine and Financial Times Business, UK.

“Al-Rajhi has won yet another international award confirming its leadership in banking in all areas,” Abdullah Suleiman Al-Rajhi, CEO of the bank said yesterday. He announced that the Banker Magazine, specialized in banking affairs around the world and affiliated with Financial Times, has classified Al-Rajhi Bank as the best bank in the Kingdom of Saudi Arabia for the year 2006.

In their report, the judges stated that Al-Rajhi Bank’s achievement was well deserved for all the hard work and efforts applied, and their achievements in terms of profit margins, return on investments and shareholder’s equity, while attaining a stable, steady growth rate during the period between 2004 and 2006. The panel further pointed out that Al-Rajhi Bank proved to be successful in drafting strategies and further implementing them, which gave way for the bank to become the biggest bank in the Kingdom with the most unique products and services. “All of this was accomplished in a highly competitive market with increasing challenges in an approach that attracted global attention.”

“In the last few years Al-Rajhi Bank had made a clear vision for the future and began implementing those tactics gradually in order to make it this far, he said pointing out that Al-Rajhi Bank expanded its capabilities and improved their organizing and technical strategies to get to the present position. “We believe it is our responsibility to participate in recognizing the needs of all business sectors and offering improved services on personal levels to maintain our status as the best bank, and we will reach out even further to accomplish our mission according to the strategies that fulfill our ambitions and exceed our clients’ expectations.”

This award is an important indicator to Al-Rajhi Bank’s status as a leader in banking and financial services in the region as well as in Kingdom, he further stressed.

This is the 4th international award that Al-Rajhi Bank receives in the past 2 years, the first award was received for Best in Islamic Banking Organizations in 2004, which was granted by the Islamic World Banking Conference, a few months later Al-Rajhi Bank received the “EuroMoney” Award as the Best Islamic Bank in the World in retail banking during 2004. In early 2005, “EuroMoney” awarded Al-Rajhi Bank for the Best Bank in the Kingdom, and locally it received 5 awards in honor and appreciation for its prominent role in recruiting, training and serving our society.