May 8, 2008, 11:45 GMT
Saudi Arabia's Prince Alwaleed bin Talal Abdulaziz al-Saud has given £16 million to two British universities for the study of Islam.
The prince's massive donation will be shared between the University of Cambridge and the University of Edinburgh, and will be used to set up study centres to foster a better understanding between the Muslim world and the West.
An agreement to set up centres at the two celebrated universities was formally signed at London's Buckingham Palace yesterday (07.05.08), at a ceremony attended by Britain's Duke of Edinburgh.
Prince Alwaleed said: "It is paramount for both Islam and the West to reach mutual ground for pro-active dialogue, respect, acceptance and tolerance. We are determined to continue building the bridge between Islam and the West for peace and humanity."
Cambridge will be home to the HRH Prince Alwaleed bin Talal Centre of Islamic Studies, which will seek to develop a "constructive and critical awareness of the role of Islam in wider society".
Policy makers from both the West and the Muslim world will be invited to visit the centre to give lectures and conferences, with summer schools also set up to promote the understanding of Islam.
At Scotland's University of Edinburgh the Prince Alwaleed bin Talal Centre for the Study of Islam in the Modern World will concentrate on teaching the history of Islamic civilisation and of Muslims in Britain.
The prince boasts an estimated fortune of $20 billion, much of which comes from his investment firm Kingdom Holding Co.
As a royal the prince also benefits from Saudi Arabia's vast oil wealth.
(C) BANG Media International
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