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Mohammed bin Faisal Al Saud

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In this Arabic name, the surname is Al Saud.
Mohammed bin Faisal Al Saud
Born1937
Taif, Saudi Arabia
Died14 January 2017(2017-01-14) (aged 79–80)
Burial16 January 2017
Al Adl cemetery, Mecca
SpouseMuna bint Abd al Rahman bin Azzam Pasha
Issue
Names
Mohammed bin Faisal bin Abdulaziz bin Abdul Rahman bin Faisal Al Saud
HouseAl Saud
FatherKing Faisal
MotherIffat Al Thunayan
Alma materMenlo College

Mohammed bin Faisal Al Saud (Arabic: محمد بن فيصل آل سعود, Moḥammed bin Fayṣal Āl Saʿūd; 1937 – 14 January 2017) was a Saudi prince and businessman. He was a son of King Faisal and was one of the pioneers in the establishment of Islamic banking and Islamic insurance.

Early life and education

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King Faisal, father of Mohammed

Mohammed bin Faisal was born in Taif in 1937.[1][2][3] He was the second child and eldest son of King Faisal and Iffat Al Thunayan.[4][5][6] His full siblings were Sara bint Faisal, Latifa bint Faisal, Saud bin Faisal, Abdul Rahman bin Faisal, Bandar bin Faisal, Turki bin Faisal, Luluwah bint Faisal and Haifa bint Faisal.[4] Mohammed also had half-siblings from his father's other marriages, including Abdullah, Khalid and Saad.

Mohammed bin Faisal started his education at Al Madrasa An Numuthagiya (The Model School) which was opened by his parents in Taif in 1942.[7] He was the first of his siblings to study abroad.[8][9] He attended both Lawrenceville School and Hun School.[8][9] Then, he graduated from Swarthmore College in 1961.[10] In 1963 he earned his bachelor of science degree in business administration at Menlo College in California.[11][12]

Early career

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Mohammed bin Faisal began his career in 1963 at the Saudi Arabian Monetary Agency (SAMA)[13] and worked under Anwar Ali, director of SAMA.[14] The same year Prince Mohammed established the Red Sea Club in Jeddah which organized swimming competitions and art exhibitions.[15] Although it was closed soon, the Club is the precursor of the Saudi swimming federation.[15] In August 1965 Mohammed was appointed director of the saline water conversion office at the ministry of water and agriculture.[14] He played a significant role in the establishment of the water desalination program during this period.[16] He became deputy minister of water and agriculture responsible for saline water affairs in 1974 and was also appointed the governor of the newly founded saline water conversion corporation in November the same year.[17] He resigned from the office in July 1977.[1]

Business activities

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Mohammed bin Faisal began to involve in business after his resignation. During this period he financially supported a study about the feasibility of bringing Antarctic icebergs to Mecca.[18] He established a firm for this goal, Iceberg Transport International.[19][20] On 17 October 1977, he presented his proposal at a conference in London.[19] His plan was the most promising scheme discussed at the conference.[19][21] However, the findings of the study indicated that it was not feasible, since no iceberg could survive if it passes the equator.[18]

His most significant investments were in the fields of banking and finance, making him one of the pioneers in Islamic banking.[22] Prince Mohammed was the founder of the Faisal Islamic Bank of Egypt that was established in Cairo in 1977.[23] The bank was officially launched in 1979.[24] The Sudan branch of the bank was also opened in 1977.[25] The reason for his investments in Egypt instead of his native Saudi Arabia was the sceptical approach of the Saudi royal family towards the Islamic banking initiatives.[17]

Prince Mohammed cofounded Dar Al Maal Al Islami Trust (DMI group) in 1981.[26][27] Other cofounders of the company included the following leading figures: Zayed bin Sultan Al Nahyan, Isa bin Salman Al Khalifa, Ibrahim Kamel, Mohammed Zia Ul Hak, and senior members of the Al Saud.[21] The company was established in Geneva and is an international Islamic finance organization and a parent institution for 55 Islamic banks.[26][28] It is a Bahamas-incorporated holding company.[29][30] In Pakistan the bank was named as the Islamic Investment Company of Pakistan.[31] In the mid-1980s his DMI group lost a significant market share in Egypt.[32]

Through his Turkish associate Ahmet Gürkan, who would be a deputy of the Justice and Development Party, Prince Mohammed held private meetings with the military President Kenan Evren, other generals who were part of the military council and Prime Minister Bülend Ulusu to establish a branch of the bank in Turkey.[33] His attempts resulted in the start of the bank under the name Faisal Finans Kurumu (Turkish: Faisal Finance Institution) in 1984.[33] Salih Özcan, a member of the Muslim World League and a politician from the National Salvation Party, and Tevfik Paksu were also instrumental in the establishment of the bank in Turkey.[34]

Prince Mohammed founded Faisal Private Bank in 1990 that is the pioneer banking institution in Islamic finance industry.[35] He was the chairman of its board of directors and of the Islamic Finance Group.[36][37] 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.[38] Prince Mohammed was also the president of Jeddah-based Islamic Development Bank which was founded in 1975.[39]

In addition to banking sector, Prince Mohammed had other business enterprises. He was a shareholder of Saudi and Gulf Enterprise Ltd. based in Jeddah.[1]

Other positions

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Mohammed bin Faisal established Al Manarat International Schools which have branches in Saudi Arabia and in other countries.[4] He was the chairman of the board of trustees of the King Faisal Foundation.[40] He was also a member of the Effat University's board of founders and of trustees.[41]

Controversy

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Following the 9/11 terrorist attacks, the families of the victims launched a lawsuit against Prince Mohammed along with two other members of the Al Saud, namely Prince Sultan and Prince Turki, in addition to other people whom they accused of financing Al Qaeda.[42][43] In 2009, further evidence was gathered by the families, and a Washington DC–based lawyer, Michael Kellogg, represented Prince Mohammed in the lawsuit.[44]

Personal life and death

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Mohammed bin Faisal married Muna bint Abdul Rahman bin Azzam Pasha, daughter of Azzam Pasha.[45] He had three children: Amr, Maha and Reem.[9] His son, Prince Amr, is also a businessman dealing with finance.[46] His daughter Reem is a well-known photographer.[47][48]

Mohammed bin Faisal was the winner of the 2007 IDB Prize in Islamic Banking and Finance which is awarded by Islamic Research and Training Institute of the Islamic Development Bank.[49] He was among the 500 influential Muslims list developed by Georgetown University's center for Muslim-Christian understanding in 2009.[50] One of Prince Mohammed's residences was in Paris.[51]

On 14 January 2017 Prince Mohammed died, and it was announced that the funeral prayers would be performed at the Grand Mosque in Mecca.[52][53]

References

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  1. ^ a b c Sabri Sharif (2001). The House of Saud in Commerce: A Study of Royal Entrepreneurship in Saudi Arabia. New Delhi: I. S. Publication. ISBN 81-901254-0-0.
  2. ^ Winberg Chai, ed. (2005). "Appendix I: The genealogy of the Al Saud". Saudi Arabia: A Modern Reader. Indianapolis, IN: University of Indianapolis Press. p. 193. ISBN 978-0-88093-859-4.
  3. ^ "Political situation in Saudi Arabia. 1973 Jan 01 - 1973 Dec 31". Arabian Gulf Digital Archives. Retrieved 5 February 2023. Diplomatic documents by the British diplomats
  4. ^ a b c Rania Suleiman Salama. "الأميرة عفت الثنيان". Arabiyat Magazine (in Arabic). Retrieved 16 August 2020.
  5. ^ Delinda C. Henley (December 2003). "Late Queen Effat of Saudi Arabia". Washington Report on Middle East Affairs. Vol. 22, no. 10.
  6. ^ Steve Coll (2008). The Bin Ladens: An Arabian Family in the American Century. New York: Penguin Group. p. 163. ISBN 978-1-101-20272-2.
  7. ^ Bilal Ahmad Kutty (1997). Saudi Arabia under King Faisal (PDF) (PhD thesis). Aligarh Muslim University. pp. 85–86.
  8. ^ a b Katrina Thomas (May–June 1979). "America as Alma Mater". Aramco World. Vol. 30, no. 3. Retrieved 6 November 2022.
  9. ^ a b c Joseph A. Kéchichian (2014). 'Iffat Al Thunayan: An Arabian Queen. Brighton: Sussex Academic Press. p. 68. ISBN 9781845196851.
  10. ^ "Mohamed Faisal '61". Swarthmore College Bulletin. IV (CVX). 2018.
  11. ^ Nanette Asimov (12 May 2015). "Tiny Menlo College is like home for Saudi elite". SfGate. Retrieved 9 August 2020.
  12. ^ Nick Luddington (5 April 1975). "King Faisal's eight sons". Lewiston Evening Journal. Jeddah. Associated Press. Retrieved 26 February 2013.
  13. ^ "Appendix 7. Leading Grandsons of Abdul Aziz" (PDF). Springer. Retrieved 13 August 2020.
  14. ^ a b Gary Samuel Samore (1984). Royal Family Politics in Saudi Arabia (1953-1982) (PhD thesis). Harvard University. p. 254. ProQuest 303295482.
  15. ^ a b "جدة خارج السور: التاريخ الاجتماعي للفن والجمال والثقافة محمود عبدالغني صباغ" (in Arabic). Mahsabbagh. 29 January 2012. Retrieved 13 May 2021.
  16. ^ Simon Henderson (1994). "After King Fahd" (PDF). Washington Institute. Archived from the original (Policy Paper) on 17 May 2013. Retrieved 2 February 2013.
  17. ^ a b Rodney Wilson (2002). "Arab Government Responses to Islamic Finance: The Cases of Egypt and Saudi Arabia". Mediterranean Politics. 7 (3): 149. doi:10.1080/13629390207030010. S2CID 154071720.
  18. ^ a b Marq de Villiers (2001). Water: The Fate of Our Most Precious Resource. Boston, MA; New York: Houghton Mifflin Harcourt. p. 285. ISBN 978-0-618-12744-3.
  19. ^ a b c Alexis Madrigal (10 August 2011). "The Many Failures and Few Successes of Zany Iceberg Towing Schemes". The Atlantic. Retrieved 4 March 2013.
  20. ^ Murray Yanowitch (August 1978). "Of Oil and Ice". Challenge. 21 (3): 25–31. doi:10.1080/05775132.1978.11470431. JSTOR 40719756.
  21. ^ a b Mohammed bin Faisal Al Saud (2014). "The Well of Influence". In Emmy Abdul Alim (ed.). Global Leaders in Islamic Finance: Industry Milestones and Reflections. Singapore: Wiley. pp. 48, 56. doi:10.1002/9781118638804.ch3. ISBN 978-1-118-46524-0.
  22. ^ Ibrahim Warde (2010). Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press. p. 72. ISBN 9780748627769.
  23. ^ Gil Feiler (2003). Economic Relations Between Egypt and the Gulf Oil States, 1967–2000: Petro Wealth and Patterns of Influence. Brighton: Sussex Academic Press. p. 77. ISBN 978-1-903900-40-6.
  24. ^ "The Pioneers of Islamic Banking". Asharq Al-Awsat. Riyadh. 19 January 2009. Archived from the original on 16 February 2015. Retrieved 5 April 2013.
  25. ^ M. Mansoor Khan; M. Ishaq Bhatti (2008). "Islamic banking and finance: On its way to globalization". Managerial Finance. 34 (10): 708–725. doi:10.1108/03074350810891029.
  26. ^ a b Banu Eligur (2010). The Mobilization of Political Islam in Turkey. Cambridge: Cambridge University Press. p. 129. ISBN 978-1-139-48658-3.
  27. ^ Haim Shaked; Daniel Dishon, eds. (1986). Middle East Contemporary Survey 1983–84. Vol. 8. Tel Aviv: The Moshe Dayan Center. p. 166. ISBN 978-965-224-006-4.
  28. ^ Rodney Wilson (2007). "Islamic Banking in the West". In M. Kabir Hassan; Mervyn K. Lewis (eds.). Handbook of Islamic Banking. Cheltenham, UK; Northampton, MA: Edward Elgar Publishing. ISBN 978-1845420833.
  29. ^ Landon Thomas Jr. (9 August 2007). "Islamic Finance and Its Critics". The New York Times. Retrieved 30 July 2012.
  30. ^ Landon Thomas Jr. (8 August 2007). "Muslim financiers fight suspicion in U.S." The New York Times. Retrieved 4 March 2013.
  31. ^ Naveed Ahmad (1982). "Pakistan-Saudi Relations". Pakistan Horizon. 35 (4): 51–67. JSTOR 41394170.
  32. ^ Clement Henry Moore (Spring 1990). "Islamic Banks and Competitive Politics in the Arab World and Turkey". The Middle East Journal. 44 (2): 237. JSTOR 4328100.
  33. ^ a b Behlül Özkan (5 November 2017). "The Cold War-era Origins of Islamism in Turkey and its Rise to Power". Hudson Institute. Retrieved 26 March 2023.
  34. ^ Hasan Köni (2012). "Saudi Influence on Islamic Institutions in Turkey Beginning in the 1970s". The Middle East Journal. 66 (1): 104. doi:10.3751/66.1.15. JSTOR 41342771.
  35. ^ "About us". Faisal Private Bank. Archived from the original on 22 January 2013. Retrieved 30 May 2012.
  36. ^ "The General Assembly". Faisal Bank Egypt. Archived from the original on 14 December 2011. Retrieved 30 May 2012.
  37. ^ "King receives Prince Mohammed Al Faisal". Bahrain News Agency. 23 March 2004. Retrieved 30 July 2012.
  38. ^ "Faisal Private Bank (Switzerland)". My Swiss. Archived from the original on 25 March 2014. Retrieved 30 May 2012.
  39. ^ Traute Scharf (1983). Arab and Islamic Banks: New Business Partners for Developing Countries. Paris: OECD Publishing. p. 164. ISBN 978-92-64-12562-9.
  40. ^ "The current board of trustees of the King Faisal Foundation". King Faisal Foundation. Archived from the original on 22 July 2012. Retrieved 7 August 2012.
  41. ^ "Board of Founders". Effat College. Archived from the original on 8 May 2012. Retrieved 4 March 2013.
  42. ^ "Saudis 'should reconsider US ties". BBC. 16 August 2002. Retrieved 2 February 2013.
  43. ^ Julian Borger (16 August 2002). "September 11 families sue three members of Saudi royal family". The Guardian. Washington, DC. ProQuest 245847035. Retrieved 21 January 2021.
  44. ^ Eric Lichtblau (24 June 2009). "Documents Back Saudi Link to Extremists, but May Never Be Used in 9/11 Suit". The New York Times. p. 11. Retrieved 3 March 2013.
  45. ^ J. E. Peterson (2003). Historical Dictionary of Saudi Arabia (2nd ed.). Lanham, MD: Scarecrow Press. p. 29. ISBN 9780810827806.
  46. ^ "Ithmaar Bank B.S.C." CPI Financial. Retrieved 14 October 2012.
  47. ^ "Chris Hardwick sold his house to Princess Reem Al Faisal". Dirt. 12 October 2016. Retrieved 9 August 2020.
  48. ^ Jumana Al Tamimi (1 April 2013). "Saudi princess Reem Al Faisal makes photography her career". Gulf News. Retrieved 9 August 2020.
  49. ^ "HRH Prince Mohamed Al Faisal Al Saud Wins the 1426h IDB Prize in Islamic Banking & Finance". Islamic Development Bank. Jeddah. 11 February 2007. Retrieved 9 August 2020.
  50. ^ "The 500 Most Influential Muslims" (PDF). Center Muslim-Christian Understanding. 2009. Archived from the original (PDF) on 19 September 2011.
  51. ^ "Through the lens of Reem Mohammed Al Faisal". Al Bilad. 12 March 2016. Retrieved 9 August 2020.
  52. ^ "Royal Court Announces Death of Prince Mohammed bin Faisal bin Abdulaziz Al Saud". Saudi Press Agency. 14 January 2017. Retrieved 14 January 2017.
  53. ^ "Saudi Royal Court announces death of Prince Mohammed bin Faisal". Khaleej Times. Riyadh. 15 January 2017. Retrieved 9 August 2020.
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