Encyclopaedia of Islamic Banking and Insurance

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Encyclopaedia of Islamic banking and insurance
 Muazzam Ali
Banking Law (Islamic Law)
 Institute of Islamic Banking and Insurance
1 January 1995
ISBN-10: 189842005X

About the book

The Encyclopaedia of Islamic Banking and Insurance published by the Institute is the only publication of its kind published to date.

This paperback volume is a source of information on a wide range of topics. It also includes a survey of Islamic banks and financial institutions, research and educational bodies, a comprehensive bibliography and a glossary of Arabic terms commonly used in Islamic finance.

Useful and constructive to readers who want a better understanding of the Takaful industry in contemporary Islamic finance.

Author Information

Late Mr Muazzam Ali (d. 2005) was Vice Chairman, Dar Maal Islami (DMI), Geneva, Switzerland, with Prince Mohammad Al-Faisal of Saudi Arabia, as the chairman of the DMI group. As vice-chairman. late Mr Muazzam Ali took up development of Islamic Banking as a mission and remained associated with DMI for many years with the support of the Chairman

Before founding the Institute in 1990, late Mr Muazzam Ali established two charity organisations in London: in 1978 he set up The Islamic Trust of Europe (ITE) as an educational research centre for conferences and symposiums promoting of Islamic education and other related activities. In 1985 he set up The International Centre for Islamic Studies in London (ICIS) to promote for the public benefit the advancement of knowledge in the operations of Islamic finance, to offer professional qualifications in Islamic banking and insurance and to promote programmes and publications aimed at raising the standard of Islamic finance practice and cognate subjects and to also provide guidance and information as well as a consultation body for the Islamic financial sector. In 1985 Professor Rodney Wilson, University of Durham UK, Institute for Middle Eastern and Islamic Studies was the first to be invited to give a lunchtime lecture for finance professionals in The City of London.

Appreciating that the Islamic financial system could develop and progress only if supported by well-qualified personnel committed to the practice of Islamic finance and economics, late Mr Muazzam Ali founded the Institute of Islamic Banking and Insurance (IIBI) in London in 1990 as a not-for-profit organisation to supersede the ICIS. The IIBI continues to be a leading organisation making contributions to the education, training and development of individuals in the moral and ethical concepts and practices underlying Islamic banking and Islamic Insurance operations. These are aimed at fairness, social justice and equitable distribution of wealth in society without inhibiting individual enterprise, and with a focus on the human dimension of the economy.

He desired that those engaged in the Islamic finance industry should not only attain the highest standards of personal conduct, governance and moral ethics but they should also be committed individuals demonstrating greater personal accountability for individual conduct and act as a safeguard against exploitation in financial dealings. He opened the membership of IIBI to all with an interest in the study and practice of Islamic economics, jurisprudence and finance.