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This Is Al Rajhi Bank In The Name of Allah The Most Merciful, The Most Gracious The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud His Royal Highness Crown Prince Mohammad Bin Salman Bin Abdulaziz Al Saud 02 Bank of the Future Years of forward looking strategy, purpose and endeavour have positioned Al Rajhi Bank as one of the most successful financial institutions in the region. A strong sense of awareness of the path to the future, 03 both for global banking and Al Rajhi itself has allowed the Bank to read the signs of the times with accuracy and has led us to formulate strategy that will inform every aspect of enterprise through the years ahead. This strategic platform will propel the Bank to further grow its core banking strengths, enhance brand strength and positioning, leverage emergent technology and infrastructure and expand customer centricity. Our every strategy and action has consonance with the drive to achieve the Kingdom’s Vision 2030. Bank of the Future Annual Report 2020 © 2020 Al Rajhi Bank Scan to view the mobile version of this Annual Report The web and mobile HTML versions are published on-line on the same date as the date of issue of this publication at https://www.alrajhibank.com.sa/ir/ar/index.html Scan to download Scan to download Scan to download the Al Rajhi Bank the Al Rajhi Bank Corporate the Al Rajhi Bank Investor Relations Retail Mobile Application and SME Mobile Application Mobile Application Contents Overview 07 About this Report 08 This is Al Rajhi Bank 09 Value Drivers: 2020 at a Glance 12 Five-year Summary 15 Chairman's Statement 16 CEO's Message 20 Context 23 Value Creation Model 24 Operating Context 27 Stakeholders 32 Materiality 37 Strategic Direction 40 Business in Perspective 45 CFO Review/Performance in 2020 46 Business Portfolio Review 53 Retail Banking 53 Corporate Banking 56 Treasury 59 SME Business 61 Subsidiaries and International Branches 63 Human resources 69 Leading the Market 78 05 Shared Services 81 Digital Footprint and Technology Transformation 83 Sharia Group 87 ESG Report 89 Corporate Governance 105 Board of Directors 106 Executive Management 110 Governance 112 Risk Management 135 Financial Statements 139 Independent Auditors’ Report 140 Consolidated Statement of Financial Position 142 Consolidated Statement of Income 143 Consolidated Statement of Comprehensive Income 144 Consolidated Statement of Changes in Shareholders’ Equity 145 Consolidated Statement of Cash Flows 146 Notes to the Consolidated Financial Statements 147 Supplementary 223 GRI Content Index 224 Glossary of Key Islamic Finance Terms 227 Corporate Information 229 Contents 06 Overview Overview 07 About this Report 08 This is Al Rajhi Bank 09 Value Drivers: 2020 at a Glance 12 Five-year Summary 15 Chairman's Statement 16 CEO's Message 20 About this Report Overview GRI 102-46, 102-49, 102-50, 102-52, 102-53, 102-54 This Report has been Report structure prepared in accordance with the GRI Standards: This Integrated Annual Report provides a clear As organisations preparing an integrated Core option. and concise picture of the Bank’s performance, report are not necessarily required to adopt operations, and strategy (as far as it is prudent The <IR> Framework categorisation of capitals to disclose such information) as it creates (as provided in the paragraphs 2.10 and value over time against trends shaping its 2.17 – 2.19), the Bank has categorised the operating environment. The comprehensive capitals differently in its value creation model integrated annual report in online HTML format diagram to aptly describe its value creation is complemented by the concise integrated process. The process of preparing this Report annual report in print and PDF. has strengthened and reinforced integrated Report boundary thinking across the Bank. The boundary for financial reporting includes When launching new ventures and initiatives, Al Rajhi Bank (referred to as “the Bank” in this the Group always takes into consideration the Report) and its subsidiaries (which, together financial, economic, social, and environmental with the Bank, are collectively referred to as the consequences of its actions. With its best in “Group”). When contributions by other Group class systems and risk management processes, entities are discussed they are referred to as the Bank is in complete compliance with all “Group” or “Consolidated”. The Bank’s reporting local regulatory requirements. focuses on aspects that may substantively affect the Bank’s ability to create value over the short, The Consolidated Financial Statements as of medium and long term and which may have a and for the year ended December 31, 2020 are significant probability of occurrence. in line with International Financial Reporting Reporting period Standards (IFRS) as endorsed in the KSA and 08 other standards and pronouncements issued This Report is consistent with the Bank’s usual by the Saudi Organization for Certified Public annual reporting cycle for financial and Accountants (SOCPA). The Statements comply sustainability reporting and covers the 12-month with the provisions of the Banking Control Law, period from 1 January to 31 December 2020. the Regulations for Companies in the KSA, and The most recent previous integrated report the Bank’s Articles of Association. covered the 12-month period ended December 31, 2019. There are no restatements Precautionary principle of information provided in previous reports and The Bank is keenly aware of the direct and no significant changes from previous reporting indirect social and environmental impact of periods in the scope and aspect boundaries. its actions. The indirect consequences result Compliance from the business activities of its customers to whom the Bank lends in particular. The Bank This Report complies with all applicable laws, avoids or reduces any such negative impacts regulations and standards, and guidelines for through its credit policies, screening for social voluntary disclosures. Additional details can be and environmental issues, post-disbursement found in the chapter on Governance (pages 112 supervision, and risk management processes. to 134), and in the Financial Statements and the Notes thereon (pages 139 to 222). Although the Bank’s business model and operations do not directly create a significant The consolidated environmental, social and negative impact on the environment, every governance (ESG) data has been prepared effort is made to reduce its own carbon in accordance with the following standards, footprint through initiatives such as solar energy principles, concepts and guidelines: usage, energy efficient air conditioning and the y The International Integrated Reporting elimination of paper usage in its processes. Framework (www.theiirc.org) Queries y The Smart Integrated Reporting Your comments on this Report are most MethodologyTM welcome. Please email: [email protected] to y Global Reporting Initiative send in your feedback on the Bank’s Integrated Sustainability Reporting Guidelines – Annual Report 2020. GRI Standards (www.globalreporting.org) Overview This is Al Rajhi Bank 102-1, 102-2, 102-3, GRI 102-4, 102-16 Vision Mission To be a trusted leader delivering innovative To be the most successful bank admired financial solutions to enhance the quality of for its innovative service, people, life of people everywhere technology, and Sharia compliant products, both locally and internationally History Al Rajhi Bank is a Saudi joint stock company. 1957 1988 2006 established as an converted to a bank under named Al Rajhi Bank exchange house the name Al Rajhi Banking and 09 Investment Corporation The Bank was formed and licensed in accordance with Royal Decree No. M/59 and Article 6 of the Council of Ministers’ Resolution No. 245, both of June 1987. Values Everything the Bank does is built around its Modesty and humility core values, which puts the customer at the Humility in everything we do heart of all its activities. Innovativeness Integrity and transparency Nurturing imagination and Openness and highest standards of fostering creativity corporate and personal ethics Meritocracy A passion to serve Defining, differentiating, and A strong commitment to anticipate and reinforcing excellence in people address customer needs Care for society Solution oriented Contributing towards a better Helping customers achieve their tomorrow objectives This is Al Rajhi Bank Overview The Bank Headquartered in Riyadh, Kingdom of Saudi Arabia, Al Rajhi Bank operates under Commercial Registration No. 1010000096. A member of the Al Rajhi Bank Group, the Bank is listed on the Saudi Stock Exchange (Tadawul) with the Ticker No. RJHI. The Bank’s business is diversified across the following: Corporate banking BANK Retail banking SMEs 10 Treasury International business Al Rajhi Bank Group The Al Rajhi Bank Group provides clients with innovative products and services that combine Islamic values with modern commercial requirements. The Group consists of the following subsidiaries situated within the Kingdom and overseas. Real Estate GROUP Brokerage Securities Insurance Professional Services Overview This is Al Rajhi Bank Subsidiaries and International Branches in brief y Al Rajhi Financial Markets Ltd. y Al Rajhi Development Company – KSA A Limited Liability Company registered in A limited liability company registered in the the Cayman Islands with the objective of Kingdom of Saudi Arabia to support the managing certain treasury related transaction mortgage programs of the Bank through on be half of the Bank. transferring and holding the title deeds of real estate properties under its name on behalf (Refer Review of Subsidiaries on page 63) of the Bank, collection of revenue of certain properties sold by the Bank, provide real Strength and reach estate and engineering consulting services, y One of the largest banks in Saudi Arabia in provide documentation service to register terms of assets – accounting for 16% of total the real estate properties and overseeing the assets and 19% of total deposits among evaluation of real estate properties. banks in the Kingdom at end 2020 y Al Rajhi Corporation Limited – Malaysia y A market capitalisation of SAR 184 Bn.
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