Quick Facts
Biography
Salim bin Ahmed bin Al Shaiba bin Mahfouz was a Saudi businessman of Hadharem origin, and the founder of the National Commercial Bank.
The journey of wealth
Bin Mahfouz first worked as a governor in Mecca, recognizing his abilities and having confidence in him, the Al-Kaki family opted to partner with him in their money-changing business. He then became a correspondent for them. This improved version combines the clarity of the first sentence with the conciseness of the second, while maintaining the original flow of information.
Salim bin Mahfouz, according to his own account, proposed the idea of a Saudi bank during a newspaper meeting. The Minister of Finance at that time, Ibn Suleiman, was impressed and arranged a meeting for bin Mahfouz with King Abdulaziz Al Saud. The King liked the idea, and soon after, Al-Salam, the first Saudi bank – the Saudi National Commercial Bank – was established. It went on to become the largest banking institution in the Middle East.
Death
He died in 1994.
Salim Bin Mahfouz Foundation
His children started the Salim Bin Mahfouz Foundation for Civil and Development Work in 2012.
