Al-Rajhi Bank is called one of the twelve most significant banks in Saudi Arabia and the Arab world. Al-Rajhi Bank provides financial services traditional for Islamic banks.
Along with Sharia banking traditions, Al-Rajhi provides European banking services.
Islamic banking traditions are different from European banking traditions. According to the commandments of Islam, the activity of money-lenders and speculators is illegal. Cash loans are issued for a fee called a commission.
Lending in the classic sense for Europeans in Islamic countries has its characteristics. The conclusion of futures contracts in Islamic banks is prohibited.
After the discovery of giant oil reserves in Saudi Arabia in 1939, the volume of export-import trade operations sharply increased, and a need arose to create a structure of financial control and cash management.
The development of the economy and financial sector in Saudi Arabia was due to the personal interest of the King of Saudi Arabia Faisal. It is in the era of Faisal’s rule that the planned development of the economy is introduced, and active investment of funds in the development of the country begins. At the same time, the banking system of the Kingdom is being created.
The Al-Rajhi banking network covers more than 500 branches, of which bank branches for women are apart. There are more than 118 such specialized departments.
The financial structure of Al-Rajhi is a high-tech organization. All significant innovations in science and technology are involved in the Al-Rajhi banking system.
This is the presence of more than 4,000 ATMs, 46,000 POS-terminals that have contact with all customers and banks of the Kingdom.
Al-Rajhi banking system works not only with the usual financial tools for everyone. Cryptocurrency – is one of the tools for an investor in the Kingdom.
Interestingly, it was in Saudi Arabia that the world’s first successful projects related to blockchain technologies were launched. Saudi Arabia plans to introduce its national cryptocurrency by the end of 2019. This is a joint project with the company that released Ripple.
Forex analysts often call Al-Rajhi Bank a darling. Al-Rajhi Bank’s financial performance in an excellent position. Al-Rajhi Bank shares are on the top list.
Investing in Al-Rajhi Bank with a long-term perspective could bring substantial profit to investors. The bank has a high capitalization of income and high dividends.
Al-Rajhi Securities is part of the Dow Jones GCC Market Capitalization Index. In early August 2019, Al-Rajhi Bank shares were trading at SAR 67.6, which corresponds to more than USD 18.
It is possible to buy Al-Rajhi shares by registering on the brokerage site of Tradeallcrypto, choose Trading with Tradeallcrypto.com and the tools of Al-Rajhi Bank.
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