Building on its 2020 Bank of the Future strategy, Saudi Arabia’s largest Islamic bank has acquired a technology company to support its digital transformation endeavors as it embraces its “Unbank the Bank” identity.
Al Rajhi Bank, whose total assets reached SAR468.82 billion (US$124.83 billion) as at the end of 2020, has taken over Ejada Systems, an IT service and solutions company, following an approval by the Saudi Central Bank and a non-objection from the General Authority for Competition. The Islamic bank entered into a share sale and purchase agreement with Ejada on the 8th December 2021 under which the bank is to acquire the entirety of the shares in Ejada.
It is hoped that deal will enhance the bank’s product development and delivery of financial services, particularly digital banking services.
Al Rajhi Bank has been actively building its tech capabilities, even assuming a new identity, “Unbank the Bank”, to encapsulate its future-readiness spirit and agility in meeting changing consumer needs. This digital theme cascades down to its other subsidiaries including Al Rajhi Capital which services the capital markets, Emkan which operates in the microfinance and SME fields, and Neoleap which provides digital payment solutions to the retail and corporate market.