Mohammed bin Faisal Al Saud

Mohammed bin Faisal Al Saud
Born	1937 Taif, Saudi Arabia
Died	2017-01-14
Occupation(s)	Prince, entrepreneur, banker
Years active	1963–2017
Known for	Pioneer in Islamic banking and insurance sectors

Mohammed bin Faisal Al Saud (, Moḥammed bin Fayṣal Āl Saʿūd; 1937 – 14 January 2017) was a Saudi prince and entrepreneur, the son of King Faisal and grandson of the founder of Saudi Arabia, King Abdulaziz. He played a pioneering role in the development of Islamic banking and Islamic insurance sectors.

Early life and education

Mohammed bin Faisal was born in Taif in 1937 as the eldest child of King Faisal and Iffat Al Thunayan. His brothers and sisters included Sara, Latifa, Saud, Abdul Rahman, Bandar, Turki bin Faisal, Luluwah, and Haifa bint Faisal. Additionally, he had half-siblings from his father’s other marriages, such as Abdullah, Khalid, and Saad.

His early schooling took place at Al Madrasa An Numuthagiya (The Model School) in Taif, an institution founded by his parents in 1942. Mohammed was the first among his siblings to pursue education overseas, attending both Lawrenceville School and Hun School before earning his undergraduate degree from Swarthmore College in 1961. He subsequently obtained a bachelor of science in business administration from Menlo College in California in 1963.

Early career

Starting his professional journey in 1963, Mohammed bin Faisal joined the Saudi Arabian Monetary Agency (SAMA), working under director Anwar Ali. That same year, he founded the Red Sea Club in Jeddah, which organized swimming contests and art exhibitions; although it was short-lived, this club laid groundwork for what would become the Saudi swimming federation.

In August 1965, he was appointed director of the saline water conversion office within the Ministry of Water and Agriculture, where he played an instrumental role in launching the nation’s water desalination efforts. By 1974, he advanced to deputy minister responsible for saline water affairs and served as governor of the newly established Saline Water Conversion Corporation. He stepped down from government service in July 1977.

Business activities

Following his departure from public office, Mohammed bin Faisal ventured into business, notably backing a feasibility study on transporting Antarctic icebergs to Mecca through his company Iceberg Transport International. He introduced this concept at a London conference in 1977, where it garnered interest but was ultimately dismissed due to environmental constraints.

His core investments centered on banking and finance, establishing him as a trailblazer in Islamic banking. In 1977, he founded the Faisal Islamic Bank of Egypt based in Cairo; it officially commenced operations in 1979 with a branch also launched that year in Sudan. His concentration on Egypt reflected prevailing reservations among Saudi royals regarding Islamic banking ventures at that time.

In 1981, Prince Mohammed co-established Dar Al Maal Al Islami Trust (DMI group) headquartered in Geneva alongside influential leaders such as Zayed bin Sultan Al Nahyan and Isa bin Salman Al Khalifa. DMI evolved into a global Islamic finance institution overseeing 55 Islamic banks worldwide. In Pakistan, it operated under the name Islamic Investment Company of Pakistan. However, during the mid-1980s, DMI experienced a notable decline in its Egyptian market share.

Through his Turkish associate Ahmet Gürkan, Mohammed arranged private discussions with key military figures including President Kenan Evren and Prime Minister Bülend Ulusu, which facilitated the creation of Faisal Finans Kurumu (Faisal Finance Institution) in Turkey in 1984. Prominent local contributors like Salih Özcan also played a role in this initiative.

In 1990, Prince Mohammed founded Faisal Private Bank—an early institution specializing in Islamic finance—where he held positions as chairman of the board and head of the Islamic Finance Group. The bank maintains multiple branches internationally, including Switzerland where it secured a full banking license from the Swiss Federal Banking Commission (FINMA) in 2006. Additionally, he served as president of the Jeddah-based Islamic Development Bank, established in 1975.

Beyond his banking ventures, Prince Mohammed held equity stakes in Saudi and Gulf Enterprise Ltd., which is headquartered in Jeddah.

Additional Roles

Prince Mohammed bin Faisal established Al Manarat International Schools, which operate both within Saudi Arabia and internationally. He served as chairman of the board of trustees for the King Faisal Foundation and held a position on the board of founders and trustees at Effat University.

Legal Issues

In the aftermath of the 9/11 terrorist attacks, relatives of the victims initiated legal action against Prince Mohammed, alongside Princes Sultan and Turki, accusing them of providing financial support to Al Qaeda. The case saw new evidence introduced in 2009, with Washington DC attorney Michael Kellogg acting as Prince Mohammed’s legal representative.

Family and Personal Details

Prince Mohammed bin Faisal was married to Muna bint Abdul Rahman bin Azzam Pasha. Together, they had three children: Amr, Maha, and Reem. His son Amr pursued a career in finance, while his daughter Reem gained recognition as a photographer.

He was honored with the 2007 IDB Prize in Islamic Banking and Finance by the Islamic Research and Training Institute under the Islamic Development Bank. In 2009, Georgetown University’s center for Muslim-Christian understanding included him among the 500 most influential Muslims worldwide. One of his homes was located in Paris.

Passing

Prince Mohammed bin Faisal passed away on 14 January 2017. His funeral prayers took place at the Grand Mosque in Mecca.