Saudi reveals his Islamic endowment of $16 billion during Snapchat interview
A Saudi Business man, Sheikh Suleiman al-Rajhi, revealed the value of his personal endowment, believed to be the highest amount in the Islamic world.
Rajhi said during a Snapchat interview with social media celebrity, Mansour al-Reqeiba, that he gave his sons, daughters and their mothers their legitimate share of the $16 billion Islamic endowment.
“This is considered one of the largest endowments in the Islamic world,” Mansour commented.
The Islamic endowment, known as waqf in Arabic, is an inalienable charitable endowment under Islamic law, which typically involves donating money or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets.
Rajhi, one of the most famous businessmen in Saudi Arabia, said that he asked his children not to give him treatment outside Saudi Arabia, saying that he is completely confident that the Saudi doctors are as good as others abroad.
Rajhi is a Saudi businessman who is known that he did not inherit wealth or prestige from a long-standing family. However, he is considered as one of the wealthiest men; he made his family name a rival to the names of the rich families in his country and region.