The Clap Waleed Al-Mogbal, CEO of Al Rajhi Bank (1120), revealed the bank’s success in closing a crowdfunding operation, with a value of more than $1 billion over a period of 3 years.
The Deets The bank clarified that this is the most significant joint financing operation in the Middle East that is Sharia compliant and in line with Environmental, Social and Corporate Governance (ESG) practices.
Financing Al Rajhi succeeded in increasing funding from the initial launch amount, as 13 international investors participated in the historic deal, led by HSBC and SMBC.
What Now The financing aims to raise Al Rajhi’s liquidity levels, reflecting positively on the bank’s business.
Why this Matters Al Rajhi Bank is the first Islamic financial institution in the world to close a sustainable, Shariah-compliant crowdfunding operation.
Related News Al Rajhi Bank increased its stake in Al Rajhi Cooperative Insurance Company “Al Rajhi Takaful” (8230) to 35%, after obtaining the approval of the Saudi Central Bank (SAMA).
Its net profit increased by 18.11% in Q2 2022, which amounted to around SAR 4.26 billion, after zakat and tax.