Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
|
|
| ||||
|
||||
Abdullah Al Rajhi, along with his three brothers, are major stakeholders in the Saudi Islamic banking giant Al Rajhi Bank. Al Rajhi owns a 6 percent stake in the kingdom's biggest lender by market value.
Under Al Rajhi's guidance as CEO, Al Rajhi Bank has diversified its sources of revenues and developed its investment and corporate banking sectors, even amid a downturn that has sent some lenders close to the edge.
In October, Al Rajhi booked the highest amount of provisions for loan losses this year, making provisions worth around $158.4m in the three months to September, according to bourse data.
The loan loss provision was the highest to date made by a single listed Saudi bank in the wake of the heavily indebted Saudi conglomerates, Saad Group and Ahmad Hamad Algosaibi & Bros.
Partly offsetting those concerns, Abdullah also owns Al Rajhi Factories, which manufactures everything from PVC pipes to foam mattresses. He also owns stake in fellow Islamic banking billionaire Saleh Kamel's Albaraka Group.
Under Al Rajhi's guidance as CEO, Al Rajhi Bank has diversified its sources of revenues and developed its investment and corporate banking sectors, even amid a downturn that has sent some lenders close to the edge.
In October, Al Rajhi booked the highest amount of provisions for loan losses this year, making provisions worth around $158.4m in the three months to September, according to bourse data.
The loan loss provision was the highest to date made by a single listed Saudi bank in the wake of the heavily indebted Saudi conglomerates, Saad Group and Ahmad Hamad Algosaibi & Bros.
Partly offsetting those concerns, Abdullah also owns Al Rajhi Factories, which manufactures everything from PVC pipes to foam mattresses. He also owns stake in fellow Islamic banking billionaire Saleh Kamel's Albaraka Group.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
Mobile
