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Dr. Saleh Jameel Malaikah
[edit]Dr. Saleh Jameel Malaikah (born 1960) (Arabic, د. صالح جميل ملائكة) is a Saudi businessman, financier, economist, and entrepreneur. He is the founder and chairman of Rusd Holding Group, with extensive experience in Islamic banking, investment, and financial services. He has played a key role in pioneering Islamic finance products, including Sukuks, Sharia-compliant equity funds, and Takaful (Islamic insurance).
Early Life and Education
Dr. Malaikah was born in Saudi Arabia but spent his early years in Cairo, Egypt, during a period of social reform under Gamal Abdel Nasser. He later moved to Lebanon, where he attended middle school, before returning to Saudi Arabia to complete his high school education at Al-Thagar Schools in Jeddah, an institution founded by King Faisal.
He pursued civil engineering at King Fahd University of Petroleum and Minerals (KFUPM), earning his degree in 1981 in a record three years with honors. He later obtained an MBA from KFUPM in 1984 and, during Saudi Arabia’s economic downturn in the mid-1980s, pursued a Ph.D. in Finance at Michigan State University, which he completed in 1990.
Academic and Early Career
After completing his Ph.D., Dr. Malaikah briefly returned to KFUPM, where he lectured MBA students in finance for a year before transitioning to the financial sector.
Career in Islamic Finance
AlBaraka Group
In 1991, Dr. Malaikah joined Albaraka Financial Group, where he became a key figure in the development of Islamic banking and finance. He served as CEO of Al Tawfeek and Al Amin, two leading Islamic investment banks. Between 1995 and 2000, he was the CEO of Albaraka Group’s financial services sector, overseeing investments in 45 companies across 30 countries, with assets exceeding $5 billion.
He was the strategist behind the restructuring of Albaraka Banks, leading to the creation of the Albaraka Banking Group (ABG), which he personally named. Today, ABG is listed on the Bahrain Stock Exchange.
Contributions to Islamic Finance
Dr. Malaikah has been instrumental in shaping modern Islamic financial products. His notable contributions include:
Sukuks: Introduced some of the first Sharia-compliant debt-like instruments.
Sharia-Compliant Equities: Developed screening criteria for stocks, requiring low debt ratios and the cleansing of interest-based income.
Takaful (Islamic Insurance): Introduced the Takaful model in 1995, which separates shareholder and policyholder funds, now used by over 1,000 Takaful companies worldwide.
Islamic Real Estate and Private Equity Funds: Developed the first Sharia-approved US real estate investment fund and Sharia-compliant private equity funds.
Rusd Holding Group
After leaving AlBaraka in 2002, Dr. Malaikah founded Rusd Holding Group, which has grown into a leading Saudi conglomerate with interests in:
Financial Services: Rusd Investment Bank, Alawwal Financial Services, Rusd Capital (DIFC), Tajeer Group, Alaman Trust Services.
Real Estate & Hospitality: Alfirdous Umra Services, Alhijra Hotels Group, Albinaa ALmuamar Real Estate Development, Jebel Adsas, Al-Ruwais Alliance for Urban Development.
Healthcare & Education: Saudi Bio-Acids Co., Sameer Abbas General Hospital, Jeddah International College.
Salama Group
Dr. Malaikah is a founder of Salama Group UAE and has chaired several of its subsidiaries, including:
Salama UAE (Dubai) Vice Chairman
Salama Cooperative Insurance (Saudi Salama) Jeddah
Takaful & Retakaful International Investments Co. (TARIC) Bahrain
Egyptian Saudi Insurance Home (ESIH) Cairo
BEST Re Tunis
Civic Engagement
Dr. Malaikah has been actively involved in shaping policies related to Islamic finance and investment:
Founding Member “ Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI).
Member, National Investment Committee Saudi Chambers of Commerce (1998-2005).
Head, Executive Investment Committee King Abdullah Foundation for the Gifted (2001-2008).
Board Member, Higher Education Fund Saudi Ministry of Education (2012-2016).
Recognition and Awards
Dr. Malaikah contributions to Islamic finance have earned him multiple awards:
1997 Deal Maker of the Year, Islamic Banking & Finance Forum.
1998 Lifetime Achievement Award, Islamic Banking & Finance Symposium (LARIBA).
2000 Islamic Banker of the Year, ISNA / IBTF.
2007 Takaful Leader of the Year, Second World Takaful Conference.
2007 Overall Takaful Award, Second International Conference on Takaful.
2009 Distinguished Contribution Award, Global Finance Magazine.
2002 EgyptAir Crash
On May 7, 2002, Dr. Malaikah survived the crash of EgyptAir Flight 843, which crashed into a mountain near Tunis International Airport. Miraculously, he escaped unharmed. This experience led him to leave Albaraka Group and focus on his own business ventures.
Personal Life
Dr. Malaikah has one son, Faisal, and four daughters: Lina, Reema, Jude, and Aya