Milestones in Modern Islamic Economy and Islamic Finance Industry

Yurizk Islamic Banking, Islamic Economy, Islamic Finance, New & Noteworthy 2 Comments

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2011-2020: The Rapid Growth and Planning for Future

2014: Development in Africa

Nigeria, Tanzania, Zimbabwe, Malawi, Algeria, and Tunisia increase efforts for launching Islamic Financial products.

2014: Uganda

Uganda’s cabinet approves introduction of Islamic Banking in the country.

2014: Senegal

Senegal’s Ministry of Finance approves country’s first sukuk.

2014: Kenya

Kenya receives approval from its Central bank to launch Islamic Banking products. The country prepares for its debut sukuk in 2015.

2014: India

The Reserve Bank of India allows Cheraman Financial Services to operate as a Shariah compliant non-financial institution.

S&P and Bombay Stock Exchange launch S&P BSE 500 Shariah Index.

2014: Morocco

Moroccan government approves establishment of fully fledged Islamic Banks in the country.

2014: Indonesia

Indonesia issues sovereign sukuk.

2013: August

IILM launched first short-term cross border sukuk.

2013: Launch of Global Indicator


ICD – Thomson Reuters jointly launch the first global indicator platform.

2013

IIFM introduces template for Islamic inter-bank transactions.

2013: October

London hosts the Islamic Economic Forum. UK announces first sukuk to be issued by a non-Muslim country.

2013: November

Continuing with its ambition, Dubai hosts the First Global Islamic Economy Summit bringing Islamic Finance and Halal Industries together.

2013

World Bank’s Centre of Excellence in Islamic Finance is established in Istanbul, Turkey.

2013

Securities and Exchange Commission in Pakistan established its Shariah Board.

2013

South Africa announces plan for first sovereign sukuk.

Dubai Ruler Shaikh Muhammed Bin Rashid Al Makhtoum announces his aim for UAE to become Islamic Economic Hub.

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2013

Bank Nizwa, the first Islamic Bank in Oman starts its operation.

2012

Global Islamic Banking asset reaches $1.54 trillion.

2012

Bangladesh launched Islamic Interbank Money Market.

Saudi Arabia issues its first sovereign sukuk.

Turkey issues its first sovereign sukuk.

Bloomberg launched MYR corporate sukuk index.

2011

Thomson Reuters launched first Islamic Interbank Benchmark Rate (IIBR)

2001-2010: The Boom after Global Financial Crisis

2007

HK Islamic Index was launched by Arab Chamber of Commerce Industry Hong Kong.

International Islamic Centre for Reconciliation and Arbitration started its operation.

2006

Liquidity Management Centre started its operation.

2005

International Islamic Centre for Reconciliation & Arbitration was founded.

International Islamic Rating Agency started its operation.

INCEIF – the first dedicated university for Islamic Finance education was launched in Malaysia.

2002

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Islamic Financial Services Board (IFSB) was establihed in Malaysia. International Islamic Financial Market (IIFM) was established in Bahrain. Government of Malaysia issued first global sovereign sukuk.

2001

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The General Council for Islamic Banks and Financial Institutions (CIBAFI) was established in Bahrain.

1991 - 2000: The Quest for Knowledge and Regulation Furthers

2000

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First Sukuk or Islamic equivalent to bond was issued in Malaysia

1999

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The Dow Jones Islamic Marketing Index was launched in Bahrain.

1995

Harvard Islamic Finance Project

The Islamic Finance Project (IFP) was established by Harvard University.

1994

Bank Negara Malaysia established Islamic Interbank Money Market.

1981 - 1990: The Need for Knowledge and Regulation Realized

1990

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“The Accounting and Auditing Organization for Islamic Finance Institutions” (AAOIFI) was established in Bahrain and first standard was issued.

1981

IRTI

Islamic Research and Training Institute was established by Islamic Development Bank (IDB)

1970 - 1980: The Birth of Modern Islamic Banking

1980

Pakistan passed legislation to establish Mudarabah companies.

1979

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First Takaful company “Islamic Insurance Company of Sudan” was established in Sudan followed by “Islamic Arab Insurance Company” at UAE in the same year.

1978

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First specialized research institution ‘The Centre for Research in Islamic Economics’ was established by King Abdul Aziz University in Jeddah

1976

First International Conference on Islamic Economics was held in Makkah.

1975

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Modern Islamic Banking emerges with the establishment of Dubai Islamic Bank and Islamic Development Bank.

1961 - 1970: First Applications of the Idea

1964

Mit Ghamr closes due to lack of resources and support.

1962

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Tabung Hajji was established in Malaysia

1961: The First Islamic Bank

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First Islamic Bank Mit Ghamr Savings Association established in Egypt

1953 - 1960: Birth of Idea

1953: Defining Interest Free Banking

Islamic Economists offered the first description of an interest free banking system based on Two-Tier Mudarabah model.

Comments 2

  1. boubacar CORREA

    Excellent ! However I notice that when you refer to africa your focus is exclusively on english speaking countries.
    your milestone do not mention that the first islamic banks in africa were founded by DAR AL MAL AL ISLAMII (DMI)
    IN 1983 in Senegal, Guinea and Niger.today these banks are controled by the IDB GROUP.
    Another important fact worth mentioning is that Senegal launched its first SUKUK in july 2014 (200 mn USD) it was oversubscribed.
    thanks for this presentation.

  2. Post
    Author
    Yurizk

    Thank you for your comment and information. Please see the updated timeline that includes Senegal’s sukuk.

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