Khalid Bin Mahfouz Owner of the major bank 'National Commercial Bank of Saudi Arabia' (NCB) Country: Saudi Arabia

1. Biographical Overview of Khalid bin Mahfouz
2. Family Lineage and Early Life
3. Leadership and Controversies
4. Muwafaq Foundation and Alleged Terrorist Funding
5. Retractions and Apologies

Biographical Overview of Khalid bin Mahfouz

Khalid bin Mahfouz is a prominent Saudi Arabian billionaire, heir, and owner of the National Commercial Bank of Saudi Arabia (NCB), one of the largest banks in the country. With an estimated net worth of $3.1 billion, he is recognized by Forbes as one of the world's most influential individuals.

Family Lineage and Early Life

Khalid bin Mahfouz is the eldest son of Salim Ahmed Bin Mahfouz, the Saudi entrepreneur who founded NCB. The bank was a significant financial institution in Saudi Arabia, and Salim Ahmed served as a personal banker to the royal family.

Leadership and Controversies

In the 1980s, Khalid bin Mahfouz assumed control of NCB. His tenure as CEO has been marked by several controversies. Notably, Mahfouz has faced accusations of supporting Al-Qaeda, which he and his representatives have vehemently denied, stating that he condemns terrorism in all its forms.

Mahfouz's involvement in Bank of Credit and Commerce International (BCCI) has also raised concerns. BCCI was later convicted of fraud, money laundering, bribery, support for terrorism, and arms dealing. Mahfouz served as a director of BCCI, and his name appeared throughout the proceedings.

Muwafaq Foundation and Alleged Terrorist Funding

Khalid bin Mahfouz is associated with the Muwafaq Foundation, a charity established by his eldest son, Abdulrahman bin Mahfouz. The foundation has been accused of financing and supporting terrorism. Mahfouz was identified as one of the seven major Saudi individual sponsors of Al-Qaeda, and the United Nations designated him as a terrorist financier.

Retractions and Apologies

Despite the numerous accusations, in November 2006, some accusers retracted their statements, apologizing to Khalid bin Mahfouz and his son and pledging to never again accuse the family of supporting terrorism.