Rice President Malcolm Gillis hosted the dinner honoring Sheikh Hussein A. Al-Banawi, president and chief executive officer of Banawi Industrial Group. Sheikh Al-Banawi, of Saudi Arabia, had the founding vision for the chair and has pledged his corporation's support. In his opening remarks, Gillis noted that again this year 40 percent of incoming Rice freshmen are National Merit Scholars or National Achievement Award finalists, the highest proportion of any entering class anywhere in the nation. Nearly 100 percent of the university's graduates who apply to graduate or professional schools are accepted, and 75 percent receive their first choice, he added. We are moving on many fronts.
Rice aims to develop greater understanding in Middle East and Far East cultures.
The development of the new chair will benefit Rice students, and will also be supportive of Houston's continued leadership in international energy, he said. While studying at Rollins, Sheikh Al-Banawi said he questioned where were the numerous contributions of the Islamic minds made over the centuries. The chair is by no means a promoter to a way of thinking that excludes others. Businesses in Islamic countries play an increasingly important role in the economy, yet U.S. students have little opportunity to study Islamic theories, principles and laws developed under Islam in the areas of banking, finance and management. Through the establishment of the chair, Rice intends to play a significant role in furthering the understanding of these aspects of the cultures and economics of Islamic countries.