Analysing the Present State and Future Agenda
Studies in Islamic Finance, Accounting and Governance series
Chapter 19: Practice of Islamic banking and finance
The Islamic banking and finance sector is growing at a fast pace globally. Information on the exact status of Islamic financial institutions, products and services becomes outdated on a daily basis. Although we have tried our best to present the latest information at the time of writing this chapter, yet readers may find some of it out of date. But that does not defeat the objective of this chapter. Our objective is not to present up-to the- minute information on the status of Islamic banking and finance. We aim to present a general overview of the industry as it existed at the end of 2011. The focus of the chapter is to highlight various issues that have emerged in the practice of Islamic banking and finance. The dream of Islamic banking became a reality in the early 1960s as a result of the zeal and charismatic leadership of certain individuals. In 1961, S.A. Irshad started an Islamic bank in Karachi (Pakistan) and in 1963 Ahmad al-Najjar started an Islamic bank at Mit Ghamr (Egypt). Neither bank survived for more than a couple of years. However, the candles lit by them left trails in the minds of various influential Muslims until in 1974 an Egyptian study under the auspices of OIC proposed the blueprint of the Islamic Development Bank, which was established in 1975 at Jeddah.
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