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  • History and Development of Islamic Banking in

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    Miaa Meor
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    1. Islamic banking first began in Egypt and Malaysia in 1963 with the establishment of the Pilgrim Fund Board to serve the needs of Muslim pilgrims. 2. Over the decades, more Islamic banks and financial institutions were established in Malaysia along with regulations and oversight from Bank Negara Malaysia to develop the country's Islamic banking sector. 3. Key differences between Islamic and conventional banking include Islamic banks avoiding interest and focusing on profit and loss sharing arrangements, as well as added oversight from Sharia advisory boards.

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    1. Islamic banking first began in Egypt and Malaysia in 1963 with the establishment of the Pilgrim Fund Board to serve the needs of Muslim pilgrims. 2. Over the decades, more Islamic banks and financial institutions were established in Malaysia along with regulations and oversight from Bank Negara Malaysia to develop the country's Islamic banking sector. 3. Key differences between Islamic and conventional banking include Islamic banks avoiding interest and focusing on profit and loss sharing arrangements, as well as added oversight from Sharia advisory boards.

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    © All Rights Reserved
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    159 visualizzazioni22 pagine

    History and Development of Islamic Banking in

    Caricato da

    Miaa Meor
    1. Islamic banking first began in Egypt and Malaysia in 1963 with the establishment of the Pilgrim Fund Board to serve the needs of Muslim pilgrims. 2. Over the decades, more Islamic banks and financial institutions were established in Malaysia along with regulations and oversight from Bank Negara Malaysia to develop the country's Islamic banking sector. 3. Key differences between Islamic and conventional banking include Islamic banks avoiding interest and focusing on profit and loss sharing arrangements, as well as added oversight from Sharia advisory boards.

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    HISTORY AND

    DEVELOPMENT OF
    ISLAMIC BANKING
    IN
    MALAYSIA
    MUHAMMAD QAYYUM BIN ZAHARI AZAR
    MIA MAISARAH BINTI MEOR FADZILLAH
    MUHAMMAD AMMAR BIN BASARUDDIN
    MUHAMMAD EDZRYL SHAH BIN NUR HERMAN

    MBM119 4C
    IN COMPLIANCE WITH
    IF CONTRARY ,
    SYARIAH
    HARAM
    PRINCIPLES

    ISLAMIC
    BANKING
    GOODS/SERVICES
    NO INTERESTS HALAL
    (RIBA) INVOLVED
    HISTORY OF
    ISLAMIC
    BANKING
    ISLAMIC BANKING : WORLD

    First Islamic bank EGYPT


    1963
    MIT GHAMR by AHMAD EL NAJJAR

    NASSER SOCIAL BANK


    1971
    Interest-free, but no reference to Syariah

    Islamic Development Bank Faisal Islamic Bank Egypt


    1970s Dubai Islamic Bank Bahrain Islamic Bank
    Faisal Islamic of Sudan BIMB
    DENMARK SWITZERLAND GUINEA
    OTHER
    COUNTRIES
    INVOLVED

    ENGLAND SENEGAL TUNISIA


    ISLAMIC BANKING : MALAYSIA

    1963 Pilgrim Fund Board (PFB) established

    1969 PFB joined with Pilgrims Management Fund Board/


    Lembaga Urusan & Tabung Haji (LUTH)

    Few parties invlolved for establishment of Islamic


    1980 Banking due to resurgence in Middle East
    National Steering Committee (NSC) undertake, studied
    1981 all aspects and make recommendations
    LUTH took the secretarial functions

    NSC submitted report to government


    1983 The first Islamic bank, Bank Islam Malaysia Berhad
    (BIMB) established under Islamic Banking Act 1983

    Interest-Free Banking Scheme (IFSB)/Skim Perbankan


    1993 Tanpa Faedah (SPTF) launched
    Other financial institutions begun to offer Islamic
    products/services under Islamic Banking Scheme

    Syariah Advisory Council (SAC) established by Bank


    1997
    Negara Malaysia (BNM)
    Interest-Free Banking Scheme replaced with Islamic
    1998
    Banking Scheme

    Introduced Bank Muamalat Malaysia (merger between


    1999 Bank Bumiputera Berhad and Bank of Commerce
    Berhad)

    Financial Sector Master Plan (FSMP) launched by BNM


    2001 Declaration of Labuan as International Offshore
    Financial Centre (IOFC)

    Establishment of Islamic Financial Services Board


    2002
    (IFSB)
    Issuance of three (3) Islamic license under Islamic
    2004 Banking Act 1983, from Middle East to Islamic financial
    institution

    Implemented dual banking system


    TODAY Become the first nation to conduct a full-fledge Islamic
    system operating alongside conventional system
    TAKAFUL
    MALAYSIA
    (INSURANCE)
    TAKAFUL MALAYSIA

    Inspired through the


    establishment of
    1984 Takaful Malaysia
    offering Family
    Bank Islam Malaysia The Takaful Act was Takaful & General
    Berhad (BIMB) drafted Takaful Business
    Takaful Malaysia is
    established as the
    pioneer takaful

    1983 1985
    operator in Malaysia
    1. Syariah-based
    2. Objective is to ensure the activities of company are carried out according to
    principles of Syariah
    3. Accounts used general insurance account , life insurance account
    4. Bonus/profit may be offered in general terms especially with profit policies.
    Can be vary within its period
    ISLAMIC
    BANKING
    V
    CONVENTIONAL
    BANKING
    ISLAMIC BANKING CONVENTIONAL BANKING

    Syariah-based Conventional with interest-based

    Offers financing Offer cash loans with extra cash payment


    (Mudharabah and Musyarakah) (interest)

    Mobilizes resources to develop the society, Attract resources and lend them to gain profit
    profit is not sole objective

    Reviewed by auditors and Syariah Supervisory Review solely by certified auditors


    Board

    Pay zakat as a religious obligation and tax as Only pay tax as required by government
    required by the government
    IMPACT /
    CHALLENGE
    Misconception against War of Talent Got
    Islamic Banking Fiercer

    Lack of Uniformity Brand Recognition


    between Syariah view IMPACT / CHALLENGE
    /Goodwill

    Equity-Based
    Financing Heightened
    (Mudhrabah & Competition
    Musharakah)
    CURRENT
    DEVELOPMENT
    ISLAMIC BANKING IS USED BY NON-MUSLIMS

    CURRENT DEVELOPMENT

    LABUAN INTERNATIONAL OFFSHORE FINANCIAL CENTRE


    EFFECTS OF
    ISLAMIC
    BANKING
    TOWARDS
    MALAYSIANS
    THANK YOU

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