Bank AlJazira
Bank AlJazira is a Saudi bank listed on the Saudi Exchange "Saudi Tadawul" as a public joint stock company. It was established in 1975, following the acquisition of the branches of the National Bank of Pakistan in the Kingdom of Saudi Arabia. The bank’s headquarters are located in Jeddah City, in the western region of Saudi Arabia, and it operates under the supervision of the General Department of Banking Control at the Saudi Central Bank. The bank’s capital amounts to SAR8.2 billion.
It was listed on "Saudi Tadawul" on October 9, 1976. Its shares are traded on the Main Market within the Banks sector with the name (BJAZ), symbol (1020), and ISIN (SA0007879055).
Bank AlJazira branches
Bank AlJazira operates under an administrative structure that includes its general administration in Jeddah and regional offices in Riyadh City and Al-Khobar. It has ninety-four branches across Saudi Arabia, through which it provides services in retail banking, business and investment services, and treasury operations.
In 1998, the board of directors of Bank AlJazira issued a resolution to convert all financial transactions and services from a conventional banking system to an Islamic banking system compliant with Sharia provisions. The bank established a Sharia committee and a Sharia board to implement the decisions issued by the committee. By 2007, the bank had successfully converted all of its operations and activities to be fully Sharia-compliant.
The bank’s capital has increased progressively since it began operations. At the time of its establishment, its capital did not exceed SAR10 million. It reached SAR3 billion in 2007, surpassed SAR5 billion by 2017, and in 2018, the Saudi Capital Market Authority (CMA) approved an increase in the bank’s capital to SAR8.2 billion.
Bank AlJazira subsidiaries
Four companies are affiliated with Bank AlJazira, and three of them operate within the Kingdom: Aljazira Capital Company, the bank's investment arm, Alaman Real Estate, Aman Insurance Agency, and Al Jazira Securities Ltd, which works from the Cayman Islands in the Caribbean.
The bank is committed to protecting clients’ banking rights through (Radi) program, which aims to raise customer awareness and educate them on credit and financing matters, as well as provide financial guidance on services and solutions offered by banking specialists.
Support programs at Bank AlJazira
In 2020, Bank AlJazira allocated SAR100 million to support its social responsibility programs. These include the Interest-Free Loan Portfolio Program, the Support Program for Persons with Disabilities, the Innovation Support Program, the Nonprofit Sector Capacity Building Program, the Debt Relief Program for Prisoners, and the Training and Qualification Program for the Labor Market. A total of 1,500 projects were implemented, benefiting more than 116,000 individuals across forty cities in Saudi Arabia.