SULAIMAN ABDULAZIZ AL RAJHI: THE HUMBLE VISIONARY WHO REVOLUTIONIZED ISLAMIC BANKING AND REDEFINED PHILANTHROPY

S ulaiman Abdul Aziz Al Rajhi’s life story is an inspiring example of perseverance, faith, and extraordinary impact. Born in 1929 into a humble Saudi family, he faced challenging circumstances early in life. At just 12 years old, he worked as a palm date collector for six Saudi Riyals per month and later took on various low-paying jobs, including being a porter, waiter, and kerosene wholesaler. His entrepreneurial journey began when he launched a small grocery shop to fund his marriage expenses, later selling it to venture into currency exchange in 1970. This laid the foundation for his groundbreaking financial empire. 

In 1957, Al Rajhi co-founded Al Rajhi Bank, which would grow into the world’s largest Islamic lender. Guided by Islamic principles, he championed interest-free banking, a revolutionary idea at the time. This commitment to ethical finance faced resistance initially but ultimately led to the global acceptance of Islamic banking systems, influencing financial policies in countries like Malaysia and the UK. His work not only redefined banking but also established a blueprint for ethical financial practices. 

Al Rajhi’s business philosophy extended beyond banking. He diversified into agriculture with Al-Watania Poultry, one of the world’s largest halal and organic food producers, promoting sustainability and food security. His projects emphasized environmental responsibility and adhered to Islamic values of ethical consumption. A devout philanthropist, Sulaiman committed much of his wealth to societal betterment. 

In 1983, he formalized his charitable activities through the Sulaiman Al Rajhi Charitable Foundation, which supports education, healthcare, and poverty alleviation initiatives across Saudi Arabia. Notably, in 2011, he transferred a significant portion of his wealth, including 20% of Al Rajhi Bank’s shares, to a waqf (endowment) to sustain these initiatives. His charitable endowment is considered one of the largest in Islamic history.