Islamic Banking

Islamic Banking is a form of banking that emerged in the 1970s on a modest scale to fill a gap in a banking system not attuned to the needs of the devout. Two events were crucial to its development. First, the early 1960s appearance in rural Egyptian villages of microlending institutions following Islamic banking principles demonstrated the feasibility of Islamic banking. These experiments thrived and spread to Indonesia, Malaysia, and sub-Saharan Africa.

Second, top-down support followed after 1975, with involvement of the governments and institutions. The First International Conference on Islamic Economics in Mecca in 1976, and the International Economic Conference in London in 1977 played instrumental role in its development.

Nearby pages
Islamic Republic of Iran, Islampur Vidhan Sabha Constituency in Bihar, Islampur Vidhan Sabha Constituency in Maharashtra, Islampur Vidhan Sabha Constituency in West Bengal, Island of Saints