Bank Al Jazira - BJAZ

Activities

Established in 1975, Bank AlJazira emerged as a beacon of financial services in Saudi Arabia. Its founders envisioned a bank that would operate in accordance with Shariah principles, catering to the needs of both individuals and businesses. In those early days, BAJ set out to build a strong foundation, emphasizing trust, integrity, and community engagement. It planted its roots in the bustling city of Jeddah, where it would grow and thrive. Throughout the years, BAJ steadily expanded its footprint. By the turn of the millennium, it had established a network of branches across the kingdom, serving diverse clientele. The bank's commitment to Shariah-compliant banking resonated with customers seeking financial solutions aligned with their faith. BAJ became a trusted partner for personal banking, corporate services, and investment needs. As the world hurtled into the digital age, BAJ adapted. It recognized the importance of technology and launched initiatives to enhance customer experiences. AlJazira Online, the bank's digital platform, allowed customers to manage accounts, transfer funds, and access services seamlessly. No more waiting in long queues-just a few clicks away from financial control. In June 2023, BAJ made headlines by issuing a SAR-denominated additional Tier 1 sukuk (a type of Islamic financial instrument) worth a whopping $533.3 million. This move was part of an ambitious additional Tier 1 Capital Sukuk program totaling $1.3 billion. By the end of 2023, BAJ boasted 75 branches and 52 Fawri remittance centers across Saudi Arabia. Its commitment to serving the community remained unwavering. In 2023, BAJ's total assets reached an impressive $34.5 billion. However, like any financial institution, it faced challenges. Its net profit declined by 8%, settling at $272 million. Yet, resilience remained the name of the game. Under the guidance of Naif A. Al Abdulkareem, who served as CEO and Managing Director, BAJ continued to evolve. Strategic plans for the years 2023-2026 were set in motion, aiming for sustainable growth and innovation.