Dar Al-Maal Al-Islami: a catalyst for the growth of Islamic financial institutions

Islamic law bans interest, and the Muslim world faces difficulties in its efforts to establish Islamic economies in a world so ridden with interest. Islamic banking and finance have particular techniques. The international group Dar Al-Maal Al-Islami (DMI) is expected to play a role in galvanizing the field of Islamic finance. The group is led by HRH Prince Mohamed al-Saud of Saudi Arabia and primarily acts as a holding company. It will advise existing Islamic institutions as well as set up new ones. It looks forward to starting investment and insurance (solidarity) companies that comply with shari`a . The heads of state of Pakistan, the United Arab Emirates, Bahrain, Sudan, and Guinea, along with some members of the Saudi royal family, are 'honorary sponsors'. Dar Al-Maal Al-Islami SA., a Geneva-based corporation, will manage DMI's affairs.