The first modern Islamic banking setups were Pakistani credit unions established in the 1950s. In 1963 a small bank began in rural Egypt; in 1971 this bank became part of the Nasser Social Bank. The increase in oil wealth of
The minority Muslim population in India suffers economic plight but has a possible path to development.
Ijara (leasing) conforms to Islamic guidelines and is therefore a halal mode of financing. Pakistani leasing companies have affected capital formation in Pakistan since 1985. Compared to other nations their role is not large, though it is expanding.
There have been increasing levels of property investment in the UK accompanied by a shift away from investment in the US, a trend occurring as a result of the growing risk economic risk associated with the US and an attempts to diversify funds. Strangely enough, some Western Christian countries are providing Muslims with greater access to Islamic funds than many
The Organization of the Islamic Conference (OIC) has 42 member-states. Individual nations are rarely self-sufficient, but as a unit they are self-sufficient in several of sectors. The 1974 Lahore Declaration articulated the necessity of cooperation among
Islamic banking has been practiced in West Africa since 1983. Subsidiaries of the Dar Al-Maal Al-Islami (DMI) were set up that year in Guinea, Niger, and Senegal. Sub-Saharan Africa is facing tough economic times that weather problems have worsened. Nationalization programs and low amounts of foreign exchange have further hindered development. The total capital of DMI Massaref and investment companies totaled over 900 million Guinean francs, equivalent to $1.5 million at its founding.
Muslim economists have several ideas about what 'Islamic economics' actually means.
In its 1994 annual report, the Islamic Development Bank (IDB) published a study on the economies of its member states between 1990 and 1993. The IDB recorded current account deficits and a lack of resource inflow in member countries. One problem that prevents greater development in IDB states is the cost associated with massive external debt. Other barriers to
Islamic banking has been a modern financing method since the 1960s, though it is based on historical precedent. Growing interest in Islamic finance expanded its institutions during the 1970s.