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History & Development Essay

4310 words - 18 pages

Islamic Banking and Finance: History Development

Slide #1 Some Issues

History Of IBF

Development of IBF -Overview-

2. Islamic Banking and Finance: History and Development
History and Development of IBF in Bahrain

Full Fledged IB vs. IB windows

• Word ‘bank’ comes from the word ‘banco’
- A table or a bench on which Italian money-changers used to display their monies and records and conduct their transactions

History of Islamic Banking and Finance
• Arabic financial and economic system preIslam – Trading based arrangements were common • Bay’ al-musawamah (bargaining) • Bay’ al-muzayadah (auctioning) • Bay’ al-amanah (trust sale) – Al-murabahah (resale with profit) – ...view middle of the document...

•25th July 1963 – February 1967
Mit ghamr Islamic Savings Bank started in Egypt by El-Naggar -Based on German saving bank -Purpose to mobilize the idle savings of the majority of Muslim within the Syariah and to provide halal returns on their saving as well. -El-Naggar was an academic himself -Managed the staff

The role of the bank (El-Naggar, 1974)
a) An efficient intermediary between the supply and demand of capital b) Act as one educational centre for economic efficiency, saving education and banking habit, and c) Set a dynamic factor in mobilizing the idle capital for investment, reducing hoarding and the problem of capital formation

the Number of Depositors and Their Average Deposits in Mit-Ghamr Islamic Saving banks

No. of Year Depositors

Growth in Average Deposit % Per Saver

Growth in %

1964

17560

-

2.33

-

1965
1966 1967

30404
151998 251152

73
400 65

6.29
5.79 7.28

170
-1 26

Mit-Ghamr Islamic savings Bank's branches Between 1963-1967 Branch Name Opening Date

1. Mit Ghamr 2. Sharbine
3. Al-Monsoura 4. Dakerous 5. KasrnAl Ayni 6. Zefti 7. Al-Mahallah 8. Misr Al-Jadidah 9. Belqaa

5/7/1963 14/08/1965
11/9/1965 9/10/1965 14/10/1965 9/2/1966 24/07/1966 23/07/1966 1/10/1966

Position of some Islamic Banks among the Top 100 Arab Banks
Year KFH FIBE 77 QIB DIB JIB SBB RBIC -

1980 1981 1982 1983 1984 1985 1986 1987 2000 2001 2004

94 68 51 42 34 39 36 28 24 21 21

66 47 45 43 48 90 95 -

91

97

87 85 96 97 -

86 90

87 93 48 48 38

58

-

54 58

6

TOP ISLAMIC FINANCIAL INSTITUTIONS

History of IBAF – (4)
• Islamic banking and finance (IBF) is relatively new compared to conventional banking and finance • Earliest Islamic financial institution can be traced to a savings institution based on profit sharing in Mit Ghamr, Egypt in 1963 • Oil boom in the 1970s triggered a rapid growth of Islamic financial institutions

• Establishment of the first Islamic bank (Dubai Islamic Bank in the UAE) in 1975, as well as the Islamic Development Bank (IDB) in Saudi Arabia
• First attempt in the West to establish Islamic banking was in Luxembourg in 1978

Islamic Banking and Finance Today- (1)
• Islamic scholars have profound influence on the practice of Islamic banking and finance – No equivalence in other religions
• Muslim governments’ approach in relation to IBF differs – Transformation of the entire internal financial system to Islamic • Iran, Pakistan, Sudan

Islamic Banking and Finance Today- (2)
– Embrace Islamic banking as a national policy concurrently with conventional banking and finance (dual track banking) • Bahrain, Brunei, Indonesia, Kuwait, Malaysia, Turkey, UAE

– Neither support nor oppose Islamic banking • Egypt, Yemen
– Actively discourage separate Islamic banking presence • Saudi Arabia*, Oman

History of Islamic Financial Institutions- Overview
1950’s (Pakistan) 1963-1967 (Egypt) 1963 (Malaysia) A small experimental...

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