Bank Aljazira is considered one of the fast growing leading financial institutions, which is "a Saudi financial group that places the customer at the center of its attention, and always works to develop innovative services and products that are compatible with the provisions of Islamic Sharia, and meets the needs of all customers, individuals, companies and bodies provided by competent employees and specialists who are dedicated to customer service." ".
In April 2018, the Capital Market Authority announced the approval of Al-Jazira Bank’s request to increase its capital by offering priority rights shares worth 3 billion riyals to increase its capital from (5,200,000,000) riyals to (8,200,000,000) riyals.
In April 2017, the Capital Market Authority announced the issuance of the Authority’s Board’s decision to approve the request of Bank Al-Jazira to increase its capital from (4,000,000,000) riyals to (5,200,000,000) riyals by granting 3 free shares for every (10) existing shares owned by shareholders registered in the shareholders ’register at the end of Tadawul The day of the extraordinary general assembly.
Bank Al-Jazira (the bank) was established as a Saudi joint stock company registered in the Kingdom of Saudi Arabia by Royal Decree No. 46 / M issued on 12 Jumada Al-Thani 1395 AH (June 21, 1975 AD). The bank commenced operations on 16 Shawwal 1396 AH (October 9, 1976 AD) after it acquired the branches of the National Bank of Pakistan in the Kingdom of Saudi Arabia. The bank operates under Commercial Registration No. 4030010523 issued in Jeddah on Rajab 29, 1396 AH (27 July 1976 AD).
In the year 1992 AD, the bank started the restructuring process with two consecutive increases in the capital in both 1992 and 1994 and came exclusively from the Saudi shareholders, which led to a significant reduction in the ownership of the National Bank of Pakistan. In the year 1993 AD, the bank started the restructuring and succeeded in introducing the latest technology methods and offering modern banking products and services while improving the capabilities of its employees, which led to the bank's transition to profitability in the year 1997 AD.
In the year 1998 AD, the Board of Directors of the bank made a strategic decision to convert it from a conventional bank to a bank that all its activities are compatible with the provisions of Sharia. To ensure this, the bank established a Sharia department within its organizational structure with the establishment of a Sharia board consisting of a number of elders and scholars specialized in Islamic banking to monitor the bank’s business and approve it if it is confirmed to be in compliance with the provisions of Sharia. The Shariah Board currently consists of His Excellency Sheikh Abdullah bin Sulaiman Al-Mani’ah (Chairman), Dr. Abdullah bin Muhammad Al Mutlaq (Vice President), and the membership of Dr. Muhammad bin Ali Al-Qari, Dr. Abdul Sattar Abu Ghadah, and Dr. Fahd bin Ali Al Olayan (Rapporteur).
In the year 2002 AD, with the success of God, the bank succeeded in converting all its branches to operate according to the provisions of Sharia, and began to harvest the results of this great effort, strategic transformation and service excellence, achieving steady growth that strengthened its presence and image in the banking market.
In the year 2006 AD, the bank launched its program "The Good Island for the People of the Island", for which it allocated 100 million riyals to support initiatives and sponsor major programs aimed at developing society based on the teachings of our true Islamic religion and in cooperation with governmental and non-governmental institutions that have contributions in the field of charitable work. These programs are aimed at helping large numbers of people with special needs, from families and individuals alike, in addition to holding training courses in vocational rehabilitation for hundreds of Saudi men and women to give them real opportunities to join the labor market and participate actively in the development of the national economy.
In the year 2007 AD, by the grace of God, the bank succeeded in converting all its operations and activities completely in line with the provisions of Sharia, and in the same year the bank witnessed an increase in its paid-up capital to become three billion Saudi riyals, all of which came from the realized profits.
As for the year 2009 AD, it can be described as the year of laying the foundations for future growth and diversification of the bank's products and services. During this year, the bank and its employees were strengthened with the necessary skills and capabilities that enable it to make the most of the opportunities seen in the future. Among the important accomplishments achieved during this year was to double the number of branches to 48 branches.
Currently, Bank Al-Jazira has a wide network of branches, reaching 94 branches and women’s divisions in the different regions of the Kingdom, which led, thank God, to attracting more customers while providing better services to our existing customers by spreading in new regions throughout the Kingdom. In the same year, the bank moved some ATMs to other locations in order to provide better service to our customers. Also, all channels of customer access through the Internet, banking phone and credit cards of all categories were upgraded.
In order to enhance its image as a multidisciplinary group in accordance with the provisions of Shari'a, the bank has launched several innovative products and services, using various media outlets for this purpose. Among its new products was the real estate financing program, which was distinguished from other banks ’programs quickly and effectively competing in the implementation of orders, which gave the bank a unique market advantage. In terms of improving the services provided to our corporate clients, the bank has established regional offices in Riyadh, Jeddah and Dammam that specialize in servicing this segment "under one roof" that includes all the services that companies may require by a group of qualified employees and an integrated package of products including money management and financing Commercial.
Moreover, Al-Jazira Financial Markets (Al-Jazira Capital), the bank’s investment arm, continued to consolidate its distinguished leadership position in the local stock trading market by offering more products and improving its “Tadawulkum” position, which has won many distinction awards, and upgrading its capabilities which enabled clients to Direct access to many regional and international stock exchanges. It also launched a research center that issues reports and studies covering selected aspects of economic sectors and companies in the latest technical methods. It is worth noting that Al Jazeera Financial Markets has maintained a leadership position in the local stock trading market in the Kingdom over the past seven years.
Bank Al-Jazira is the first bank in the Kingdom of Saudi Arabia to initiate the launch of a cooperative takaful program in 2002 as an integrated, Sharia-compliant alternative to traditional life insurance programs. Since then, cooperative takaful has established itself as the leader of the cooperative takaful market and has been the fastest in meeting customer requirements within the framework of steady improvements that have occurred in terms of infrastructure, products, or resources. For the third year in a row, cooperative symbiosis was awarded the "Best Life Insurance Provider for the year 2009 AD" within the events of "Insurance Awards in the Middle East", adding many more awards that the program has received from many prestigious international and local evaluation institutions
As the first bank in the Kingdom, Bank Al-Jazira began in 2009 to seek ISO certification for its operations to ensure the adoption of best practices in the framework of the services provided by these operations. Since then, many operations departments have obtained the ISO certificate and efforts are still in full swing to qualify the remaining departments and ensure that they obtain a certificate of excellence in total quality (ISO) before mid-2010. From this initiative, the bank looks forward to raising the level of confidence that its customers place in the bank
With regard to human resources, the bank gave this aspect the greatest importance and invested heavily in it in order to upgrade the capabilities of its human resources in proportion to the steady growth in its products, services, channels and infrastructure. Through a series of initiatives that resulted in the establishment of a world-class human resources management that features a performance review and development system with performance measurement indicators, a motivational program and specialized and constructive training programs. During this historic process, the bank maintained an effective work environment with long-term programs for employment and retaining national talent, which led to raising the Saudization rate from 23% in 1994 to 92%. At the end of the year