The Islamic banking industry has proven to be immune to the current financial and political crises affecting the Middle East. The demand on Islamic products is growing in the GCC markets.
The Kingdom of Saudi Arabia is one of the most influential markets in the region and acts as an incubator for a large number of Islamic banks. In order to gain insight into the sector, BUSINESS LIFE has conducted an exclusive interview with Sheikh Saleh Abdullah Kamel who is the founder and chairman of Dallah Albaraka Group in 1969, a conglomerate based in Jeddah, Saudi Arabia with interests in Islamic banking, real estate development and food production. He is also called “the father of contemporary Islamic finance.
In addition, he serves as Chairman of the Board of Halawani Bros. and Aseer Company. In Egypt, he serves as Chairman of the Egyptian Saudi Finance Bank. Other businesses ventures of Sheikh Kamel include Albaraka Bank -Lebanon; Arab Media Company, Saudi Arabia and Arab Radio & Television, Cayman Islands. He also serves as the Vice-Chairman of Arab Agricultural Investment Co., Bahrain; Islamic Arab Insurance Co., Dubai and Okaz Organization for Press & Publication, Saudi Arabia. Even more, he served as a Non-Executive Director of Bank AlJazira, Saudi Arabia until January 4, 2016., and he also served as a member of the Board of Saudi Research & Marketing Group, Jeddah Chamber of Commerce, Young President’ Organization and Kamel Provident Fund.
Sheikh Kamel’s experience has covered real-estate investment and property management, trading and various executive positions in the Dallah Al Baraka Group (DBHC)over long years. He is a Member of the Board of Sunnyland Co., Cyprus and Chairman of General Council for Islamic Banks and Financial Institutions as well as President of Islamic Chamber of Commerce, Saudi Arabia. Additional is a founding member of Faisal Islamic Bank, Sudan and Egypt; Saudi Livestock Trade & Transport Co., National Saudi Shipping Co., and Saudi Arabian Public Transport Co. Shaikh Kamel also retains active memberships of a host of social and educational organizations in a number of Arab countries as well as the U.K., Germany, Switzerland and the U.S.A. He has delivered a great number of papers and lectures on Islamic economics, finance, banking regulation, development and social philosophy and has established Islamic economic research centres in Saudi Arabia and Egypt. He has been the recipient of several international awards, ranging from Gulf Businessman Award in 1993 to Islamic Banker of the Year from Islamic Development Bank in both 1995 and 1996. He holds B.A. in Economics from University of California. Sheikh Kamel holds B.Com. from Riyadh University, Saudi Arabia and Master of Business Administration, King Abdulaziz University.
Born in Taif, KSA in 1941. He grew up in the holy city of Makkah where he had his elementary education. After graduation from the Faculty of Commerce, Riyadh University, he joined the Saudi Ministry of Finance till he quitted the public career to establish his own business “Dallah Establishment” in the early sixties. By the early eighties, he established the huge conglomerate company “AlBaraka Investment & Development” a holding company for many Islamic Banks and Financial Institutions operating in various diversified business activities all over the world, according to Islamic teachings. Sheikh Saleh Kamel is well recognized as one of the top personalities in the field of Islamic Banking and Finance, whilst his companies are known as pioneers in many business adventures throughout the region. He elaborates on the application of the Islamic Banking and Finance through many written articles and lectures in various disciplines of Islamic Economics. In recognition for his personal endeavors, wide achievements and remarkable contribution of “Dallah AlBaraka Group” of companies in enhancing development and creating new jobs in many countries, Sheikh Saleh Kamel has been honored by many medals, titles and prizes including:
• Jordanian Independence Decoration First Order, 1986 - • Gulf Business Man Award, Dubai 1993.
• International Golden Knight Belt of World Public House, 1995. - • Islamic banker Award, IOB 1995.
• Banker of the Year, Union of Arab Banks, 1996. - • King Abdul Aziz Decoration, First Order, Sept. 2001.
• Tow Nile decoration, First Class Sudan, Feb. 2001. - • Al-Ala Decoration, Leader Class Morocco, Feb. 2001. -• Honorary Doctorate Degree (Media), U.S.A. Jan. 2003. - • Honorary Title of “Datuk Seri” Malaysia, Sept, 2003.
In addition of being chairman and member of many boards within his companies and sister companies, Sheikh Saleh Kamel is also enjoying the membership of the boards of trustees and directors in many social, charitable and cultural societies and foundations like Arab Thought Foundation, King Abdul Aziz.
Sheikh Saleh Abdullah Kamel is a renowned expert in the field of Islamic banking and in recognition of his achievements and his role in promulgating Islamic economic principles - encapsulated in the message of his Group: “Reconstruction of the Earth” - Sheikh Saleh Kamel has been awarded the highest of certificates, trophies, and accolades too many to mention by many countries and organizations over his lifetime.
BL: What is in your opinion the world’s view on Islam?
Sheikh Saleh Abdullah Kamel: Lately, Islam has been increasingly associated with terrorism. This is a huge misunderstanding that Muslims started with in the first place. For example, if a Muslim caused trouble, the world will immediately attribute this deed to the teachings of Islam. On the other hand, when a non-Muslim commits a foolish act, no one will mention their religious background. Muslims are being discriminated against. Terrorists do not embody Islam. They are deluded and deceived. Islam is peace, not terrorism. Unfortunately, we Muslims misunderstood our religion and distorted it. And now all the acts of Muslims are being ascribed to Islam.
BL: How Is Islam viewed nowadays amidst the ongoing terrorist movements and attacks?
Sheikh Saleh Abdullah Kamel: Muslims who believe that Islam encourages Terrorism and destruction are not true Muslims. Allah Glorified and Exalted Be He says: { but strive hard against them, by means of this [divine writ], with utmost striving} Al-Furqan, Ayah52. Real Jihad is by the divine writ not with violence.
Islam doesn’t call for murder. Islam calls for grace and compassion. Allah, Glorified and Exalted Be He, said to the
Prophet Mohammadصلى الله عليه وسلم,
All Prayers and Blessings of Allah be upon him: {And [thus, O Prophet,] We have sent thee as [an evidence of Our Grace towards all the worlds} Al-Anbyia, Ayah 107.
Allah sent Prophet Mohammad
وسلم عليه الل صلى
to spread Peace to everyone, not only to the Muslims
‘لِّلْعَالَمِين’ حْمَةًرَ إِلَّا أَرْسَلْنَاكَ ‘وَمَا’
BL: What is the role of Islamic banking today and what value did it give to the banking industry?
Sheikh Saleh Abdullah Kamel: All religions, and the ultimate one being Islam, encourage the development of planet earth. All types of establishments are mere tools for development. If banks are no more than a number of branches and abundant capital but did not contribute to the development and construction of this earth, then these banks are worthless.
BL: What is your vision?
Sheikh Saleh Abdullah Kamel: My vision is to combine the efforts of his Dallah al Baraka Group (DBHC) and the Chamber of commerce with ongoing mega-infrastructure projects such as King Abdullah Port, the Economic City, the new railways, and the King Abdullah International Airport to catalyze domestic business across the Kingdom. I am pro the promotion of Jeddah as a leading international port and hub for global commerce and he is also pro the efforts to significantly expand trade among member states of the Organization of Islamic Cooperation countries.
Sheikh Saleh Kamel’s companies and philanthropic work remain committed to fostering dialogue and inter-religious understanding.
