Founders of Islamic Banking by DIMAPUNONG

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Founders of Islamic Banking

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                                                                                                          April 17,
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                                 Archives: The founders of Islamic
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                                 Posted by: HiMYSYeD
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                                Chancellor, Islamic Banking Research
    Remember me
                               Institute
                                                                                Most read story in History of
                                Founding chairman, Amanah Islamic
                                Bank                                              Fast forward for Islamic
                                MANILLA, THE PHILLIPINES -- For the
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                                Institute has documented the historical
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                                background of pioneering Islamic banks as
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                                well as their founders. These are the Islamic
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                                banks and Islamic financial institutions that
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                                were founded in the 1970s. In the world of
 comments with your name.
                                Islamic banking, their founders are well
                                known. There are only two types: individuals
                                and governments.

                                The individuals are composed mainly of three
      Main Menu                 personalities, the “Bankers Par Excellence”,
                                namely: His Highness, Prince Muhammad
                                Faisal Al Saud of the Faisal chain of Islamic
 · Home Page                    banks, His Excellency, Saleh Abdullah Kamel
                                of the Al Baraka group of banks, and His
 · Register                     Excellency, Ahmad Muhammad Ali, president
                                of the Islamic Development Bank. The multi-
 ISLAMBANK                      lateral organization that is otherwise known
 · News And Info                as the Organization of Islamic Conference
                                was the founder of the Islamic Development
 · PDA / Wireless               Bank whose president from the start has
 · Book Reviews                 been Dr. Ahmad Mohammad Ali.
 · Photo Galleries              Muhammad Faisal Al Saud
 · Calendar / Al-Manac
 · About                        Prince Muhammad Faisal Al Saud and Saleh
                                Abdullah Kamel were actually co-founders of
                                several pioneering Islamic banks including
                                the Faisal Islamic Bank of Egypt and the
                                Faisal Islamic Bank of Sudan. They started
 · Discussion Forums            establishing Islamic banks in the early
 · Read Guest Kitab             1970s. The Faisal Islamic Bank survived until
                                today with impressive performance in Egypt.
 · Members List                 This bank is now servicing more than five
 · Chat Rooms                   hundred thousand accounts with its total
                                assets amounting to over 2 billion U.S
 · Web Links                    dollars. Its updated capital is now US$ 500
 · Downloads                    million of which US$132 million has been
                                fully paid up.
 · Tell A Friend
 · Send PostCards               The establishment of the Faisal Islamic Bank
                                of Egypt in the 1970s opened the door to
 GET PUBLISHED                  Islamic banking. Today, banks are competing
· Submit News                in Egypt for Sharia compliant products. This
                             includes the Egyptian Gulf Bank, Commercial
· Add Events                 International Bank of Egypt, Commercial
· Add Links                  International Life Insurance Company, El
                             Watany Bank of Egypt, the National Societe
· Add Photos                 Generale Bank, Egyptian American Bank,
· Ask Questions              MISR International Bank, Housing &
                             Development Bank, Delta International Bank,
· Add Downloads              Piraeus Bank Egypt SAE, and Calyon Bank
· Sign Guest Kitab           Egypt.

SITE MAP                     Muhammad Faisal is also the founder of Dar
· Popular                    Al Mal Al Islami. Faisal is also carried by such
                             banks as the Masraf Faisal de Senegal,
· Site Stats                 Masraf Faisal Al Islami Bahrain, Masraf Faisal
· Daily Archive              Al Islami Niger, Masraf Faisal de Guinea, and
                             the Faisal Finance Institution Istanbul. The
· Lost And Found             name is also associated with the Islamic
· Topic Categories           Bank in Austria, the Kibris Islamic Bank in
                             Cyprus, and other banks and financial
QUR'AN                       institutions Niger, Senegal, and the
· Read
· Listen                     Saleh Abdullah Kamel
· Search                     Another founder of Islamic banking is Saleh
                             Abdullah Kamel. He has been involved in
                             pioneering Islamic banking together with
· Imam Malik's Al-Muwatta    Muhammad Faisal Al Saud. On his own, he
· Sahih Bukhari              has been involved in investment houses,
                             trading and other business concerns not only
· Sahih Muslim               in Egypt and Sudan but in Greece, USA, the
· 40 Hadith Qudsi            Bahamas and other countries. He was
                             founding chairman of the Jordanian Islam
STUFF                        Bank for Finance and Investments, Arab
                             Investment Company of Egypt, Arab Union
· Dictionary / Glossary      Investment Company of Egypt. Saleh
· Knowledge Base             Abdullah Kamel has also been chairman of
                             The Islamic Arab Insurance Company.
· Encyclopedia
· FAQs                       In the 1990s, Sheikh Kamel was still as
                             active as the beginning of Islamic banking in
EXIT ISLAMBANK               the 1970s. He was founding chairman of the
                             Al Tawfeek Company for Investment Funds
· Surf to a Random Site      Ltd. Incorporated in 1992; this company
                             aims to provide medium and long term
                             finance for new companies, investment and
                             infrastructure development projects. Al
                             Tawfeek Company for Investments
     dot . com . unity       participates in international equity portfolios.
                             It is in the business of financial syndication
                             by acting as agent as well as underwriter. It
3 top active Forums:         has an authorized capital US $500 million of
                             which US $304 million has already been paid
·  Frequently Asked          up. It has a record of having issued fund
Questions (50/80)            capital amounting to over US$ 1.5 Billion.
·  Education / Student
Centre (10/17)               Throughout the Muslim world, the Al Baraka
                             Group of Saleh Abdullah Kamel provides
·  Announcements (4/7)       banking, investment, insurance, and lending
                             services to businesses and industry. Al
5 recent Topics:             Baraka Investment and Development has
·  Interest free home loan   been an influential investor. It has a record
and islamic credit card      of having managed assets exceeding $4.4
asadkhan                     billion. All of these are to the credit of one of
Jul 22, 2009 - 06:12 PM      the founders of Islamic banking, Saleh
1 replies                    Abdullah Kamel and his business associates.
·  Help me pay my student      The Al Baraka Group is the holding company
loan                           for many businesses involved in trading
asadkhan                       operations, heavy industry, real estate,
Jul 22, 2009 - 06:04 PM        media, and finance in more than 40
1 replies                      countries.

·  Not everyone can manage     As of year end 2004, the Al Baraka group of
credit - Canadian debt soars   Saleh Kamel employs 38,250. He is still the
asadkhan                       chairman and president, undeniably one of
Jul 22, 2009 - 06:00 PM        the founders of Islamic banking and finance.
1 replies
·  Chinese copy of Quran       The Organization of Islamic Conference
and Muhammad Asad's Road
to Mecca                       The Organization of Islamic Conference is
quran                          also among the founders of international
May 18, 2009 - 10:21 AM        Islamic banking. The Islamic Conference is
1 replies                      an inter-governmental organization grouping
                               of Muslim countries. Its members now are
·  Marriage                    fifty-seven States. These member-states
1Taalib                        pool their financial resources in order to
Apr 04, 2009 - 02:37 AM        establish a financial institution where they
0 replies                      can act together for the development of their
                               countries and their peoples.
3 top active Posters:
·  IslamBank                   The Organization of Islamic Countries was
(10 posts)                     established in Rabat, Kingdom of Morocco on
                               25 September 1969. This was the First
·  HiMYSYeD                    meeting of the leaders of Muslim countries
(4 posts)
                               who gathered together in the name of Islam.
                               There were other historical meetings of
                               Muslim leaders but they were mainly political
· Categories: 4                in nature. The Rabat meeting was called for
· Forums: 21                   by Muslim leaders in the wake of a major
                               historical event involving an attack on        
· Topics: 88                   August 21, 1969 of the Masjid Al Aqsa in
· Posts: 136                   occupied Jerusalem. The meeting was
                               convened in order to defend the honor and
                               dignity of the world of Islam. It was
                               triggered by a challenge not on political
                               consideration but purely Islamic which was
                               the common sentiment of the founding
                               members of the Islamic Conference.

· Al-Qur'an Al-Kareem          The city of Al-Quds is holy to all the Muslims
                               considering that it is the site of the Holy
                               Masjid Al Aqsa. This Masjid appears in the
· Card Tricks                  Holy Qur’an. It was the first direction of
· CES: Conferences, Events,    Islamic prayer from the time of Prophet
Seminars                       Ibrahim, peace is on him, until it was
                               changed to Masjid Al Haram in Mecca during
· Currency                     the time of Prophet Muhammad, peace is on
· Complementary Currency       him. Even today, Masjid Al Aqsa is the third
                               holiest Shrine of Islam.
· Debtors Anonymous
· D8 / D-8: Group of           The Muslim leaders met in Rabat to act
Developing 8 Countries         together for their common cause and
· Education / Training         aspirations. It was a meeting to consolidate
                               their combined forces and lay the
· E-Dinar / E-Dhirham          foundations of their unity that eventually
· FTAA: Free Trade Area of     came to be known as the Organization of the
the Americas                   Islamic Conference. The Organization started
                               with two main components, namely: the
· Gen M: Generation M          Conference of Kings and Heads of State and
· The Gift Economy             Government and the Conference of Ministers
                               of Foreign Affairs. Then the General
· Habitat for Humanity         Secretariat was organized on March 1970
· Hadith and Sunnah            during the First Islamic Conference of
· History of Islamic Banking    Ministers of Foreign Affairs that was held in
                                Jeddah, Saudi Arabia. This conference set up
· Islamic Accounting            a permanent General Secretariat to ensure a
· IsDB / IDB: Islamic           liaison among Member States of the
Development Bank                organization. The Conference appointed its
                                Secretary General and chose Jeddah as the
· IFIs: Islamic Financial       Headquarters of the Organization.
Institutions / Islamic Banks
· Islamic Bankers /             On February 1972, the Islamic Conference of
Practioners                     Foreign Ministers, meeting in its Third
                                Session, adopted the Charter of the
· Islamic Banking Windows       Organization. Its avowed purpose under its
· IFSB: Islamic Financial       charter is to strengthen solidarity and
Services Board                  cooperation among Islamic States in the
· Investment Funds              political, economic, cultural, scientific and
                                social fields.
· ICM: Islamic Capital
Market                          The Islamic Development Bank
· Insight / Analysis
                                The Organization of Islamic Conference has
· Retail Islamic Banking        created committees mostly on ministerial
· Islamic Economics             level. Some of these are chaired by Heads of
                                State. The Conference of Finance Ministers
· Islamic Central Banking       was also created. On December 18, 1973,
· Islamic Finance / Sukuks      the Conference of Finance Ministers was held
                                in Jeddah, Saudi Arabia where it issued a
· Islamic Credit Cards          Declaration of Intent in pursuance of which
· IGD: Islamic Gold Dinar       the Islamic Development Bank was
· Islamic Micro Credit          established.

· Islamic Insurance             Having been established, the inaugural
· Islam Inside                  meeting of the Board of Governors took
                                place on July 1975. The following countries
· Judgements / Fatwas           put up the paid-up capital of the bank: Saudi
· Kids.IslamBank                Arabia, Kuwait, Libya, Turkey, UAE, Iran,
                                and Egypt. The purpose of the Islamic
· Local Currency                Development Bank is to foster the economic
· Muslimpreneurs                development and social progress of member
                                countries and Muslim communities in non-
· OIC: Organization of The      member countries individually as well as
Islamic Conference
                                jointly in accordance with the principles of
· Poverty Sucks!                Shari’a. It certainly is one of the pioneering
· Research Papers               Islamic banks having been opened for
                                operations on October 20, 1975.
· Riba
· Riba Banking                  Islamic Development Bank operates on
                                Islamic principles. The Bank has financed
· Ribanomics                    387 operations totaling $3.9 billion in 39
· The Road To Makkah            member states, and made a profit of $26
                                million in 1982-83. Since then, IDB has been
· Shariah / Syariah             making steady progress. Up to the end of
· Student Centre                June 1992, the authorized capital of the
                                Islamic Development Bank was two billion
· Takaful / Re-Takaful          Islamic Dinars. From this figure, the
· Tastes Like Chicken / Halal   authorized capital was increased to six billion
Food / Cola Wars                Islamic Dinars. Its subscribed capital also
· TechKnowledge                 became four billion Islamic Dinars.
                                Eventually, this was raised to 15 billion
· The Usuacracy                 Islamic Dinars and the subscribed capital
· Usury                         also increased to 8.1 billion Islamic Dinars.
                                The Islamic Dinar (ID) is the accounting unit
· Web Sisterz                   of value in the Bank, and is equivalent to one
· WTO: World Trade              Special Drawing Right (SDR) of the
Organization                    International Monetary Fund.
· Zakah al-Mal                  The principal office of the Islamic
· Gone But Not Forgotten        Development Bank is a landmark in Jeddah,
                              Kingdom of Saudi Arabia. In 1994; a regional
                              office in Rabat was opened and one regional
                              office in Kuala Lumpur was inaugurated. In
                              July 1997, the board of Executive Directors
     New Members              established another regional office in Almaty,
                              Kazakhstan. The Bank also has field
                              representatives in Indonesia, Iran,
                              Kazakhstan, Libya, Pakistan, Senegal,
                              Sudan, Gambia, Guinea Bissau, Mauritania
       ismailyurdakok         and Algeria. Pakistan and Iran are already on
                              full scale Islamic banking and Islamic
                              economics. Somalia has also announced its
       emersonopetina         intent to go full scale Islamic banking.

                              The official functions of the Islamic
                              Development Bank include participation in
                              equity capital and the granting of loans for
       Mengz                  productive projects and enterprises. It
                              provides financial assistance to member
                              countries in other forms for economic and
       smurf786               social development. The Islamic
                              Development Bank is also authorized to
                              accept deposits sans interest rates and to
       AZAHRAA                mobilize financial resources through Shari’a
                              compatible schemes. It is also charged with
                              the responsibility of assisting in the
                              promotion of foreign trade, especially in
                              capital goods, among member countries. The
                              Bank is also required to establish and
     Latest Web Links         operate special funds for specific purposes
                              including a fund for assistance to Muslim
                              communities in non-member countries.
· AYA Financial - Shariah
Compliant Auto Financing,     Dr. Ahmad Muhammad Ali
Toronto Ontario Canada
(4496)                        At the helm of the Islamic Development
                              Bank has been Dr. Ahmad Muhammad Ali, a
· Arab Finance House          Saudi Arabian who was born in 1934 in
(Islamic Bank) (6359)         Madina, Saudi Arabia, the city of prophet
· - Islamic    Muhammad, peace is on him.
Finance Solutions for
Residential transactions -    Dr. Ali obtained his B.A. Commerce degree
Ann Arbor, Michigan (6309)    at the Cairo University in Egypt in 1957. He
                              earned his M.A. at the University of Michigan
· -   in USA; and he also earned his degree in
Islamic Finance Advisory      Public Administration in the United States in
Board (Canada) (6374)         1962. Thereafter, he earned his Ph.D. degree
· - ISNA       in Albany in USA in 1967.
Housing Co-operative Ltd.
(6225)                        Dr. Ali started his first stint as President of
                              the Islamic Development Bank on January 1,
· -          1975 up to January 1, 1993. Thereafter, he
Chinese Muslim Association
                              was appointed as Secretary General of the
of Canada (7951)
                              Muslim World League from January 1, 1993
· A2B2 Investment             to January 1, 1995. Dr. Ali made his second
Management Ltd. - Islamic     stint as President again of the Islamic
Finance (Calgary, Alberta,    Development Bank from January 1, 1995 up
Canada) (6104)                until the present.
· Toronto Dollar -
Community Currency
· Thinkers Forum              Note: “The founders of Islamic banking”, by
International (9413)          Abdel Aziz Dimapunong is part of a larger
· Halal Universal - web       book entitled “The world of Islamic banking”
trade portal for halal        by this same author. October 2006. The
products (10012)              author may be contacted at
· Paper and the
description (8014)
· - La première
activité d’assurance
Islamique en Amérique du
Nord (Montréal) (8156)
· - The
Al-Amanah Islamic
Investment Bank of the
Philippines (10133)
· p h o t o p i a ::
photographs by HiMY SYeD -
Photoblog of New York, San
Francisco and Toronto
· - Lariba
Investments Canada Inc.
(Toronto and Mississauga)
· CAIWC - Coalition Against
Israel's War Crimes -
Toronto, Ontario, Canada
· Open Forum - Bilal
Randeree's Blog about
Islamic Banking and Islamic
Finance (8917)
· Qurtaba Housing Co-
Operative (Montreal,
Quebec) (4885)
· La Grande Mosquée de
Paris (8116)
· - Canadian
Islamic Bankers Lariba
Association (5713)
· Muslim Beliefs - Ahmed's
World of Islam (9893)
· yin shui si yuan blog -
when drinking water,
remember the spring (9678)
· EIIB - European Islamic
Investment Bank: London,
England, United Kingdom,
European Union (7573)
· Meezan Bank - Islamic
Commercial Bank: Karachi
Lahore Sialkot Faisalabad
Multan Islamabad, Pakistan
· Association of Islamic
Banking Institutions
Malaysia (AIBIM) -
Persatuan Institusi
Perbankan Islam (5177)
· Public Bank Berhad -
Islamic Banking Window:
Malaysia (4804)
· Qkids Comics - English
Comic Magazine for Kids,
described as the first of its
kind in the Arab world
· Islamic Bank of Britain -
London, Birmingham,
Leicester: The UK's First
Stand-Alone Islamic Bank
· Bank of Whittier - Islamic
Banking Window: American
Finance House Lariba Model.
Pasadena, California (7717)
· American Finance House -
LARIBA: Pasadena,
California (7263)
· Devon Bank - Islamic
Finance Window, Residential
and Commercial:
Chicagoland Area, Illinois
· Salam Financial - Riba-
Free Home Financing:
Ottawa and Toronto, Ontario
Canada (7996)
· UM Financial (United
Muslims Financial): Shariah
Compliant House financing -
Toronto, Ontario Canada
· Canadian Islamic Wealth
Creation Group - Innovative
Solutions for Islamic
Finance: Vancouver, B.C.
· University Bank - Islamic
Banking Division: Ann
Arbor, Dearborn, Detroit
Michigan (4477)
· - Khalid
Shaukat, Astronomer (8198)
· Bank Rakyat - Malaysia's
Biggest Co-Operative
Islamic Bank (5092)
· AmBank Group Islamic
Banking Centre - AmBank
Berhad (Islamic Banking
Window), Malaysia (5189)
· Affin Bank Berhad (Islamic
Banking Window), Malaysia
· Rusd Investment Bank,
Labuan, Malaysia (7780)
· GIF - Gulf Investment
House, Kuwait (7973)
· A'ayan Leasing &
Investment Co., Kuwait
· Bank Keshavarzi (BK) -
formerly Agricultural Bank,
Iran (3693)
· Bank Saderat Iran (4923)
· Faisal Islamic Bank of
Egypt (6775)
· ESFB - The Egyptian Saudi
Finance Bank (4773)
· Noriba Bank (member of
the UBS group), Bahrain
· BNP Paribas - Islamic
Banking Unit, Bahrain
· IAIB - International
Association of Islamic Banks
· GCIBFI - General Council
for Islamic Banks and
Financial Institutions (5590)
· IFSB - Islamic Financial
Services Board (8410)
· AAOIFI - Accounting and
Auditing Organization for
Islamic Financial Institutions
· Al-Tawfeek Company for
Investment Funds Ltd.
· Al Baraka Bank - Sudan
· Al Baraka Banking Group -
Bahrain (7688)
· Al Baraka Lebanon SAL
· Al Baraka Bank - South
Africa (8387)
· Albaraka Turkish Finance
House (6236)
· Jordan Islamic Bank (Part
of Al Baraka Bank - Bahrain)
· Al Amin Bank, Bahrain
· Kuwait Ministry of Awkaf
· -
Fatawa Online (7008)
· Greg Allan: March 6, 1973
- June 16, 2002 |
Adam_Baum: PostNuke .50
- .714 (8273)
· Muslim Matrimonial
Services (Free Zawaj)
· The International Salary
Calculator (4833)
· (9765)
· Islamic Goods Direct
· -
Takaful Welfare Association
· timbuktu - a sane voice in
a mad world (11102)
· Online
Islamic Store (7528)
· Islamic Finder (7575)
· New Zealand Muslim
Community (10520)
· QIB - Qatar Islamic Bank
· An-Nur Cooperative:
Interest-free investment
cooperative, Toronto,
Canada (8188)
· Living Manic Depressive
· (9466)
· Faisal Kutty (10639)
· Kevin Gagnon (4834)
· Islamic Salafy Indonesian
Homepage (10249)
· pakistan agri-graduates
association (5454)
· Islam Today (10546)
· Muslim
Matrimonials and More!
· We Need to Unite (8694)
· Islamic Banking &
Finance; Banking &
Inflation; Netherlands
· EON Bank Group - Islamic
Banking window (7259)
· Portal Perkahwinan
Malaysia (12220)
· Takaful-Ikhlas Malaysia
· Citi Islamic Investment
Bank (6905)
· Al Sukoor European Equity
Fund (8296)
· Islamic Researches
Business Fiqh Center (9212)
· Wisdom Enrichment
Foundation (WEFOUND)
· Islamic Center Japan
· The Islamic Mint (7902)
· The e-Dinar Website
· (8032)
· Islam
Muslims Koran in Poland
· (5300)
· SaudiTV from Makkah
· This Is Islam (5863)
· Arab Gambian Islamic
Bank (7060)
· Hijri Philippines (5841)
· Sisters In Islam :: Sisters
Reaching Out To Sisters
· World Muslim Population:
Kingdom (7954)
York, NY (7980)
· Bank Islam Malaysia
Berhad (BIMB) (8856)
· (5150)
BAHRAIN E.C. (9004)
CREDIT UNION: Melbourne,
Victoria, Australia (5779)
(KFH) (7468)
BANK (IDB): Jeddah, Saudi
Arabia (6877)
Saudi Arabia (8294)
Ontario, Canada (4953)
· Arcapita Bank, Bahrain
BAHRAIN E.C has been
Bahrain (6557)
Atlanta, Georgia (7406)
Silicon Valley (8932)
BANK: Khartoum, Sudan
BANK: Bahrain (7491)
Bahrain. (Arab Banking
Corporation) (5161)

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