Saudi Arabian Man Loses Biilionaire Status After Donating US$16B To Charity

A Saudi Arabian Richest man donated “$16 Billion” in charity and kicked himself out of the billionaires club.

The Rajhi family is regarded as Saudi Arabia’s wealthiest non-royals and one of the world’s greatest philanthropists, having created their fortune from the ground up.

Arabs are the richest people in the Muslim world. They spent a lot of money on automobiles, gold, and ships, as well as on commercial investments and large market shares. The media had focused on them because of their opulent lifestyle.

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Sulaiman bin Abdul Aziz Al Rajhi, on the other hand, said in an interview that he had been impoverished twice in his life.

Sulaiman Al Rajhi began working as a porter at Riyadh’s Al Khadra market at the age of nine, carrying clients’ shopping bags. He began picking palm dates at the age of 12 for a monthly pay of no more than six Saudi Riyals. He used to sleep on gravel at the same worksite, wearing his work clothes.

He revels in his good fortune and recognizes that it will help others as well. ‘When my children were little, I never gave them money for nothing. ‘When one of them approached me for money, I gave them a job in exchange,’ he stated.

Sulaiman bin Abdul Aziz Al Rajhi and his three brothers created Al Rajhi Bank in 1957. It expanded to become one of the world’s largest Islamic banks, earning Al Rajhi a fortune in the tens of millions of dollars.

The Rajhi family is regarded as Saudi Arabia’s wealthiest non-royals and one of the world’s greatest philanthropists, having created their fortune from the ground up.

He built the Sulaiman Al Rajhi University, a non-profit university focusing on health and Islamic banking, as part of his generosity.

Rajhi was awarded the King Faisal International Prize in 2012 for donating half of his money to charity and establishing an Islamic bank that promotes charitable activity and performs successful national initiatives.

Apart from that, Rajhi has donated his bank shares (worth $3.7 billion, according to Forbes Middle East), poultry farm, and other assets to a philanthropic foundation that supports anti-hunger activities and education in the kingdom.

Sheikh Suleiman al-Rajhi, a Saudi businessman, has recently taken Snap Chat to a whole new level by disclosing the scope of his charitable activities via the social media platform. Thousands tuned in to the Snap Chat interview, which was conducted by social media sensation Mansour al-Reqeiba.

He stated that he had contributed $16 billion (60 billion riyals) during his lifetime, which is regarded one of the greatest endowments established in the Islamic world and has yet to be equaled.

He has donated two-thirds of his fortune to charity in the form of waqf (an Islamic endowment), with the remaining one-third going to his family.

Sulaiman Bin Abdul Aziz Rajhi Charitable Foundation, founded by the 95-year-old, promotes educational, religious, health, and social objectives. The Arab Institute for Arabic Language, the National Guard Health Affairs, and the Sheikh Sulaiman bin Abdul Aziz Al Rajhi Mosque in Riyadh, Saudi Arabia have all received donations from the charity.

Let me explain Waqf to you. The term “Waqf” refers to the public giving of valuable things like as money, buildings, land, or other assets with no intention of retrieving them.

The donated assets are no longer held by anybody and cannot be purchased or sold, nor can they be utilized to generate profit.

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