Last year, Prince al-Waleed gave Harvard $20 million to establish the program, which is being coordinated by History Professor Roy P. Mottahedeh. According to Mottahedeh, the program will focus on "the study of the cultures of Muslims in the [past] fifteen hundred years, and across the geographical spread in which such cultures have existed.”

Al-Waleed has a net worth estimated at $20 billion and was recently ranked by Forbes magazine as the eighth richest man in the world, and the richest Arab. Nicknamed the "Arabian Warren Buffett, al-Waleed is a savvy investor and has an extensive portfolio of global stocks and real estate. Last year he also donated $20 million to Georgetown University, also for the purpose of financing Islamic Studies.

Not everyone welcomes al-Waleed's largesse. In October 2001, for example, al-Waleed tried to give $10 million to the Twin Towers Fund. But then-New York Mayor Rudolph W. Giuliani rejected the donation after the prince said in a news release that the United States needed to "re-examine its policies in the Middle East and adopt a more balanced stance towards the Palestinian cause." One more reason to vote for Rudy in 2008.

$40 million is walking around money for al-Waleed. But it's big bucks for Georgetown and Harvard. Presumably, this money comes with no strings attached. It's doubtful that either school would accept these gifts if the facts were otherwise. On the other hand, these things can be subtle. For example, Al-Waleed's gift to Harvard is scheduled to arrive in installments. What happens if one of Harvard's new Islamic Studies professors teaches something that displeases Al-Waleed?

Harvard's motto is Veritas -- truth. It's an open question how much truth seeking there will be in a department of Muslim studies funded by the world's richest Muslim.