Sheikh Sulaiman bin Abdulaziz Al Rajhi (

Arabic Arabic (, , or , ) is a Central Semitic languages, Central Semitic language of the Afroasiatic languages, Afroasiatic language family spoken primarily in the Arab world. The International Organization for Standardization (ISO) assigns lang ...

:سليمان بن عبد العزيز الراجحي, born 1929) is a Saudi Arabian businessperson. As of 2011, his wealth was estimated by

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to be $7.7 billion, making him the 120th richest person in the world. He received the 2012

King Faisal International Prize The King Faisal Prize (, formerly King Faisal International Prize), is an annual award sponsored by King Faisal Foundation presented to "dedicated men and women whose contributions make a positive difference". The foundation awards prizes in fiv ...

for dedicating half his fortune to charity, starting an Islamic bank, supporting charity work and implementing effective national projects.

Biography

Sulaiman Al Rajhi was born in Al Bukairiyah, located in Al Qassim province in Saudi Arabia, and grew up in the

Nejd Najd is a historical region of the Arabian Peninsula that includes most of the central region of Saudi Arabia. It is roughly bounded by the Hejaz region to the west, the Nafud desert in al-Jawf to the north, ad-Dahna Desert in al-Ahsa to th ...

desert where he and his brother Saleh began their business by charging money for

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s taking camel

caravan Caravan or caravans may refer to: Transport and travel *Campervan, a type of vehicle also known as a motor caravan *Caravan (travellers), a group of travellers journeying together **Caravanserai, a place where a caravan could stop *Caravan (trail ...

s across the desert to the cities of

Mecca Mecca, officially Makkah al-Mukarramah, is the capital of Mecca Province in the Hejaz region of western Saudi Arabia; it is the Holiest sites in Islam, holiest city in Islam. It is inland from Jeddah on the Red Sea, in a narrow valley above ...

and

Medina Medina, officially al-Madinah al-Munawwarah (, ), also known as Taybah () and known in pre-Islamic times as Yathrib (), is the capital of Medina Province (Saudi Arabia), Medina Province in the Hejaz region of western Kingdom of Saudi Arabia, ...

. Sulaiman Abdulaziz Al Rajhi holds the largest individual stake in his family's Al Rajhi Bank, which has consistently reported the most profitable operations amongst all of

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...

's banking groups. A co-founder of the

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

, with older brother, Saleh, he is currently the chairman of what is nationally recognized as the Tadawul's most venerable institution. The Al Rajhi brothers’ business growth and expansion was fed by the flood of migrant workers to Saudi Arabia during the 1970s oil boom. The Al Rajhis helped them send their earnings home to places like India and Pakistan. In 1983, the brothers won permission to open Saudi Arabia’s first Islamic bank, one that would observe religious tenets such as a ban on interest. The Al Rajhi family continue to be Al Rajhi Bank's majority share holders though Sulaiman and his brothers have diversified family investments into gypsum, agriculture, steel, and other industrial sectors. His higher educational degree was elementary degree. He lives in

and has at least 23 children.

Philanthropy

The Al Rajhi family is considered, by most in Saudi Arabia, as the country's wealthiest non-royals, and among the world's leading philanthropists. He established the Sulaiman Al Rajhi University in his hometown, a non profit university. The university's main focus is on health and Islamic banking, but contains other faculties as well. In May 2011, he announced he was donating most of his $7.7 billion fortune to charity.

References

Notes

Sources

Sulaiman Abdul Aziz Al Rajhi

Profile: Sulaiman Abdul Aziz al-Rajhi
* Saleh Abdul Aziz Al Rajhi

External links