Mohammed bin Faisal Al Saud
|Mohammed bin Faisal|
|Spouse||Muna bint Abd al Rahman bin Azzam Pasha|
|House||House of Saud|
|Mother||Iffat Al Thunayan|
|Born||1937 (age 76–77)
Mohammed bin Faisal (born 1937) is a Saudi businessman and a member of House of Saud. He is one of the pioneers in the establishment of Islamic banking.
Early life and education
Mohammed bin Faisal was born in Taif in 1937. He is the eldest child of the King Faisal and Iffat Al Thunayan who had nine children. He is full brother of Saud bin Faisal, Turki bin Faisal, Luluwah bint Faisal, Sara bint Faisal and Haifa bint Faisal.
Muhammed bin Faisal was the first to study abroad among King Faisal's children. He attended both Lawrenceville School and Hun School. He then attended Swarthmore College. He earned his bachelor of science degree in business administration at Menlo College in California.
Prince Mohammed began his career at the Saudi Arabian Monetary Agency (SAMA). In 1964, he was transferred to the ministry of water and agriculture. Next he was appointed director of saline water conversion department at the ministry in 1970. He contributed to the formation of the water desalination program. He was later named deputy minister of water and agriculture responsible for saline water affairs in 1974. He was also named as the governor of then newly founded saline water conversion corporation in November 1974. He resigned from office in July 1977.
Prince Mohammed began to deal with business after his resignation. During this period he financially supported a study about the feasibility of bringing Antarctic icebergs to Makkah. He established a firm for this objective, Iceberg Transport International. On 17 October 1977, he presented his proposal at a conference in London. His plan was the most promising scheme discussed at the conference. However, the findings of the study indicated that it was not feasible, since no iceberg could survive if it passes the equator.
His most significant investments are in the fields of banking and finance and he is one of the pioneers in Islamic banking. Being one of the Saudi nationals, who invested in Egypt, he is the founder of the Faisal Islamic Bank of Egypt that was established in Cairo in 1977. The bank was officially launched in 1979. The Sudan branch of the bank was also opened in 1977. He founded Dar Al Maal Al Islami Trust (the DMI group) in 1981. It was established in Geneva that is the international Islamic finance organisation and a parent institution for 55 Islamic banks. The DMI group is a Bahamas-incorporated holding company with a portfolio of Islamic banks in Bahrain, Niger, Egypt and Pakistan. Then he founded Faisal Private Bank in 1990 that is the pioneer banking institution in Islamic finance industry. Prince Mohammed is the chairman of its board of directors and of the Islamic Finance Group. Faisal Private Bank has several branches in different countries, including Switzerland. Its Switzerland branch was granted full banking license by the Swiss Federal Banking Commission (FINMA) in August 2006. Prince Mohammed is also the former president of Jeddah-based Islamic Development Bank, which was founded in 1975.
In addition to banking sector, Prince Mohammed has other business enterprises. He is a shareholder of Saudi and Gulf Enterprise Ltd. based in Jeddah.
Following the 9/11 terrorist attacks, the families of the victims launched a lawsuit against Prince Mohammed along with two other members of the House Saud, namely late Prince Sultan and Prince Turki, in addition to other people whom they accused of financing Al Qaeda. In 2009, further evidence was gathered by the families. A Washington lawyer, Michael Kellogg, represented Prince Muhammed in the lawsuit.
Mohammed bin Faisal is married to Muna bint Abdul Rahman bin Azzam Pasha, daughter of Azzam Pasha. He has three children: Amr, Maha and Reema. His son Prince Amr is also a businessman dealing with finance.
He was among the 500 influential Muslims list developed by Georgetown University's center for Muslim-Christian understanding in 2009.
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