Prince Mohammed Al-Faisal bin Abdulaziz Al Saud, the second son of King Faisal bin Abdulaziz, was a pioneering Saudi businessman
and one of the most influential figures in the development of Islamic banking worldwide.
He also served as Chairman of the World Federation of Arab Islamic Schools.
Early Life
Prince Mohammed Al-Faisal was born in 1937 in Taif. His father was King Faisal bin Abdulaziz,
and his mother was Princess Iffat Al-Thunayan Al Saud, a trailblazer in promoting women’s education in Saudi Arabia.
Princess Iffat established the first girls’ school in the Kingdom, Dar Al-Hanan, in the 1950s. Later,
she founded Effat University, one of the country’s leading private institutions for women.
Education
Prince Mohammed began his early education at the Taif Model School, followed by studies at Hun School in New Jersey, USA.
He then enrolled at Menlo College in San Francisco, where he earned a bachelor’s degree in Economics and Business Administration in 1963.
Professional Career
Prince Mohammed, the second son of King Faisal (after his brother, poet Abdullah Al-Faisal), was a pioneering figure in the global Islamic economy.
He established several Islamic banks and companies across the Arab and Muslim world.
He also served as Chairman of the World Federation of Arab Islamic Schools.
Achievements
In 1959, Prince Mohammed was appointed as Director of Riyadh’s old airport, a position he held until 1967.
He later joined the Saudi Ministry of Foreign Affairs and served with the Saudi diplomatic mission to the United Nations.
Upon returning to Saudi Arabia, he worked at the Saudi Arabian Monetary Agency (SAMA), followed by a role in the Ministry of Agriculture,
where he spearheaded a groundbreaking project to desalinate seawater, launching the first desalination plant in Jeddah.
This was followed by the development of additional plants along the Red Sea and Arabian Gulf coasts during the late 1960s and early 1970s.
Prince Mohammed later resigned from his role as the first director of the General Organization for Desalination of Seawater in the late 1970s to focus entirely on private business ventures.
He then founded a global network of Islamic banks, including:
- Faisal Islamic Bank of Egypt (Cairo)
- Faisal Islamic Bank of Sudan
- Faisal Islamic Bank of Bahrain (Manama)
These banks expanded internationally, establishing branches worldwide.
He also founded the Islamic Investment Company of the Gulf.
In 1976, he established the World Federation of Arab Islamic Schools, serving as its Chairman.
Additionally, Prince Mohammed was actively involved in various financial institutions, including:
- Ithmaar Bank (Bahrain)
- Faisal Financial Corporation (Netherlands Antilles and Switzerland)
- Raiton Hollinger Ltd. Jersey
- Islamic Investment Company of the Gulf (Sharjah)
- Gulf Financial Investments (Egypt)
- Egyptian Business and Commerce Company (Egypt)
- Saudi Gulf Business Company (Saudi Arabia)
- Faisal Financial Corporation (Bahamas and Luxembourg)
- Faisal Bank Ltd. Pakistan
- Solidarity Company and Bank of Bahrain and Kuwait
- Dar Al-Islamic Company (New Jersey)
He also established the Prince Mohammed Al-Faisal Prize for Islamic Economics Studies, which is now chaired by his son, Prince Amr.
Personal Life
Prince Mohammed married Mona bint Abdulrahman Pasha Azzam, the daughter of the first Secretary-General of the Arab League.
They had three children:
- Prince Amr (an engineer)
- Maha (a novelist)
- Reem (a photographer)
Death
Prince Mohammed Al-Faisal passed away on January 14, 2017, at the age of 80. His funeral prayer was held the same day at the Grand Mosque in Mecca.
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