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2010
Speech by Dr Muhammad Al-Jasser, Governor of the Saudi Arabian Monetary Agency, at The Fifth Conference for Islamic Banks and Financial Institutions, hosted by the Central Bank of Syria, Damascus, 15–16 March 2010.
Islamic Finance - A UAE Legal Perspective - A Presentation from Al Tamini & Co., Advocates and Legal Consultants - Has good material on Islamic Banking Products and Processes.
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2007
Malaysia - Islamic Banking Act 1983 incorporating amendments up to 2007
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1985
15th December 1985
UAE Federal Law no (6) of 1985
Regarding Islamic Banks, Financial Institutions and Investment Companies
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1983
Malaysia - Islamic Banking Act 1983 (amendments up to 2007)
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Origins
1963
Ahmed El Naggar, an Egyptian doctoral student at university in Germany, was impressed by the operation of mutual savings and loan associations and thought that local savings banks could be organized in Egypt in a similar fashion, with savings being pooled, and distributed to members in need of funds. If a group of Muslim savers could follow this practice, there would be no need for interest. Ahmed El Naggar on his return to Egypt opened and managed a small savings bank in 1963 in the town of Mit Ghamr in the Nile delta. The venture was very successful in harnessing funds from landowners and small traders who had hitherto not used banks as they were devout Muslims who were concerned about any dealings involving riba (interest). Within three years more than 60000 Muslims has deposits with the bank.
The Egyptian government nationalized the bank in 1972. The Egyptian government injected £E1.4 million (more than $2 million at the then exchange rate) and effectively bought the bank. The institution was renamed the Nasser Social Bank and it survives even today, But it was not encouraged to become a major financial force in the countryside as Ahmed El Nagger had envisaged. He left the bank subsequently but pursued his effort and eventually became the Chairman of the Association of Islamic Banks.
1975
The Dubai Islamic Bank was founded in 1975 by a group of merchants, followed by the Kuwait Finance House in 1977, the Bahrain Islamic Bank in 1979 and the Qatar Islamic Bank in 1982. Prince Mohammed bin Faisal who established the Faisal Islamic Banks in Egypt and the Sudan, both in 1977. He also established the Geneva based Dar-al-Maal al-Islami to recycle Gulf funds Islamically into Western markets.
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Related Knols
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Original Knol - http://knol.google.com/k/narayana-rao/islamic-banking-regulation-references/2utb2lsm2k7a/2471
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