The bank was started by four brothers, Saleh, Sulaiman, Mohamed, and, Abdullah of the Al Rajhi family, one of the wealthiest families in Saudi Arabia. The bank initially began as a group of banking and commercial operations which, in 1978, joined together under the umbrella of the Al Rajhi Trading and Exchange Company. The company changed to a joint stock company in 1987, and after two years was rebranded as the Al Rajhi Banking and Investment Corporation.
The bank's origins lie with the Al Rajhi family, one of Saudi Arabia's wealthiest families. It started as a collection of banking and commercial activities before merging under the umbrella of the Al Rajhi Trading and Exchange Company in 1978. The company later became a joint-stock corporation in 1987, ultimately rebranding as the Al Rajhi Banking and Investment Corporation two years after.