search April 17, Create an account Home · Topics · Downloads · Your Account · Submit News · Top 10 · RSS 2010 Archives: The founders of Islamic User's Login banking - By Abdel Aziz Dimapunong Related links Posted by: HiMYSYeD Username · More about History of IslamBanking History of IslamBanking By Abdel Aziz Password · News by HiMYSYeD Dimapunong Chancellor, Islamic Banking Research Remember me Institute Most read story in History of IslamBanking: Founding chairman, Amanah Islamic Bank Fast forward for Islamic Login banking MANILLA, THE PHILLIPINES -- For the Don't have an account yet? records, the Islamic Banking Research You can create one. As a Institute has documented the historical registered user you have background of pioneering Islamic banks as some advantages like a well as their founders. These are the Islamic theme manager, comments banks and Islamic financial institutions that configuration and posting 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 IslamBank.Community several pioneering Islamic banks including the Faisal Islamic Bank of Egypt and the .COMMUNITY 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 Bahamas. · Read · Listen Saleh Abdullah Kamel · Search Another founder of Islamic banking is Saleh Abdullah Kamel. He has been involved in SUNNAH & HADITH 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 Total: 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 Topics 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, kziauddin 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 Ablo 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 · IjaraLoans.com - 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 · IslamicFinanceBoard.com - 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 · ISNAHousing.ca - 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, · ChineseMuslim.ca - 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 (10213) · 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 islamicbankingresearch(@)yahoo.com.ph. · Paper and Ink.....read the description (8014) · Takaful.ca - La première activité d’assurance Islamique en Amérique du Nord (Montréal) (8156) · IslamicBank.com.ph - 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 (11823) · Lariba.ca - Lariba Investments Canada Inc. 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