Saleh Kame built his vast empire on the strength of contracting deals with the Saudi government, before expanding into banking and real estate and even venturing into media – his true passion. Kamel founded Middle East Broadcasting Centre (MBC) and Arab Radio & Television (ART), and he also owns 55% of Albaraka Banking Group, a conglomerate that runs a number of vast Islamic banking operations, as well as real estate, construction and manufacturing interests.
Albaraka Banking Group is a Bahraini Joint Stock Company listed on the Bahrain and Dubai stock exchanges, and a leading international Islamic bank with a Standard & Poors long-term rating of BBB-, and a short-term rating of A-3. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Sharia. The bank’s authorised capital is US$1.5bn, while the total equity amounts to more than US$1.2bn. The group has a wide geographical presence in the form of subsidiary banking units in 10 countries, which in turn provide their services through more than 216 branches.
In his position as president of the Islamic Chamber of Commerce, Kamel has also been pushing for the formation of an Islamic rival to the World Bank.
Earlier this year, he revealed that financial commitments have been received from across the Islamic world that will see the bank established with a paid-up capital of US$100bn.
It has not yet been decided where the bank – named Eamar International Bank – will be based, although Saudi Arabia, UAE, Bahrain and Malaysia have all been touted as possibilities.
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