2014: Development in Africa
Nigeria, Tanzania, Zimbabwe, Malawi, Algeria, and Tunisia increase efforts for launching Islamic Financial products.
Uganda’s cabinet approves introduction of Islamic Banking in the country.
Senegal’s Ministry of Finance approves country’s first sukuk.
Kenya receives approval from its Central bank to launch Islamic Banking products. The country prepares for its debut sukuk in 2015.
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.
Moroccan government approves establishment of fully fledged Islamic Banks in the country.
Indonesia issues sovereign sukuk.
IILM launched first short-term cross border sukuk.
2013: Launch of Global Indicator
ICD – Thomson Reuters jointly launch the first global indicator platform.
IIFM introduces template for Islamic inter-bank transactions.
London hosts the Islamic Economic Forum. UK announces first sukuk to be issued by a non-Muslim country.
Continuing with its ambition, Dubai hosts the First Global Islamic Economy Summit bringing Islamic Finance and Halal Industries together.
World Bank’s Centre of Excellence in Islamic Finance is established in Istanbul, Turkey.
Securities and Exchange Commission in Pakistan established its Shariah Board.
Bank Nizwa, the first Islamic Bank in Oman starts its operation.
Global Islamic Banking asset reaches $1.54 trillion.
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.
Thomson Reuters launched first Islamic Interbank Benchmark Rate (IIBR)
HK Islamic Index was launched by Arab Chamber of Commerce Industry Hong Kong.
International Islamic Centre for Reconciliation and Arbitration started its operation.
Liquidity Management Centre started its operation.
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.
Bank Negara Malaysia established Islamic Interbank Money Market.
Pakistan passed legislation to establish Mudarabah companies.
First International Conference on Islamic Economics was held in Makkah.
Mit Ghamr closes due to lack of resources and support.
1953: Defining Interest Free Banking
Islamic Economists offered the first description of an interest free banking system based on Two-Tier Mudarabah model.