These institutionalised Muslim 'bankers without banks', would engage in different financialintermediary activities. Labib, while exploring the topic, expounded that, “savings or checkingaccounts were not new to the Islamic world, and pawning, loaning, trusts, money changing, transfer of credit, and transfer of debts were all important divisions of business life in any large Islamic city.Yet neither the government nor the busi-nessmen took upon themselves the task of founding a state bank which would take care of business transactions well and efficiently”.
One would not find itstrange, to envisage these businessmen creating small entities with sole intention of providing
Whilst investigating year 320/926, Adam Mez braves by calling these entities as
because of their provision of
reassuring that, “There was therefore plenty of employment for bankers, and it is not surprising that in Isfahān there were 200 banks in theBankers' Bazaar-for these too sat together”.
Thus, it would be unsurprising envisaging some early attempts towards an even larger institutionalised bank. This can be assumed through carefully investigating the economic boomenjoined by the Muslim lands. Such boom would surely give rise to creativity and development inthe early 'banking' industry. Two types of innovative banking institutes are recorded as signs of such attempts. One of which, as noted by Labib, was
, into which the State usedto deposit its funds for certain specific purposes. The second of which, again scribed by the samewriter, and referred to by other earlier writers such as Amari, Dozy, Canale, and Quatremere was the
, literally meaning help and support, a kind of private bank which loaned out state capital.
These financial institutions enjoyed transformations and additions, too. Fischel (1937)mentions that from 928, a special
was instituted, henceforth, many peopleare recorded to bear this title.
This institution was further developed as pointed out by Ray (1988?)© Zuber Karim 2009.3