Alrajhi Bank
“Can the world's largest Islamic bank become the full-spectrum financial OS for Saudi consumers and SMEs by layering fintech capabilities — digital wallets, transaction enrichment, embedded lending, and open banking — onto its dominant branch and POS network?”
Founded in 1957 as a money-changing operation, Alrajhi Bank evolved into the world's largest Islamic bank by assets and market cap, operating under Shariah-compliant principles across retail, corporate, and investment banking. Over the past decade it has aggressively digitized — 96% of transactions are now digital — and launched the urpay digital wallet (8M+ users), Tahweel remittance network, and an open banking developer portal. The 2024 acquisition of Drahim fintech signals a move toward embedding transaction enrichment, personal finance management, and automated investment into its core app, extending its role from deposit-taker to financial OS for Saudi consumers and SMEs.