The name Saleh Abdul Aziz Al Rajhi stands among the greatest business pioneers in the history of Saudi Arabia. He was not only a successful entrepreneur but also a philanthropist, visionary, and religious scholar who played a transformative role in shaping the modern Saudi economy. From his humble beginnings as a young boy in a small village to becoming the founder of the globally renowned Al Rajhi Bank, his journey is a story of faith, perseverance, and a deep sense of responsibility toward his nation and community.
Born at a time when the Kingdom was still developing its economic foundations, Saleh Abdul Aziz Al Rajhi devoted his life to innovation in trade, finance, and charity. His legacy today is reflected in the robust financial systems of Saudi Arabia and in the countless lives touched by his philanthropic ventures. Saudi society.
Early Life and Humble Beginnings
Saleh Abdul Aziz Al Rajhi was born in 1921 in Al-Bukayriyah, a small town in the Al Qassim region of Saudi Arabia. Coming from a modest family, his father was a farmer and small trader who instilled in him the values of hard work, honesty, and faith. As a young boy, Saleh memorised the Holy Qur’an and pursued religious education, studying under prominent scholars of his time.
From the very beginning, Saleh showed remarkable determination and curiosity. He started working at a young age, taking up small jobs such as carrying goods and trading in simple materials like scrap and spices. These early experiences in the local market gave him valuable insights into trade, negotiation, and money management—skills that would later define his success.
In a society that was still transitioning from a tribal to a modern economy, Saleh’s ambition to improve his life through business set him apart. He believed that commerce was not only a way to earn money but also a means of serving the community and contributing to national development.
Entry into the Currency Exchange Business
The turning point in Saleh Abdul Aziz Al Rajhi’s life came when he entered the currency exchange business. During the 1940s, foreign trade and pilgrimage activities were increasing in the Kingdom, creating a demand for reliable money exchange services. Saleh seized this opportunity and opened his first currency exchange shop in Riyadh in 1947.
At that time, exchanging foreign currency was a challenging task that required trust, integrity, and precision. Saleh built his reputation quickly through his honesty, deep understanding of market dynamics, and ability to handle large financial transactions without error. Pilgrims, traders, and government officials trusted him completely, which led to rapid business growth.
The Foundation of Al Rajhi Bank
The success of his money exchange venture inspired Saleh to expand further. He invited his brothers—Sulaiman, Abdullah, and Mohammed—to join him in establishing a formal financial institution. Together, they laid the foundation for what would later become Al Rajhi Bank, one of the largest Islamic banks in the world.
The early years were full of challenges. There were limited banking regulations, and the concept of Islamic banking was still in its infancy. However, Saleh Abdul Aziz Al Rajhi believed strongly that financial growth should align with Islamic principles. He built the company’s foundation on the values of transparency, fairness, and prohibition of interest-based dealings.
Over the years, the Al Rajhi family expanded their banking services across Saudi Arabia and into global markets. The bank became a model of ethical banking, offering a wide range of Sharia-compliant financial services. Today, Al Rajhi Bank is one of the world’s most respected financial institutions, with assets worth billions of dollars and operations across multiple countries.
Diversification and Business Expansion
Saleh Abdul Aziz Al Rajhi was not content with success in just one field. His business interests expanded into real estate, construction, agriculture, and manufacturing. He believed in the power of diversification to sustain long-term growth and economic stability.
Among his most remarkable achievements was his investment in agriculture, particularly in the cultivation of palm trees. He launched the Al-Batin Palm Project in the Qassim region, which later gained international recognition. The project covered vast areas of land and produced millions of dates each year, contributing significantly to Saudi Arabia’s food production and export economy.
In 2006, the Al-Batin project entered the Guinness World Records as one of the largest palm cultivation projects in the world. This achievement symbolised Saleh’s vision of transforming desert lands into productive agricultural resources.
His ventures in real estate also reflected his business foresight. He owned several commercial properties, including Riyadh Gallery Mall, one of the largest shopping complexes in the capital. His real estate investments helped develop urban infrastructure and provided employment opportunities for thousands.
Philanthropy and Charitable Contributions
What truly defined Saleh Abdul Aziz Al Rajhi, beyond his business success, was his generosity and commitment to social welfare. Deeply religious and humble, he considered wealth a blessing that came with responsibility. To ensure his charitable works would continue long after his death, he established the Saleh Abdul Aziz Al Rajhi Endowment (Waqf)—a foundation dedicated to managing his wealth for public benefit.
The endowment focused on education, healthcare, housing for the poor, and supporting orphans and widows. Saleh funded the construction of schools, mosques, and hospitals throughout Saudi Arabia. His projects also extended to water well initiatives, scholarships for underprivileged students, and humanitarian relief for disaster-stricken regions.
His philosophy was simple: “The wealth that does not serve the community has no true value.” This mindset positioned him among the most respected philanthropists in the Arab world. The endowment continues to operate under strict governance, maintaining his vision of sustainable giving and community development.
Personal Life and Values
Despite his vast fortune, Saleh Abdul Aziz Al Rajhi remained a deeply humble and spiritual man. He led a simple life rooted in Islamic teachings. He was known for his kindness, patience, and discipline. Family played a central role in his life, and he encouraged his children to pursue education, work hard, and stay united.
He had a large family with more than 60 children from multiple marriages. Many of his children followed in his footsteps, becoming entrepreneurs and philanthropists in their own right. His family remains active in maintaining the values and legacy that he established through business and charity.
Recognition and Lasting Legacy
Saleh Abdul Aziz Al Rajhi passed away on 12 February 2011, leaving behind a legacy that continues to influence generations. His contributions to banking, agriculture, and philanthropy earned him immense respect both within Saudi Arabia and internationally.
The Al Rajhi Bank stands today as a symbol of trust and integrity in Islamic finance. His agricultural projects continue to feed communities and support the local economy. The endowment he created still funds education, medical care, and religious causes.
Beyond business, his influence extended to the promotion of ethical entrepreneurship. He demonstrated that success and faith can coexist and that financial achievement should always serve humanity.
Impact on Saudi Arabia’s Economy
The impact of Saleh Abdul Aziz Al Rajhi’s work on Saudi Arabia’s economy is profound. His initiatives helped modernise the Kingdom’s financial infrastructure, setting the foundation for Islamic banking systems that are now adopted globally.
By creating thousands of jobs, boosting agricultural productivity, and supporting real estate development, his enterprises contributed to national growth and diversification. His business ethics inspired future Saudi entrepreneurs to follow a model based on transparency, hard work, and social responsibility.
Moreover, his charitable model of the waqf has become a blueprint for many philanthropic organisations across the Middle East. It reflects how faith-driven finance can play a role in national development while upholding cultural and religious integrity.
Conclusion
Saleh Abdul Aziz Al Rajhi was more than a businessman; he was a visionary who changed the face of Saudi Arabia’s economy and philanthropy. His life story is a testament to how determination, honesty, and faith can transform an individual from humble beginnings into a figure of national importance.
He built institutions that combined financial strength with moral values, showing the world that Islamic principles can drive modern economic success. His impact continues to echo through the success of Al Rajhi Bank, the prosperity of his agricultural ventures, and the ongoing charitable work of his endowment.