{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

History & Evolutoin of Islamic Banking

Receipts for deposit of gold or other valuables were

Info iconThis preview shows pages 7–13. Sign up to view the full content.

View Full Document Right Arrow Icon
Receipts for deposit of Gold or other valuables were traded as money People can write an order to transfer the gold to another account Islamic Banking 7
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
History of Commercial Banks Merchant finances foreign trade and issues bill of exchange Money Lender channelizes savings from depositors to businesses Goldsmith trustee and custodial services for accounts Islamic Banking 8
Background image of page 8
What was common in all? The Rich & Reputable Merchant The Money Lender The Goldsmith All created ‘Money’ Islamic Banking 9
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Why did it took so long? Muslim countries were colonies of western nations Muslim institutions like Shariah Courts were destroyed and made ineffective Commercial banking expanded with rapid industrialization in west Their was no alternative for Muslims Even now conventional banking is restricted to urban centers only There were Muslims who used to debate upon consumption vs commercial loans, excessive rates of interest etc. etc. Islamic Banking 10
Background image of page 10
First Islamic Bank Islamic Banking 11 When and Where was the First Islamic Bank Established?
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
First Islamic Bank 1963 Mit Ghamr Egypt an experiment 1970 Cairo Nasser Social Bank 1975 Dubai Dubai Islamic Bank 1981 - Dar al-Mal al-Islami Trust (DMI) 1982 - Al Baraka Islamic Banking 12
Background image of page 12
Islamic Banking Industry In the middle came ‘Islamic Development Bank’ in 1975 Financial Accounting Organization of Islamic Banks & Financial Institutions (AOIFI) Islamic Banking 13
Background image of page 13
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}