WHAT ARE THE SUGGESTED FINANCIAL INSTRUMENTS? THE MOURABAHA Many Islamic countries of the Gulf and Asia followed (Arabia, United Arab Emirates, Indonesia, Malaysia вЂ¦).ДЎ980 вЂ“ 2000: IF Development in Southeast Asia and the Middle EastДў000 вЂ“ 2008: Development of the IF in Europe and the Middle East, South East Asia, North Africa, both in Islamic banks and traditional banks (HBSC, Deutsche, UBS, Islamic Bank of Britain, European Islamic Bank, BNP Paribas Najma вЂ¦). ) and some social projects such as the construction of schools or health center.ДЎ975: Creation of Islamic Development Bank and birth of Islamic banks such as Dubai Islamic Bank, Kuwait Finance House and Bahrain Islamic Bank.ДЎ979, 19: Total Islamization of the financial systems of the countries of Sudan, Pakistan and Iran. This with Islamic financing techniques, whether to finance foreign trade, to fight against poverty, to finance certain infrastructures (roads, hydroelectric dams. Its purpose is to assist developing countries and LDCs (26) and PMMA (6) in the form of development aid. Mit Ghamr Saving bank offers savings accounts based on profit sharing and not products.ДЎ970: The Organization of the Islamic Conference is created and launches the idea of the Islamic bank.ДЎ974: Advent of the Islamic Development Bank IDB multilateral organization holding 56 member countries. IMPORTANT DATESДЎ963: The birth of Islamic financial principles in Egypt. The goal of their founder, Ahmed al Najjar, was to mediate financial resources between savers and small local investors. MitGhamrвЂ™s experience in Egypt (1963): MitGhamr was an entirely private initiative and consisted of small savings and investment cooperatives operating in the agricultural areas of northern Egypt. PiligrimsвЂ™ Administration and Fund (Tabung Hadjji) in Malaysia (1956): Tabung Hadjji, spearheaded and funded by the Malaysian public authorities, was dedicated to investing the resources collected from a large number of small savers in large industrial, agricultural or construction projects. Its revival arose in the 50вЂ™s вЂ“ 60вЂ™s with two founding experiences: Islamic finance originated in the 7th century with the advent of Islam. The Sharia Board gives legitimacy to Islamic finance practices and builds shareholder and public confidence by validating that all practices and activities are in compliance with the Sharia. Financial institutions offering Islamic products or services must set up a Shariatic Compliance Committee (or Sharia Board) in order to be advised and to ensure that the banking institutionsвЂ™ operations and activities are compliant with Islamic ethics or to the ShariaвЂ™s principles. Respect for Sharia is Islamic financeвЂ™s cornerstone. This effort of interpretation can be done by a consensus of scholars, by analogical reasoning. Ijtihad: brings together the efforts of interpretation when there is debate (for example, if neither the Quran nor the Sunnah answers a question).The entity describes the acts and words of the Prophet Muhammad and his companions. The Sunnah: brings together the ProphetвЂ™s comments and interpretations on the Holy Book (Quran).About fifteen verses, out of a total of 6,236 verses, apply specifically to finance. Quran: Muslims consider the Quran as the literal transcription of the words of God.The essence of Islamic finance can therefore be formulated very simply: Islamic finance operations are based on Islamic principles defined by Fiqh or Islamic jurisprudence. Islamic finance shares the aims and foundations of вЂњconventional financeвЂќ with, in addition, the concern to respect Sharia, that is to say, all the precepts of the Muslim religion. ISLAMIC FINANCE FOUNDATION AND ORIGIN WHAT IS ISLAMIC FINANCE? Our intention is not to ensure Islamic finance has no more secrets for you, but rather we drawing your attention to a market in strong growth and whose development has not yet reached its end. Our interest is to give you introductory information and general knowledge so that you can familiarize yourself with the words which are used in this aspect of the financial industry. This article talks about Islamic finance, in which we will not clutter you with details about the Muslim religion.

Islamic finance and banking