In May 2011, he announced he was donating most of his $7.7 billion fortune to charity.
He received the 2012 King Faisal International Prize for dedicating half his fortune to charity, starting an Islamic bank, supporting charity work and implementing effective national projects.
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.