How Sheikh Suleiman Al-Rajhi, A Saudi Billionaire, Gave $16b To Charity

Summary:

• Sheikh Suleiman al-Rajhi, a self-made Saudi billionaire and philanthropist, has donated an incredible $16 billion to various charitable causes throughout his life.
• Al-Rajhi co-founded Al Rajhi Bank, one of the world’s largest Islamic banks, and established Sulaiman Al Rajhi University, a non-profit institution focusing on health and Islamic banking.
• His charitable foundation supports education, religion, health, and social initiatives, making a huge impact on countless lives and setting new standards for philanthropy in the Islamic world.

Sheikh Suleiman al-Rajhi, a self-made Saudi billionaire, has stunned the world with his incredible act of generosity. With a donation of $16 billion to charity, he has not only made a significant impact on countless lives but also transformed the landscape of philanthropy in the Islamic world.

1.1 Brief background of Sheikh Suleiman al-Rajhi

Born into a modest family, Suleiman al-Rajhi rose to prominence through hard work and determination. He co-founded Al Rajhi Bank, which later became one of the largest Islamic banks in the world, and amassed a sizable fortune.

2. Early Life and Struggles

2.1 Childhood jobs and experiences

Suleiman al-Rajhi’s humble beginnings started when he worked as a porter at the age of nine. He later collected palm dates, earning a meager income. He slept on gravel at his workplace, wearing the same clothes he used for work.

2.2 Lessons learned from poverty

Despite facing poverty twice in his life, al-Rajhi remained grounded and appreciative of his wealth. He instilled the value of hard work in his children, expecting them to earn their money through work rather than handouts.

3. Al Rajhi Bank and Wealth

3.1 Founding the bank

In 1957, Suleiman al-Rajhi and his three brothers founded Al Rajhi Bank. Through perseverance and innovation, they turned it into one of the world’s largest Islamic banks.

3.2 Growth into a leading Islamic bank

The bank’s success catapulted the Rajhi family to the status of Saudi Arabia’s wealthiest non-royals. They became renowned philanthropists, using their wealth to benefit others.

4. Philanthropy

4.1 Overview of charitable contributions

Suleiman al-Rajhi has dedicated a huge portion of his wealth to philanthropic endeavors. He established Sulaiman Al Rajhi University, a non-profit institution focusing on health and Islamic banking.

4.2 Sulaiman Al Rajhi University

This university serves as a testament to al-Rajhi’s commitment to education and philanthropy. By offering accessible and high-quality education, the institution impacts the lives of countless individuals, empowering them to contribute positively to their communities and the world at large.

4.3 King Faisal International Prize

In 2012, Suleiman al-Rajhi was awarded the prestigious King Faisal International Prize for his dedication to philanthropy. He was recognized for donating half of his fortune to charity and establishing an Islamic bank that supports charitable work and implements effective national projects.

5. Charitable Endowments

5.1 Bank shares and other assets

Al-Rajhi’s commitment to philanthropy extends to his business ventures. He has dedicated his bank shares, worth $3.7 billion according to Forbes Middle East, his poultry farm, and other assets to a charitable endowment. This endowment funds anti-hunger efforts and education in Saudi Arabia.

5.2 Anti-hunger efforts and education

Through these endowments, al-Rajhi makes a very large impact on the lives of many people. By addressing essential needs such as hunger and education, his contributions have a lasting and meaningful effect on society.

6. Snap Chat Interview

6.1 Extent of charity efforts revealed

In a revealing Snap Chat interview conducted by social media star Mansour al-Reqeiba, Sheikh Suleiman al-Rajhi discussed the extent of his charitable efforts. Thousands tuned in to learn more about this extraordinary philanthropist.

6.2 Total amount donated

During the interview, al-Rajhi disclosed that he had donated $16 billion (60 billion riyals) throughout his lifetime. This staggering sum represents one of the largest endowments ever made in the Islamic world.

7. Distribution of Wealth

7.1 Two-thirds to charity

Sheikh Suleiman al-Rajhi’s generosity knows no bounds. He has given away two-thirds of his entire wealth to charity in the form of waqf, an Islamic endowment.

7.2 One-third to family

The remaining one-third of al-Rajhi’s wealth is designated for his family, ensuring their financial security and well-being.

8. Sulaiman Bin Abdul Aziz Rajhi Charitable Foundation

8.1 Supported causes

The Sulaiman Bin Abdul Aziz Rajhi Charitable Foundation is a testament to al-Rajhi’s philanthropic spirit. The foundation supports various causes, including education, religion, health, and social initiatives.

8.2 Notable donations

Among the foundation’s many contributions are donations to the Arab Institute for Arabic Language, National Guard Health Affairs, and the Sheikh Sulaiman bin Abdul Aziz Al Rajhi Mosque in Riyadh, Saudi Arabia.

9. Understanding Waqf

9.1 Definition and purpose

Waqf is an Islamic practice that involves donating valuable goods, such as money, buildings, land, or other assets, to the public. The intention is to benefit society without reclaiming the donated assets.

9.2 Rules surrounding Waqf

Once assets are designated as waqf, they are no longer owned by anyone and cannot be bought, sold, or used for profit generation. This selfless act allows for the betterment of society without personal gain.

10. Conclusion

Sheikh Suleiman al-Rajhi’s extraordinary generosity has made an indelible impact on countless lives. Through his $16 billion donation, he has set a new standard for philanthropy in the Islamic world and inspired others to follow in his footsteps.

11. FAQs

Q1: Who is Sheikh Suleiman al-Rajhi?

A1: Sheikh Suleiman al-Rajhi is a self-made Saudi billionaire, philanthropist, and co-founder of Al Rajhi Bank, one of the world’s largest Islamic banks.

Q2: How much has Sheikh Suleiman al-Rajhi donated to charity?

A2: Throughout his lifetime, Sheikh Suleiman al-Rajhi has donated an astounding $16 billion to various charitable causes.

Q3: What is Sulaiman Al Rajhi University?

A3: Sulaiman Al Rajhi University is a non-profit educational institution founded by Sheikh Suleiman al-Rajhi. The university focuses on health and Islamic banking, providing accessible and high-quality education to its students.

Q4: What is waqf?

A4: Waqf is an Islamic practice that involves donating valuable assets, such as money, buildings, land, or other goods, to the public for the betterment of society. The assets are no longer owned by anyone and cannot be bought, sold, or used for profit generation.

Q5: What causes does the Sulaiman Bin Abdul Aziz Rajhi Charitable Foundation support?

A5: The Sulaiman Bin Abdul Aziz Rajhi Charitable Foundation supports various causes, including education, religion, health, and social initiatives. Some notable donations have been made to the Arab Institute for Arabic Language, National Guard Health Affairs, and the Sheikh Sulaiman bin Abdul Aziz Al Rajhi Mosque in Riyadh, Saudi Arabia.