Mohammed bin Faisal Al Saud facts for kids
Quick facts for kids Mohammed bin Faisal Al Saud |
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| Born | 1937 Taif, Saudi Arabia |
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| Died | 14 January 2017 (aged 79–80) | ||||
| Burial | 16 January 2017 Al Adl cemetery, Mecca |
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| Spouse | Muna bint Abd al Rahman bin Azzam Pasha | ||||
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| House | House of Saud | ||||
| Father | King Faisal | ||||
| Mother | Iffat Al Thunayan | ||||
| Alma mater | Menlo College | ||||
Mohammed bin Faisal Al Saud (born 1937, died 14 January 2017) was a Saudi prince and a very important businessman. He was the son of King Faisal. Prince Mohammed was one of the first people to help create Islamic banking and Islamic insurance, which are ways of handling money based on Islamic rules.
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Prince Mohammed's Early Life and Education
Mohammed bin Faisal was born in Taif, Saudi Arabia, in 1937. He was the second child and the oldest son of King Faisal and Iffat Al Thunayan. He had many brothers and sisters, including Saud bin Faisal and Turki bin Faisal.
Prince Mohammed started school at Al Madrasa An Numuthagiya (The Model School). His parents opened this school in Taif in 1942. He was the first of his siblings to study in other countries. He went to Lawrenceville School and Hun School in the United States. He then graduated from Swarthmore College in 1961. In 1963, he earned a degree in business from Menlo College in California.
Prince Mohammed's Early Career
Mohammed bin Faisal began his career in 1963. He worked at the Saudi Arabian Monetary Agency (SAMA), which is like Saudi Arabia's central bank.
In 1965, Prince Mohammed was given an important job. He became the director of the office for turning salty water into fresh water. This process is called desalination. He helped a lot in setting up Saudi Arabia's water desalination program. In 1974, he became the deputy minister for water and agriculture. He was also made the head of the new saline water conversion corporation. He left this job in 1977.
Business Ventures and Islamic Banking
After leaving his government job, Mohammed bin Faisal became very active in business. He was especially interested in Islamic banking. This is a way of doing banking that follows the rules of Islam.
Prince Mohammed was a key person in starting Islamic banking. In 1977, he founded the Faisal Islamic Bank of Egypt in Cairo. This bank officially opened in 1979. He also opened a branch of the bank in Sudan in the same year. He chose to invest in Egypt because the Saudi royal family was not yet fully supportive of Islamic banking ideas at that time.
In 1981, he helped create the Dar Al Maal Al Islami Trust (DMI group). This company was set up in Geneva, Switzerland. It became a large international Islamic finance organization. The DMI group owns many Islamic banks in different countries like Bahrain, Egypt, and Pakistan.
Later, in 1990, he founded Faisal Private Bank. This bank was also a leader in Islamic finance. Prince Mohammed was the chairman of its board. Faisal Private Bank has branches in several countries, including Switzerland. Its Swiss branch received a full banking license in 2006. Prince Mohammed also served as the president of the Islamic Development Bank, which helps with development projects in Muslim countries.
Besides banking, Prince Mohammed had other businesses. He was a shareholder in Saudi and Gulf Enterprise Ltd.
Other Important Roles
Mohammed bin Faisal also started the Al Manarat International Schools. These schools have branches in Saudi Arabia and other countries. He was the chairman of the board for the King Faisal Foundation. This foundation supports education and research. He was also a member of the board for Effat University.
Personal Life and Legacy
Mohammed bin Faisal married Muna bint Abdul Rahman bin Azzam Pasha. They had three children: Amr, Maha, and Reem. His son, Prince Amr, is also a businessman. His daughter, Princess Reem, is a well-known photographer.
In 2007, Prince Mohammed won the IDB Prize in Islamic Banking and Finance. This award recognized his important work in the field. In 2009, he was listed among the 500 most influential Muslims by Georgetown University. Prince Mohammed passed away on 14 January 2017. His funeral prayers were held at the Grand Mosque in Mecca.
