Time Event

August Establishment of an interest-free institution, Pilgrim's Management and Fund

1969 Board (PMFB) or Tabung Haji.
PMFB was set up through a merger of the Malayan Muslim Pilgrim Savings
Corporation and the Pilgrims Affairs Department of the government to promote
and co-ordinate all aspects of activities connected with the Muslims going on
pilgrimage.

1980 Bumiputra Economic Congress 1980 passed a resolution urging the government
to allow the PMFB to establish an Islamic bank in Malaysia.
There are committees were formed to study the various aspects of Islamic
banking and its implementation in Malaysia.
These efforts were taken independently by such organization as the Muslim
Welfare Organization of Malaysia (PERKIM), PMFB, and the Development Bank
of Malaysia Berhad.
In various seminars at the state levels, similar resolutions were passed urging the
government to establish Islamic banks with the PMFB playing a major role.

March At the "National Seminar on the Concept of Development in Islam" organized by

1981 Universiti Kebangsaan Malaysia (UKM), another resolution was passed urging
the government to take an immediate initiative to enact a special provision of
the laws as the first step towards establishing Islamic Banks and financial
institutions consistent with Islamic principles.
Here again, seminars agreed that PMFB should be given the task of initiating the
implementation of the project.

July 1981 The government agreed to form a National Steering Committee of Islamic Banks.
This committee was led by Raja Tan Sri Mohar, the special advisor to Prime
Minister and it set up three technical committees, namely the Religious
Committee, Legal Committee, and Banking Operation Committee.

1983 Bank Islam Malaysia Berhad (BIMB) was established.

Promulgation of a new Islamic Banking Act 1983 with only certain minor changes
being made to the existing Banking Act 1973.