Sulaiman Al-Rajhi: Rags to Riches Story

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The human head is a computer if used in serious thought and hard work,

and channels of action open to everyone waiting for their entry.

- Sulaiman Al Rajhi

3.0 Motivation

There are some factors that encourage Sulaiman Al-Rajhi to make investment in certain specific areas.

3.1 Al-Rajhi Bank

His experiment in money exchange with his brother was encourage him to set up a bank. The absence of any Islamic banking institution was one of the main factor the establishment of Al-Rajhi Bank, which is now become one of the world’s biggest Islamic lender by market value.

He began the experiment with opening an office in Britain where he and his brother introduced Islamic banking system at a greater level. The experiment was a success and it had received total backing of the Saudi Islamic scholars at that particular time.

“I still recall the application made for getting license for the bank was turned down in the beginning. I went to London and met with the manager of the Bank of England and two of his deputies. I told them that Muslims and Christians see interest as forbidden (haram), and I tried to convince them that if we establish Islamic banks, this money would be helpful to strengthen the world economy. These talks were helpful in convincing them and they agreed to open Islamic banks.” Said Sulaiman Al-Rajhi in an interview with Muhammad Al-Harbi of Al-Eqtisadiah business daily.

3.1 Al-Watania Poultry

The idea of establishing Al-Watania Poultry came out after he visit one of the poultry project abroad. He saw that the way of slaughtering chicken was not proper, then he decided to make investments in poultry field. Sulaiman Al-Rajhi acknowledge that it is his duty to his religion and nation. He started the project even though making investments in poultry involved high risks in those days. Now Al-Watania Poultry has become a mega Saudi project that is instrumental in achieving food security in many respects. The company enjoys a 40 percent market share in Saudi Arabia, and Al-Watania chickens are naturally fed and halal slaughtered in accordance to the Syariah principles.

4.0 Characteristics

4.1 Punctuality

At the beginning of his business career, he had made an appointments with several top European company executives and officials. He reached late for such an appointment due to an unavoidable reason. His delay was only a few minutes but the official excused himself for the interview. Later, after expansion of the projects, the same official came late for an interview with him, so I excused himself for the interview. He always carry a paper to note down the schedule of meetings and stick to the schedule at any cost.

4.2 Firmly with Islamic Principles

He always keen to strictly adhere to the Islamic principles throughout my life. There was a time where he received an invitation from an Arab government to attend an investment conference there. On the conference, he was invited to take part in a dinner reception. When he reached that place, he found a recreational program, which is contrary to Islam customs and traditions, taking place. So he quit the place immediately. Soon minister plenipotentiary rushed to him, and he explained to him that the function is against Islamic tradition. So he informed to Sulaiman Al-Rajhi that the recreational party would be cancelled. When they cancelled that party, he participated in the dinner.

Sulaiman Al-Rajhi also received recognition in a glittering ceremony held in Riyadh which he was awarded the King Faisal International Award for 2012. This recognition is given to Sulaiman Al-Rajhi because his views firmly in defending the Islamic banking system is realized even at the beginning of the system challenged by the west.

4.3 Patience

There was a huge fire that gutted down one of his factories managed by his son. When he came to inform Sulaiman Al-Rajhi about it, he told him: Say praise be to God. Sulaiman Al-Rajhi asked him not to submit any report about the losses to the authorities seeking compensation. In fact, the compensation is from Allah and it is essential for us to be satisfied with what Allah destined for us.

4.4 Attitude Humility

In an interview with Muhammad Al-Harbi of Al-Eqtisadiah business daily, the interviewer ask Sulaiman Al-Rajhi, why don't you still have a private aircraft.

He answered: “Let me tell you that I have many planes but they belong to various airlines. I have ownership in all of them to the tune of the ticket fare that I pay for each travel. I always travel in economy class with the conviction that Allah bestowed us wealth not for showing arrogance or spend extravagantly but to deal with wealth as a trusted property.”

In addition, he also donated most of his property to be donated. He has provided food to almost three million pilgrims who perform standing at Arafat. Not only that, he also provides money and hire someone to cook the dish. In fact, he had also worked for the success of the standing congregation activities to engage actively together 800 chefs who are hired to prepare the meal. His caring attitude clearly proves that he is a person who likes to lighten the burdens of others.

5.0 Skills and Abilities

5.1 Versatility

Sulaiman Al-Rajhi is one of the most successful entrepreneurs in the world. One of the reasons is because he has versatility in him that make him different from any other entrepreneur. As the world know that Sulaiman Al-Rajhi owns the biggest stake in the world largest organization for Islamic banking and finance, but he also has other skills and qualities that make him success in business.

Even after his banking organization become one of the most successful Islamic banking in the world he still shows his other skills in business by not just stick and just focusing on banking business, but he also dabbled in other business like poultry farming centre and agriculture. Sulaiman Al-Rajhi starts the poultry business after he visits poultry project abroad. He saw how the rearing process was conducted improperly and against sharia. He then decides to invest in the field of poultry by establishing Al-Watania