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Framework of Islamic Financial System

Framework of Islamic Financial System

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Published by Mahyuddin Khalid
Islamic Banking and Finance
Islamic Banking and Finance

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Published by: Mahyuddin Khalid on Jul 29, 2013
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12/04/2013

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ISLAMICBANKING ANDFINANCE
Mahyuddin Khalid
 em a y  @ s  al   am. ui   t  m. e d  u.m y 
FRAMEWORK OF ISLAMIC FINANCIALSYSTEM
 
CONTENT
HISTORICAL DEVELOPMENT OF ISLAMIC FINANCIALSYSTEM
DEVELOPMENT OF ISLAMIC BANKING
DEVELOPMENT OF TAKAFUL
DEVELOPMENT OF ISLAMIC CAPITAL MARKET
ISLAMIC MONEY MARKET
SHARIAH ADVISORY COUNCIL (SAC)
LABUAN AS ISLAMIC IOFC
INTERNATIONAL ISLAMIC FINANCIAL MARKET
ISLAMIC FINANCIAL SERVICE BOARD
LICENSING OF FOREIGN ISLAMIC BANKS ANDISLAMIC BANKS SUBSIDIARIES
FINANCIAL SECTOR MASTER PLAN
2
 
Mit Ghamr, Egypt
1963
Pilgrims’ Fund Board (Lembaga Tabung Haji), Malaysia
 
1969
Oil boom
1970
Islamic Development Bank, Saudi Arabia
Dubai Islamic Bank, UAE
1975
Fatwa issued by the Fiqh Council of Muslim World League in favor of Islamic insurance(takaful)
1977
Luxembourg Islamic Bank (1st attempt in the West )
1978
Sudanese Islamic Insurance Company is established as the world’s 1st Takaful company by
Faisal Islamic Bank of Sudan
1979
Malaysia passes comprehensive legislation on Islamic finance (Islamic Banking Act)
1983
OIC Islamic Fiqh Academy legitimizes Sukuk which paves the way to the development of Islamic debt securities
1988
World 1st sukuk issued in Malaysia (Based on BBA) by Shell MDS worth USD 30 million
1990
 AAOIFI , Bahrain
1991
IFSB, Malaysia
2002
International Islamic Liquidity Management (IILM), Malaysia
2011
HISTORICAL LANDMARKS IN ISLAMIC FINANCEDEVELOPMENT
3

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