Prince Mohammed Al-Faisal has been groundbreaking in the area of Islamic finance, setting up the first modern bank run in compliance with the rules of Sharia. The Faisal Islamic Bank of Egypt was set up in Cairo in 1977, and aimed to be a model of Islamic banking for future initiatives. The bank was set up in Egypt because at the time Saudi Arabia rejected the idea that interest went against Islamic teachings; Islamic banking is founded on the premise of lending without interest. Prince Al-Faisal remains the chairman of the board of directors of the bank.
Source of Influence: Business
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