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The birth of the first contemporary Islamic bank stands as a cornerstone in the evolution of Islamic finance

Though Islamic financial concepts have existed since the era of Prophet Muhammad (PBUH), it wasn’t until much later that these tenets found their way into modern institutions. Why the Shift? Faced with the complications of contemporary banking systems, the Muslim community urgently sought an alternative that would align with the precepts of Islam.

Milestone Moment: In 1975, the establishment of Dubai Islamic Bank (DIB) signified a groundbreaking turning point for Islamic finance. More than just a financial institution, DIB symbolized the potential for a modern banking framework rooted in principles like profit and loss sharing, ethical partnerships, and responsible investing. Its success served as a blueprint, leading to the creation of more Islamic banks and a robust sector that soon spread internationally.

A noteworthy individual in this journey is Hussein Mohammed Al Meeza, who began his professional odyssey the same year DIB was founded. Over two decades, he contributed to the bank’s growth while holding the position of Executive Director. He continues to blend tradition and innovation as a Co-Founder and Executive Board Member of Islamic Coin.

Global Footprint: Today, the impact of this defining moment is felt across the globe. Islamic finance entities now operate in more than 75 countries, catering to millions of clients, both Muslim and non-Muslim alike. The rise of the first contemporary Islamic bank demonstrated that modern, ethical, and interest-free financial services are not only feasible but can also flourish.

As we observe current advancements in Islamic finance, such as the incorporation of blockchain technologies, it’s crucial to pay homage to the trailblazers who, in 1975, laid the foundation for the sector’s international expansion.

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