Islamic Finance News (IFN) has announced Al Rajhi Bank as the winner for the Best Islamic Retail Bank poll in the Islamic Finance News Awards 2011 which was unveiled last week.
The Islamic Finance News Awards honours the best in the Islamic financial industry and is one of the most prestigious awards and highly recognized by the global Islamic capital markets.
Al Rajhi Bank also won the Best Islamic Bank in Saudi Arabia in the Best Bank Poll category.
Since its establishment in 2005, the IFN Polls has been a fitting depiction of the current Islamic financial market setting. This annual poll has since become the leading and most comprehensive poll in the industry, where readers select and vote for the best bank in the world. The votes were cast by Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world who were invited to participate.
This year, Al Rajhi Bank was selected to win the Best Islamic Retail Bank award for the fourth straight year. Its excellent results achieved showed outstanding growth rates in almost all its financial results.
Mr. Abdullah Suleiman Al Rajhi, the Chief Executive Officer (CEO) & Managing Director (MD) of Al Rajhi Bank pointed out that the lucrative successes achieved by the Bank in Q3 last year were due to the diversification of the sources of revenues, and to the development of both the investment and banking sectors.
Mr Abdullah also stated that the Bank is determined to maintain its prominent financial results, to give its shareholders profitable revenues, and to offer an excellent service to its customers through the large branch network it owns all across KSA, Malaysia, Kuwait and Jordan.
Its Malaysian branch celebrated its 5th year in Malaysia this month since its official launch on 5 February 2007. Al Rajhi Bank Malaysia’s new CEO, En. Azrulnizam Abd Aziz said, “Despite being in infancy stage relative to other players in Malaysia, we constantly strive to be on par with the rest. This recognition is reflective of the commitment and dedication that Al Rajhi has for its valued customers in providing innovative and fitting financial solutions which are in line with Islamic values.”
As of December 31, 2011, Al Rajhi Bank achieved a net profit of SR 7,378 million, the highest net profit among Saudi banks with an increase of 9% compared to SR 6,771 million last year. The Bank’s shareholders’ equity increased by 8.3% to reach SR 33 billion (compared to SR 30 billion in 2010) and its total assets are at SR 221 billion (an increase of 20% compared to SR 185 billion in 2010).