It was established in 1957 by Abdullah, Suleiman, Muhammad, and Saleh bin Abdulaziz Al-Rajhi, it follows the rules of Islamic Sharia in its transactions, and its capital is nearly 25 billion Saudi riyals, and the number of its branches has reached five hundred branches around the world.
Al-Rajhi Currency Exchange
You can exchange all currencies, and buy or sell at different prices, for this is the only bank that most citizens in the city deal with, and it has more than one branch in Saudi Arabia.
Al Rajhi Bank provides very safe transactions that are carried out easily without any problems at all, because Al Rajhi is one of the largest banks that work according to Islamic Sharia. It has been doing commercial and banking activities for more than fifty years.
Its first branch was established in the city of Riyadh in 1957, and it was the first private branch for women in the Al-Shumaisi District in 1979, and all Al-Rajhi institutions were merged in 1978 and 1988. Al-Rajhi became a Saudi joint-stock company.
Also read: Learn to Start a Currency Trading Project
Legal Controls Followed by Al-Rajhi Banks
The important points through which the bank’s income is dealt with:
- Avoid usury.
- Avoid gambling.
- Changing prices according to the changing economic conditions only.
- Protection of the local currency.
How to Convert Currencies
There are several programs through which the currency conversion process is calculated. Many applications help to calculate the conversion process by calculating the amount that will be transferred and the amount multiplied by the value of the currency to be changed.