Al Rajhi Bank
traditional bank
Al Rajhi Bank is the world's largest Islamic bank by assets and the largest bank in Saudi Arabia, with over SAR 870 billion (approximately USD 232 billion) in total assets as of 2024. Founded in 1957 and headquartered in Riyadh, it operates across more than 500 branches in Saudi Arabia plus international offices in Malaysia, Kuwait, and Jordan. All products are Sharia-compliant, structured as Murabaha, Mudarabah, or Wakalah contracts rather than interest-bearing instruments. Retail customers benefit from the Al Rajhi mobile app, Apple Pay and mada card integration, and instant account opening for Saudi residents via Absher digital identity verification. Business banking covers trade finance, letters of credit, and Sharia-compliant project financing. Non-residents and non-Iqama holders generally cannot open accounts; US persons are not accepted due to FATCA complexity. Al Rajhi is consistently rated among the world's most profitable banks relative to assets.
Details
- Headquarters
- Saudi Arabia
- Currencies
- 5
- Monthly Fee
- Free
- Non-Residents
- Not accepted
- US Persons
- Not accepted
- Debit Card
- Available
- Business Account
- Available
Opening Requirements
- •Saudi Iqama (residency permit) or Saudi national ID for residents
- •Valid passport
- •Saudi mobile number registered under the applicant's name (linked to Absher)
- •Employment contract or salary certificate
- •Minimum opening deposit (varies by account type; zero for basic Qard accounts)
- •SAMA-compliant Know Your Customer (KYC) documentation
Restricted Nationalities
Not available to nationals of: israel, north-korea, iran, syria, cuba
Nationality Acceptance Matrix
Who this provider will and will not onboard. Refusals are listed first. Sourced from the provider's own published terms and recent public onboarding reports — confirm with the provider before applying.
| Nationality | Accepted | Notes |
|---|---|---|
| us | NO | US persons not accepted; Al Rajhi does not maintain FATCA compliance infrastructure for US person clients. |
| iran | NO | Blocked — UN/GCC/SAMA sanctions on Iran; USD-clearing and SAR interbank exposure creates compliance risk. |
| israel | NO | Blocked — Saudi Arabia does not recognise Israel; accounts not opened for Israeli passport holders. |
| north korea | NO | Blocked — UN/OFAC DPRK sanctions. |
| syria | NO | Blocked — UN/Arab League/SAMA sanctions on Syria. |
| saudi arabia | YES | Saudi nationals are the primary customer base; full product access including Absher-linked instant digital onboarding. |
| uk | YES | UK nationals accepted if holding a valid Saudi Iqama (residency permit); no non-resident account opening. |
| eu | YES | EU nationals accepted if Saudi-resident with a valid Iqama; standard KYC applies. |
| pakistan | YES | Pakistani expatriates form one of the largest Iqama-holding populations in Saudi Arabia; widely accepted with standard documentation. |
| india | YES | Indian nationals accepted with Iqama; among the largest expat communities served by Al Rajhi. |
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Sources & last verified
- Last verified 2026-06-15