Key dates in Islamic finance

Key dates in Islamic finance

 1963: Birth of Islamic finance principles in Egypt. The Mit Ghamr Saving bank offers savings accounts based on the sharing of benefits, not products.

 1970: The Organization of Islamic Conference is created and launched the idea of Islamic banking.

 1974 Rise of the Islamic Development Bank IDB multilateral organization comprising 56 member countries intended to provide assistance to developing countries and LDCs (26) and PMMA (6) as development aid, and with techniques Islamic finance, whether to finance foreign trade, fight against poverty, to finance certain infrastructure (roads, hydroelectric dams ..) and some social projects like building schools or health center .

 1975: Creation of the Islamic bank of development and birth of Islamic banks such as the Dubai Islamic Bank, Kuwait Finance House and Bahrain Islamic Bank.

 1979 and 1981 and 1983 total Islamisation of the financial systems of the countries of Sudan, Pakistan, Iran:
1979: Pakistan Islamize its banking sector.
1983: Sudan and Iran also convert their banking sectors.
Many Islamic countries of the Gulf and Asia that followed (Saudi, UAE, Indonesia, Malaysia ...)

 1980-2000 Development of FI in Southeast Asia and the Middle East

 2000-2008 Development of FI in Europe and the Middle East, Southeast Asia, North Africa, both in Islamic banks than traditional banks (HBSC, Deutsche, UBS, IBB, EIB ..)
The UK is now leading the development of Islamic finance in the West ...