Ahmad Muhammad Ali, banker par excellence

By: Abdel Aziz Dimapunong
Chancellor, Islamic Banking Research Institute
Founding Chairman, Amanah Islamic Bank

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Dr. Ahmad Muhammad Ali

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There is no doubt, Dr. Ahmad Muhammad Ali (photo above), president of the Islamic Development Bank, is one of the founders of international Islamic banking. He certainly is a banker par excellence. Last year, Dr. Ahmad Ali was a recipient of an award by the King Faisal Foundation. This award was the International Prize for Service to Islam. The award was announced by Prince Khalid Al Faisal, director of the King Faisal Foundation in a ceremony held at the Al-Khozama Center last January 25, 2005. As winner of the award he received a cash endowment of SR750, 000 (about $200,000), a certificate outlining his work and a 22-carat gold medallion to commemorate the occasion. Dr. Ahmad Muhammad Ali was awarded the prize in recognition for his achievements in the field of Islamic banking. As president of the Islamic Development Bank since its inception in 1995, he has synchronized the conformity of banking transactions with Islamic laws and jurisprudence. As one of the founders of Islamic banking, he has set an example of success in Islamic banking and finance on an international level.

The Islamic Banking Research Institute of the Philippines has recognized three founding fathers of international Islamic banking, namely: His Highness, Prince Muhammad Faisal Al-Saud of the Faisal Islamic banking group, His Excellency, Saleh Abdullah Kamel of the Al Baraka banking group, and His Excellency Ahmad Muhammad Ali of the Islamic Development Bank of the Organization of Islamic Conference. In the early 1970s, these three founding fathers of Islamic banking and finance begun conceptualizing, scheming, and constructing what is now popularly known as Islamic banking, investment and finance. Considering their highly educational background and religious commitment to Islam, they may have thought of Islamic banking and finance even in their school days in the 1960s. The Islamic Banking Research Institute has no doubt these three founding fathers of Islamic banking are bankers par excellence.

This issue is focused on Ahmad Muhammad Ali, president of the Islamic Development Bank. The IDB operates on Islamic banking principles. One of the pioneering Islamic banking institutions, this bank was conceptualized in 1973 and actually founded in October 1975 upon the recommendation of the Organization of Islamic Conference and its members which were then 43 member states. Its initial capital was furnished by the governments of Saudi Arabia, Kuwait, Bahrain, Pakistan., Bangladesh, Turkey, and Indonesia. The Bank has financed 387 operations totaling $3.917 billion in 39 member states, and made a profit of $26 million in 1982-83. Since then, IDB and Muhammad Ali have been making steady progress.

Dr. Ahmad Muhammad Ali was born in 1934 at Madina Al Munawara, one of the two holy cities of Islam located in the Kingdom of Saudi Arabia. He obtained his B.A. Commerce degree at the Cairo University, Arab Republic of Egypt in 1957. He obtained his M.A. degree at the University of Michigan, USA. He also earned his degree in Public Administration in the United States in 1962. Thereafter, he earned his Ph.D. degree in Albany, also in USA. He pursued more education and obtained also his degree in Public Administration in the United States in 1967.

Upon completion of studies, Dr Ali was appointed Deputy Rector of the King Abdulaziz University in the Kingdom of Saudi Arabia. He served in this capacity from January 1, 1967 to January 1, 1972. Then he was elevated to the position of Deputy Minister of Education in the Royal Government of the Kingdom, a position he held from January 1, 1972 to January 1, 1975.

Dr. Ali started his first stint as President of the Islamic Development Bank on January 1, 1975 up to January 1, 1993, a period of eighteen years.

He was Secretary General of the Muslim World League based in the Kingdom of Saudi Arabia from January 1, 1993 to January 1, 1995.

Then he made his second stint as President again of the Islamic Development Bank from January 1, 1995 up until the present, a period of twelve years. He, therefore, has served the Islamic Development Bank and performed Islamic banking in a period of thirty years.

Dr. Ahmed Mohamed Ali wrote many articles and working papers on Islamic economics, banking and education. He has an IDB Prize Winners' Lecture Series publication titled “Role of Islamic Banks in Development."

His memberships to prestigious organizations include the King Saud University Council. He was a member in 1980. He was also member of the King Abdulaziz University Council where he was a Rector in 1972. These were in addition to being a member of the Council of the King Fahd University of Petroleum and Minerals. He was also member of the Imam Mohammed Ben Saud University in 1990.

The Islamic Development Bank is a pioneer in the field of Islamic banking. Dr. Ahmad Muhammad Ali is also a pioneer president of the Islamic Development Bank. That makes him among the pioneers in the field of Islamic banking.

The IDB was organized as a multi-lateral financial institution. It is a political organization having been established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries that was historically held in Jeddah on December 1973. The Inaugural Meeting of the Board of Governors took place in July 1975, and the Bank was formally opened on October 1975.

Up to the end of June 1992, the authorized capital of the Bank was two billion Islamic Dinars. Since July 1992, in accordance with a Resolution of the Board of Governors, it became six billion Islamic Dinars, divided into 600,000 shares having a par value of 10,000 Islamic Dinars each. Its subscribed capital also became four billion Islamic Dinars. The board of governors at its annual meeting held in Algeria decided to increase the authorized capital of the Bank form ID six billion to ID fifteen billion and the subscribed capital from ID 4.1 billion to ID 8.1 billion.

The Bank's principal office is a landmark in Jeddah, Kingdom of Saudi Arabia. Two regional offices were opened in 1994; one in Rabat, Morocco, and the other in Kuala Lumpur, Malaysia. In July 1996, the board of Executive Directors also approved the establishment of an IDB Representative Office at Almaty, Kazakhstan. This regional office serves the IDB member countries in Central Asia. The office became operational in July 1997. The Bank also has field representatives in eleven member countries, namely: Indonesia, Iran, Kazakhstan, Libya, Pakistan, Senegal, Sudan, Gambia, Guinea Bissau, Mauritania and Algeria.

The Islamic Development Bank is authorized to accept deposits. It mobilizes these deposits into Shari’a compatible transactions. It is also charged with the responsibility of assisting in the promotion of foreign trade, especially in capital goods, among member countries. Furthermore, it provides technical assistance to member countries by way of extending training facilities for personnel engaged in development activities in Muslim countries to conform to the requirements of Shari’a laws and jurisprudence.

The avowed purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities in non-member countries in accordance with Shari’a laws and jurisprudence

The official functions of the Islamic Development Bank include participation in equity and venture capital. It also provides loans for productive projects and enterprises. It provides financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries.

As president of a multi-lateral banking institution, Ahmad Muhammad Ali is well abreast of developments in other nations, especially in those countries that are seeking for membership in the bank. Along this pursuit, Ahmad Muhammad Ali led the so-called Tashkent Conference in the Republic of Uzbekistan on September 2003. The Conference was held following the Independence of this new Republic. Dr. Ali noted and stressed in that Conference that for the years of Independence of Uzbekistan, it has achieved acceptable successes in all branches of economy. “We are glad to see the success of Uzbekistan in the sphere of industrial development”, he said “Any development of a country serves the improvement of people’s welfare in the end”, - he added.

Addressing a group of journalist in the Tashkent Conference, Ahmad said “Our bank is working mainly for the realization of concrete projects. When together with Uzbekistan’s partners we determine these or those sphere of cooperation, the Islamic Development Bank will allot the necessary sum for the projects realization. Priority direction of our cooperation will be such spheres as transport communications, the small and medium size business. We are going to take an active part in the construction of the railway, connecting Uzbekistan with Iranian ports”.

On that year, the Republic of Uzbekistan became the 55^th member of the Islamic Development Bank. The present membership of the Bank consists of 56 countries. It is required that the prospective member country should be a member of the Organization of the Islamic Conference. Every member is also required to pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the bank.

Ahmad Ali and the Islamic Development Bank respond to disasters and natural calamities. Last October 8, 2005, the world has witnessed a devastating earthquake in Pakistan. On October 24, 2005, Ahmad Ali was in Karachi, Pakistan, a member country. While in Pakistan, the IDB president, along with the Organization of Islamic Conference Secretary General Ekmeleddin Ihsanoglu, met President Pervez Musharraf where the Pakistani president called for setting up a permanent disaster relief fund at the OIC level to deal with natural disasters such as the October 8 earthquake. As president of the Islamic Development Bank Ahmad Muhammad Ali has responded by saying that the bank will give $256 million for the rehabilitation of the earthquake-hit areas of Pakistan. The IDB president said part of the money would be a loan and part of the money would be a grant.

On the next visit of Ahmad Muhammad Ali in Pakistan early this year, the grant and the loan for the rehabilitation of damages caused by the earthquake were raised to $ 500 million as requested by the government of Pakistan. During the visit of Ahmad Ali, the Prime Minister thanked the IDB President for the support and assistance provided by the Islamic Development Bank for the reconstruction and rehabilitation of earthquake affected areas.

Pakistan has been the primary mover and promoter of a genuine and complete banking and insurance system. This is perhaps the reason why the IDB president appreciated the reforms agenda of the government and said that “Pakistan has a special place in the Muslim world and it is playing an important role in strengthening the Muslim Ummah (world community of Muslims).

This year the Prime Minister of Pakistan Shaukat Aziz asks IDB to take part in consortium formed to finance the construction of water reservoirs in Pakistan. The Minister and Ahmad Ali met last May, 11, 2006 during a ceremony of Pakistan Development Forum 2006, at the Convention Center.

Talking to the President of IDB, Dr. Ahmad Muhammad Ali, the Prime Minister appreciated support provided by IDB to Pakistan in its development process saying that IDB has consistently played a vital role in Pakistan’s economic development which is deeply appreciated all across the country. "IDB is our development partner and Pakistan values and welcomes the advice given by the bank", said the Prime Minister.

The Prime Minister also acknowledged the role played by the Islamic Development Bank in the development of Muslim countries. He said the Ummah can take justifiable pride that the IDB has evolved into an internationally recognized and reputable institution under the inspiring and highly competent leadership of Dr. Ahmad Muhammad Ali.

Dr. Ahmad Muhammad Ali assured the Prime Minister of the Bank’s support in the construction of water reservoirs. Furthermore, “the IDB, he said, “is also considering financing projects in railways and energy sector in Pakistan.”

The able leadership of Dr. Ahmad Muhammad Ali as president of the Islamic Development Bank has been very reassuring not only to member countries but to the entire Muslim communities around the Muslim world. Presently, Dr. Ahmad Muhammad Ali, a banker par excellence, is still president of the Islamic Development Bank.

“Ahmad Muhammad Ali, banker par excellence”, by Abdel Aziz Dimapunong is part of a larger book entitled “The world of Islamic banking” by this same author. Mr. Dimapunong is chancellor of the Islamic Banking Research Institute. He is also founding chairman of the Amanah Islamic Bank of the Philippines. The site, www.dimapunong.blogspot.com includes research papers that Abdel Aziz Dimapunong has written in the field of Islamic banking, finance, and investments during his career. Dimapunong is currently working as an independent Consultant/Trainer on Islamic banking, finance, Zakah, Awqaf, Islamic Inheritance,, and other aspects of Islamic transactions. Dimapunong may be contacted by email at abdeldimapunong@yahoo.com.ph. October, 2006. All rights reserved.

Muhammad Faisal, banker par excellence

By: Abdel Aziz Dimapunong
Chancellor, Islamic Banking Research Institute
Founding Chairman, Amanah Islamic Bank

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His Highness, Prince Muhammad Faisal Bin Al Saud (photo above) of the Faisal Group of banks is truly an Islamic banker par excellence. This is the finding of the Islamic Banking Research Institute in its search for personalities who could have been the founding fathers of Islamic banking. The other excellencies in banking are His Excellency, Sheikh Saleh Abdullah Kamel of the Al Baraka Group, and His Excellency, Dr. Ahmad Muhammad Ali, President, Islamic Development Bank.

We shall stand corrected if there is any other founder that we might have missed. We are of the opinion that to be dubbed as among the founders of Islamic banking, the banker should have been involved in the developmental stage of Islamic banking in the 1970s. And it should not be later than December 31, 1979. This is because by the onset of the 1980s, Islamic banking had already taken roots, and some Islamic banks and financial institutions were already stable.

This issue is focused on His Highness, Prince Muhammad Al Faisal Al Saud, son of the late King Saud. Writing about His Highness has been made easy by recent developments in the world of Islamic banking and finance. During the recent 31st Annual Meeting of the Board of Governors of the Islamic Development Bank in the state of Kuwait last May 31, 2006, a ceremony was held to award the IDB Prize in Islamic Banking and Islamic Financial Services for 2005. The recipient of the award was Prince Muhammad Al Faisal Al Saud. It was received for His Highness’ by Mr. Muhammad Abdul Rahman. The Prize was awarded to His Highness in appreciation for his distinctive efforts in the field of developing the concept and business of Islamic financial services.

The recognition of Prince Muhammad Faisal Al Saud by the Islamic Banking Research Institute is reckoned basically by his pioneering effort in the establishment of Islamic banking in the 1970s. That refers to the establishment of Faisal Islamic Bank of Sudan and the Faisal Islamic Bank of Egypt. On the other hand, the prize awarded him by the Islamic Development Bank was specific recognition for his involvement in Islamic Banking and Islamic Financial Services for year 2005. It was also a specific recognition for his role in having firmly established the first Islamic financial institution, namely Dar Al Mal Al Islami.

In the world of global Islamic banking, there is no mistaken that the name “Faisal” refers to His Highness, Prince Muhammad Faisal Al Saud. Furthermore, in this global industry, the name “Faisal” has come closely to the meaning of Islamic financial institution.

After three decades of developments, Islamic banking evolved from one with transparency in ownership into one with fortified layers of stockholdings that provides shields of protection to shareholders. Simply stated, the owner of a bank no longer has to be the chairman. He does not have to be a member of the board. He does not have to be visible. This is partly a result of changing environment in the new millennium. Therefore, in our write up we do not go further into piercing the veil of corporate existence. We are not engaged in accounting and auditing.

Faisal today in Switzerland. What used to be known as Faisal Finance (Switzerland) SA is now known as Faisal Private Bank (Switzerland) SA. This is according to a Press Release of the Faisal Private Bank (Switzerland) SA, dated October 3, 2006. This was made official by a decision of the Swiss Federal Banking Commission that awarded a full banking license to Faisal Finance (Switzerland) and renamed it as Faisal Private Bank (Switzerland) SA, making it the first Islamic private bank in Switzerland.

Faisal Finance (Switzerland) SA used to be a securities dealer duly licensed, regulated and supervised by Swiss authorities. .

According to the press release, the principal shareholder of Faisal Private Bank Switzerland is the Bahrain-based Ithmaar Bank, which is regulated by the Central Bank of Bahrain. It further says that Ithmaar Bank recently launched its public offering on the Bahrain stock exchange last February 2006. As a result, US$360,000,000 worth of shares was issued as fully paid-up capital of Ithmaar Bank. This bank is the former Faysal Investment Bank of Bahrain, a provider and manager of Sharia compliant investment products in the Middle East. Ithmaar acquired 79.6% ownership in Faisal Finance (Switzerland) S.A.

The recent launching of Faisal Private Bank Switzerland is a recent landmark development. It does not belong to the organizational history of Islamic banking and finance. The ownership of the original Faisal Finance has changed. However, the press release claimed that Faisal Private Bank Switzerland is part of the Group which pioneered the Islamic banking and finance industry. According to Marco Rochat, Chief Executive Officer of Faisal Private Bank (Switzerland) SA, Faisal Private Bank Switzerland is “the synthesis of over 15 years of experience in the Swiss private banking arena with a distinctive ethical heritage”. This, he said, “will enable us to continue delivering an innovative platform for an international clientele which trusts our private bankers because they are also accountable for their values.”

Faisal Private Bank Switzerland is being managed by a management team that includes renowned names as PricewaterhouseCoopers, KPMG, DMI, Leman Capital and SGS. The team is headed by Khalid Abdullah Janahi as chairman of the Board. He has expressed his confidence in the success of the Faisal Private Bank which he said will be guided by the principles of the Sharia

Faisal’s Dar Al Mal AI lslami Trust. – The Faisal group has long been based in Geneva. In 1981, Prince Faisal organized Dar Al Mal Islami Trust with $1 billion authorized capital and administered from Geneva. Soon, this amount rose to a $3.5 billion Trust. Prince Faisal had established the Dar Al Mal Al Islami in Geneva as a financial services conglomerate. The objective of Prince Faisal was to foster the spread of Islamic banking across the Muslim world. With its precious metal as part of its business, it made a net profit of $7.9 million in 1982. The operations of Dar Al Mal Islami cover the Bahamas, Bahrain, Guinea, the Isle of Jersey, Luxembourg, Niger, Senegal, Sudan, Switzerland, the United Arab Emirates, and the United Kingdom. The office of Dar Al Mal Islami in Bahrain handles investment in the Gulf area. Its office in the Bahamas handles international operations. By March 1984 the Faisal group had almost $400 million investments.

Faisal in Sudan - Sudan In 1974 encouraged foreign capital investment. Foreign banks were urged to establish joint ventures in association with Sudanese capital. Banking transactions with foreign companies operating in Sudan were facilitated so long as they follow the rulings of the Bank of Sudan. The monetary consideration played a big role. Investors were required to transfer a minimum of £Sd3 million into Sudan. Several foreign banks took advantage of this open door policy, most notably the Faisal Islamic Bank. The principal investor of this bank was the Saudi prince, Muhammad Faisal Al Saud.

Consequently the Faisal Islamic Bank of Sudan was officially established in 1974 pursuant to the Faisal Islamic Bank Act. Some members of the Muslim Brotherhood in Sudan and its political arm, the National Islamic Front played a prominent role on the board of directors of the Faisal Islamic Bank of Sudan. This strengthened the bank’s position in Sudan.

The Faisal Islamic Bank of Sudan enjoyed privileges denied other commercial banks. This includes full tax exemption on assets, profits, wages, and pensions. The investors were also guaranteed against sequestration and nationalization. Moreover, these privileges came under government’s protection from 1983 onward as it begun applying the Islamic doctrines to the Sudanese way of Islamic banking. The appeal of Islamic banking in Sudan coupled with government support and patronage enabled the Islamic banks to acquire about 20 percent of Sudanese deposits. Politically, the popularity and wealth of Islamic Banks have provided a financial basis for funding Islamic policies of the Sudanese government.

By September 1984, there were seven Islamic banks in Sudan that are based on the principles of Islamic banking. Paramount of these was the Faisal Islamic Bank of Sudan.

Faisal in Egypt. In the 1970s. Prince Muhammad Faisal Al Saud had been so busy establishing Islamic banks and financial institutions around the world. I had mentioned in my previous articles about these banks. The pioneers include the Faisal Islamic Bank of Egypt which is now performing very well. This bank now has over half a million investment accounts and its total assets amount to more than 2 billion U.S dollars. It had consistently updated itself particularly in terms of capitalization. It has now an authorized capital stock of US$ 500 million of which US$132 million worth of equity has been subscribed and fully paid up.

Boosting its resources, the Faisal Islamic Bank of Egypt has also built up alliances with several banks like the Commercial International Bank of Egypt. This is a financial institution that is engaged in wholesale banking and financial brokerage. The bank's personal banking services include cash management, direct services, credit and automated teller machine cards, electronic banking and issue management. Its institutional banking services provide corporate, investment, correspondent banking, treasury services and special finance programs, brokerage services cover equities trading, global depository receipt trading, technical analysis and other related services. Also, through its Commercial International Life Insurance Company, the bank offers life insurance products and services.

The Faisal Islamic Bank of Egypt is also in alliance with the National Societe Generale Bank, MISR International Bank, Egyptian American Bank, Housing & Development Bank, Delta International Bank, El Watany Bank of Egypt, Egyptian Gulf Bank, and Piraeus Bank Egypt.

Faisal in the Bahamas. From the Middle East, Prince Muhammad Faisal, crossed the Pacific Ocean, and established firmly the first Islamic financial Institution in the Bahamas. It is known as Dar Al Mal Al Islami. This house of Islamic funds in the Bahamas performed not only Islamic banking but Islamic Da’wah as well. Many employees of this bank, natives of the Bahamas Island, became Muslims as a result of their association with Prince Faisal and their employment in Dar Al Mal Al Islami. I happen to have met some of them some years ago.

Faisal across the Muslim world. In the 1970s, the name Faisal has become a trademark in the area of Islamic banking. This name is borne by Masraf Faisal Al Islami Bahrain, Masraf Faisal Al Islami Niger, Masraf, Faisal de Guinea, Masraf Faisal de Senegal, and the Faisal Finance Institution Istanbul. By 1983, Prince Faisal played a major role in the establishment of more Islamic investment and -insurance companies including the Faisal Islamic Bank in Bahrain, the Kibris Islamic Bank in Cyprus, the Islamic Bank in Vienna, Austria, and other banks in Senegal, Niger, and the Bahamas.

With the establishment of these Islamic banks and financial institutions around the world, from Egypt to Geneva and the Bahamas, there is no doubt Prince Muhammad Faisal bin Al Saud is among the founders of Islamic banking.

In a broader since, Prince Muhammad Faisal also deserves the award of being the Father of Islamic Economics in modern society.

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This article: “Prince Muhammad Faisal, banker par excellence” is part of a larger book entitled: “The World of Islamic Bankers” by Abdel Aziz Dimapunong, Chancellor, Islamic Banking Research Institute and founding chairman of Amanah Islamic Bank of the Philippines. 2006. All rights reserved.

Saleh Abdullah Kamel, banker par excellence

By Abdel Aziz Dimapunong
Chancellor, Islamic Banking Research Institute

The Islamic Banking Research Institute of the Philippines has been on the search for personalities who might have been the founding fathers of Islamic banking that now spans around the globe. Undeniably the name of His Highness Prince Muhammad Al Faisal Al Saud comes to mind. For one he is the founder of the Dar Al Mal Al Islami (House of Islamic Funds). There is also no question about H. E. Sheikh Saleh Abdullah Kamel as being one of the founders. One cannot escape the fact about H.E. Dr Ahmed Mohamed All, President of the Islamic Development Bank, the bank of the Organization of Islamic Conference. Here we are talking about the big leaguers in global banking. It is difficult to find words to describe their ranking in this arena. We just have to settle for the term Bankers Par Excellence. It is awesome to find their achievements in banking and business. They are empire corporate builders.

Sheikh Saleh Abdullah Kamel, banker par excellence.

In this issue we focus our concern on H.E. Sheikh Saleh Abdullah Kamel, banker par excellence. He has been one of the better known philanthropists and bankers in the Kingdom of Saudi Arabia.

Born in Mecca in 1941, Sheikh Kamil owes his success to his extensive preparation and the hard work he has put through the years in a variety of jobs and business pursuits.

After finishing his bachelor’s degree in Commerce, he started as an advisor in the Ministry of Finance. Fired by his enthusiasm to participate in the development process of the Kingdom of Saudi Arabia in another capacity, Sheikh Saleh Kamil went to business in a variety of ways.

Sheikh Saleh plays an important role in the everyday life of Saudi citizens. A prominent figure in the economic and political affairs of his country, his chain of business interests have links across Europe and span the Atlantic oceans to the United States and goes still farther to the Bahamas.

In the Kingdom, Sheikh Kamil’s name is a household word. Outside of the Kingdom, some of his company nameplates are also household words. In my small hometown in Muslim Mindanao, far away from the Kingdom of Saudi Arabia, the names of Dallah AVCO and SAPTCO ring a bell to workers from Saudi Arabia.

Saleh Abdullah Kamel is well known in the banking industry. But aside from being a banker and investment guru, he has also been in various business endeavors. The product lines and services of his various companies affect almost every citizen in the Kingdom. These are in airport maintenance contracts, pre-fab house construction, publishing and printing concerns, marketing, air-conditioning, hotel operations and a host of other establishments.

In Egypt, he was substantially involved in tourism, public information, investments houses and banking. He was a co-founder of the Faisal Islamic Bank of Egypt. This is the bank that could have been the first Islamic bank. Sheikh Saleh Kamel founded the Faisal Islamic Bank of Egypt together with another banker par excellence by the name of His Highness, Prince Muhammad Faisal bin Al Saud.

Faisal Islamic Bank of Egypt may have been the first Islamic Bank. The bank was conceptualized at the beginning of the 1970s although it actually started operations on May 7, 1979. It was His Royal Highness Prince Muhammad Al-Faisal Al-Saud who submitted the idea of Islamic banking before a number of Egyptian businessmen. The idea was welcomed and the Bank was incorporated under Law No. 48 of 1977. Faisal Islamic Bank was updated under law no. (42) of 1981 and under law (97) of 1996. During these years its authorized capital had been raised to 500 million dollars of which 132 million dollars had been subscribed, issued and fully paid up capital. The Egyptian nationals hold 44% of the equity capital while the rest are being held by foreign stockholdings. Faisal Islamic Bank of Egypt now manages over half a million investment accounts, and its total assets amount to more than 2 billion U.S dollars.

In the Sudan and Jordan, Saleh Kamel was also active in Islamic banking institutions, investment and financing firms. He was a founding member of the Faisal Islamic Bank of Sudan.

Sheikh Kamel has been involved in vital trading, financing, and other concerns in Greece, USA, the Bahamas and other countries.

One of the greatest Muslim philanthropists, Sheikh Kamel was a leading associate of the Islamic Solidarity Fund Board and the Organization of Islamic Conference of Foreign Ministers.

His involvement in so many industries and or establishments indicates his deep commitment to the development of the Kingdom of Saudi Arabia and the prosperity of Muslim countries. He has been president of the Dallah Establishment; partner and president of the Dallah AVCO Trans Arabia; owner of Dallah International; chairman of Dallah International Holding Co. Inc. Sheikh Kamel has been chairman of the following companies: Dallah Industries Company, Textile and Ready Made Garment Company, Saudi Irish Dairy Company, Arab Media Company, Saudi Pre-Fab and Precast Co. (SAPRECO), Fast Contracting Company, Dallah –LIL-Mavani Company, The Concrete Company, AMARTECH, The Saudi Air-conditioning Company, The Islamic Arab Insurance Company, Okaz Distribution Company, Food International Company.

Saleh Kamel was also Executive member of the Board of the Saudi Public Transport Co. (SAPTCO),

He was also founding chairman of the Jordanian Islam Bank for Finance and Investments.

He was either founder member or founding chairman of the following companies: Tihama Company for Advertisement, Public Relations, and Marketing Studies, Dar Okaz for Printing and Publishing, Okaz Establishment for Press and Publishing, Okaz Libraries and Company, The Saudi Hotel and Resort Areas Company, The Yemeni Kuwaiti Real Estate Development Co., Sana’a, The Arab Hotels Company, Sana’a, Shobel, Switzerland and England, Arab Investment Company of Egypt, Arab Union Investment Company of Egypt. Eastern Company for Production and Distribution, Sharja.


In the 1990s, Sheikh Kamel was still as active as the beginning of Islamic banking in the 1970s. He was founding chairman of the Al Tawfeek Company for Investment Funds Ltd. This company was incorporated in 1992 with the objective of providing medium and long term finance for emerging companies, investment and infrastructure development projects. It is among the pioneers in Sharia compliant investments.

Al Tawfeek Company for Investments participates in international and Arab based equity portfolios. It is active in financial syndication by acting as agent as well as underwriter. It has an authorized capital US $500 million of which US $304 million has already been paid up and outstanding. It has a record of having issued fund capital amounting to over US$ 1.5 Billion.

In summary, through its many subsidiaries, Saudi Arabia-based Dallah al Baraka Group provides banking, investment, insurance, and lending services to businesses located throughout the Muslim world. Its subsidiary Al Baraka Investment and Development has been an influential fund in Islamic finance for more than 20 years. It has a record of having managed assets exceeding $4.4 billion. All of these are to the credit of our banker par excellence, the Saudi billionaire, Saleh Abdullah Kamel and his family. The Al Baraka Group is the holding company for many businesses involved in trading operations, heavy industry, real estate, media, and finance in more than 40 countries.

As of year end 2004, the Dallah Al Baraka group employs 38,250. The chairman and president is still H.E. Saleh Abdullah Kamel, the banker par excellence.