Overview
Mohammed bin Faisal Al Saud (1937 – 14 January 2017) was a Saudi royal, entrepreneur and a prominent figure in the development of modern Islamic finance. A son of King Faisal, he combined private business activities with leadership roles in foundations and educational initiatives in Saudi Arabia and abroad. He was born in Taif and later lived and worked in several financial and philanthropic institutions.
Career and contributions to Islamic banking
Prince Mohammed is widely regarded as one of the early advocates for banking conducted in accordance with Islamic principles. Over the course of his career he helped found and support institutions that aimed to offer banking and investment services free of interest and compliant with Sharia. His efforts were part of a broader movement in the late 20th century that established specialized Islamic banks and financial networks to serve Muslim communities and to present alternatives to conventional banking.
Philanthropy, education and institutional roles
Beyond finance, Mohammed bin Faisal served as chairman of the board of trustees of the King Faisal Foundation, a major Saudi philanthropic organization that supports education, research and cultural projects. He also took part in higher education governance as a member of the board of founders and trustees of Effat University, reflecting a sustained interest in supporting academic institutions and social initiatives.
Legacy and death
Prince Mohammed's legacy is most often recalled in two areas: the promotion of Islamic finance as a practical industry and his stewardship of charitable and educational work through family-linked foundations. He died on 14 January 2017 in Mecca, Saudi Arabia, at the age of 80. Obituaries and remembrances emphasized both his business activities and his role in continuing the philanthropic priorities associated with his family.
Notable facts
- Member of the Saudi royal family and son of King Faisal.
- Recognized as an early promoter and organizer of Islamic banking institutions.
- Chairman of the King Faisal Foundation's board of trustees, linking business and philanthropy.
- Involved in governance of Effat University and other educational initiatives.
While best known for his association with Islamic finance, Prince Mohammed bin Faisal's work spanned business, institutional leadership and charitable activity, making him a notable figure in late 20th-century Saudi economic and social development.