Definition of Islamic Bangking:
What is Islamic Bangking? Islamic banking is a banking system that was developed based on the sharia (law) of Islam. Establishment of business system is based on the prohibition in Islamic religion to collect and borrow with interest or so-called "usury" as well as investment restrictions for businesses, categorized haram (eg businesses associated with food production / "drink unclean", the business media un-Islamic, etc.), where this can not be guaranteed by the conventional banking system.
History of Islamic Banking:
Islamic banking first appeared in Egypt without the frills of Islam, because of concerns that the regime in power at that time would see it as a fundamentalist movement. This venture is a pioneering leader Ahmad El Najjar, on taking the form of a savings bank based on profit sharing (profit sharing) which was first performed in the town of Mit Ghamr in 1963. This experiment lasted until 1967, and it was up nine banks with a similar concept in Egypt. These banks, which do not charge or receive interest, mostly investing in businesses and industry trade directly in the form of a partnership and split the profits with savers.
Still in the same country, in 1971, Nasir Social Bank was established and declared itself as a commercial bank interest-free. Although not mentioned in the deed of establishment of religion or references to the Islamic Shari'a.
Islamic Development Bank (IDB) was then established in 1974 sponsored by the countries belonging to the Organization of Islamic Conference, although the major banks are inter-governmental bank aimed at providing funds for development projects in member countries. The IDB provides fee-based financial services and profit-sharing for those countries and explicitly declare them based on Islamic sharia.
Across the country during the period of the 1970s, a number of Islamic-based bank then appears. In the Middle East, among others, stood Dubai Islamic Bank (1975), Faisal Islamic Bank of Sudan (1977), Faisal Islamic Bank of Egypt (1977) and Bahrain Islamic Bank (1979). In Asia-Pacific, Phillipine Amanah Bank was established in 1973 by presidential decree and in Malaysia in 1983 stood Muslim Pilgrims Savings Corporation that aims to help those who want to save for a pilgrimage.
Read Also:
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Islamic Banking
- Introduction of Islamic Banking
- Definition of Islamic Banking
- Islamic Banking, Definition and History
- History of Islamic Banking
- Islamic Banking Principles
- Islamic Banking Products
- Scheme of Islamic Banking Products
- Basic Concepts of Accounting for Islamic Banking
- Islamic Economics and Islamic Banking, the basic concepts andrelationships
- The Difference between Islamic banking and Conventional Banking
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