In the Muslim world, the Arabs are considered as the richest. They spent a lot of amount in buying of cars, gold, ships, investing in business, purchasing big market shares. The lavish life style had put the attention of the media towards them. Around the world where ever the bid for selling of shares is proceeding, you will find Arabs. The reason of their richness is none other than blessing of oils. They had vast reservoirs of oil in Arab countries. In Arab countries, water is more expensive than fuel. From this point, you can imagine the richness of these countries in terms of oil.
Sulaiman Al Rajhi was born in Al Bukairiyah, located in Al Qassim province in Saudi Arabia, and grew up in the Najd desert where he and his brother Saleh began their business by charging money for pilgrims taking camel caravans across the desert to the cities of Mecca and Medina. According to Arab News, Rajhi comes from humble beginnings. Through hard work and determination, he became the successful businessman that he is today.
Sulaiman Abdul Aziz Al Rajhi holds the largest individual stake in his family’s Al Rajhi Bank, which has consistently reported the most profitable operations amongst all of Saudi Arabia’s banking groups. A co-founder of the bank, with the older brother, Saleh, he is currently the chairman of what is nationally recognized as the Tadawul’s most venerable institution.
The Al Rajhi brothers’ business growth and expansion was fed by the flood of migrant workers to Saudi Arabia during the 1970s oil boom. The Al Rajhis helped them send their earnings home to places like Indonesia and Pakistan. In 1983, the brothers won permission to open Saudi Arabia’s first Islamic bank, one that would observe religious tenets such as a ban on interest.
The Al Rajhi family continues to be Al Rajhi Bank’s majority shareholders though Sulaiman and his brothers have diversified family investments into gypsum, agriculture, steel, and other industrial sectors. Rajhi is a big name in the business world. In 2011, his wealth was estimated at $7.7 billion by Forbes, making him one of the richest people in the world.
In 2012, Rajhi received the King Faisal International Prize for dedicating half his fortune to charity as well as starting an Islamic bank that supports charity work and implements effective national projects.
Saudis are hard, rough and tough. We often saw them in love with Snap Chat but this Saudi businessman has just taken this love to a whole level. By revealing the extent of his charity efforts through the social media platform, Sheikh Suleiman al-Rajhi got thousands to tune into the Snap Chat interview, conducted by social media star Mansour al-Reqeiba. $16 billion (60 billion riyals) is the amount of money he has donated throughout his lifetime, he said – an amount that is considered one of the largest endowments made in the Islamic world and which has yet to be matched. He has given away two-thirds of his entire wealth to charity in the form of Waqf -an Islamic endowment- and the remaining one-third to his family.
Now let me tell you what Waqf is. “Waqf,” refers to the donation of valuable goods including money, buildings, land or other assets to the public – with no intention of reclaiming them back. The donated assets are no longer owned by anybody and cannot be bought or sold, nor can they be used for generating profit.
The Rajhi family is considered to be Saudi Arabia’s wealthiest non-royals and one of the world’s leading philanthropists, whose wealth was built from scratch. As part of his philanthropy, he established the Sulaiman Al Rajhi University, a non-profit university that focuses mainly on health and Islamic banking. Apart from that, Rajhi has dedicated his bank shares (worth $3.7 billion, according to Forbes Middle East), his poultry farm and other assets to a charitable endowment that funds anti-hunger efforts and education in the kingdom. So, the people we see on social media like them set good example for us to how to use your wealth for charity. Being a Muslim it is a proud moment for us too.
The actual thing is that our religion is very much related to this wonderful act. Islam teaches us to pay establish your prayer and give zakat at many surah’s of Quran. It is very important to donate for the cause of God All Mighty.