Saleh Abdul Aziz Al Rajhi Entrepreneur and Philanthropist

Saleh Abdul Aziz Al Rajhi was a renowned entrepreneur and philanthropist who made a significant impact in the business world and beyond.

He was the founder of Al Rajhi Bank, which is one of the largest banks in Saudi Arabia.

Saleh Abdul Aziz Al Rajhi's legacy extends far beyond his business ventures, as he was also a dedicated philanthropist who worked tirelessly to improve the lives of those around him.

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Saleh Abdul Aziz Al Rajhi was born in 1921 in Al-Bukayriyah, Qassim, KSA.

He grew up in a poor family with his parents and three siblings, and his father moved the family to Riyadh for better prospects when Saudi Arabia was formed.

Saleh received his early education at the Quranic school of Al-Jami’ Al-Kabir mosque, completing the Quran by the age of 13.

This formed the foundation for his principles in life.

Growing up in poverty, young Saleh developed a relentless drive for identifying potential opportunities and displayed a remarkable entrepreneurial spirit.

He began supporting his family’s finances by selling scrap metal in the local market at a young age.

By age 16, Saleh had secured a spot among the vendors, selling tools and hardware.

He also started exchanging Riyals into smaller denominations to help other merchants in the market, earning a 5% commission for the exchange.

As one of the few offering these services, his client base grew rapidly, and in 1947, Al Rajhi opened a formal currency exchange shop in Riyadh.

Saleh bin Abdulaziz Al Rajhi founded his exchange business in the Najd region around 1957, officially registering it under the name Saleh bin Abdulaziz Al Rajhi Exchange.

He created systems for recording, trading, and managing money, and even developed a unique system for money transfers and drafts.

Saleh's business quickly grew, and he sent his brother Sulaiman to Mecca to build and run the exchange business for pilgrims and traders.

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Sulaiman stayed in Mecca and expanded the business to Jeddah, experiencing economic growth.

By the 1960s, the Al Rajhi Exchange had expanded its operations across Europe, Asia, and even the U.S., establishing a strong reputation in the financial world.

The Saudi government even depended on Al Rajhi for currency exchange before the first Saudi public bank was officially founded.

Saleh's siblings, Mohammed and Abdullah, joined the operation, and the business played important roles in providing financial services to key state development projects.

These projects included the Saudi Agricultural Development Fund (1963), Public Investment Fund (1971), and Real Estate Development Fund (1972).

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Saleh bin Abdulaziz Al Rajhi was born in 1920 in the city of Bkeriyah in Al Qassim Province in modern-day Saudi Arabia.

Growing up in a poverty-stricken family led young Saleh to constantly look for ways to generate income, often working as a porter to help support his family.

Saleh received his early education at the Quranic school of Al-Jami’ Al-Kabir mosque, in Riyadh’s Deira neighborhood, alongside his siblings.

In the 1940s, Saleh discovered a passion for entrepreneurship and set up shop at a local market where he sold tools and other hardware.

He noticed that many traders were importing carpets from Kuwait and Iran, which inspired him to enter the field of money exchange.

Saleh married Noora Yousef Al Malahi in 1941, at the age of 21, and later offered exchange services for the value of gold and silver pieces in response to the lack of a proper banking or currency system in Saudi Arabia at the time.

In 1942, 14-year-old Sulaiman moved out to live with his mother, who was very sick at the time, and got a job as a coffee maker for the Bin Laden family to help support her financially.

Sulaiman also started to buy tea and sugar in bulk, which he resold in individual packages to people on their way to work in the mornings.

Saleh accumulated enough savings to open his first shop in the Deira neighborhood shortly after the Second World War.

In 1957, Saleh officially registered the business under the name Saleh bin Abdulaziz Al Rajhi Exchange, the first formally recognized local exchange in the Najd region.

Saleh Abdul Aziz Al Rajhi's legacy is a testament to his entrepreneurial spirit and business acumen. He was one of the pioneers of modern Saudi banking.

Saleh Abdul Aziz Al Rajhi's bank was founded in 1957, and it quickly became a major player in the Saudi banking industry.

He played a crucial role in establishing the Saudi banking system, and his bank was one of the first to introduce modern banking practices to the country.

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