International Association of Islamic Banks
The International Association of Islamic Banks was founded in Jeddah
Jeddah, Jiddah, Jidda, or Jedda is a city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, the largest sea port on the Red Sea, and the second largest city in Saudi Arabia after the capital city, Riyadh. The...

, Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...

, under the auspices of the Organisation of the Islamic Conference
Organisation of the Islamic Conference
The Organisation of Islamic Cooperation Upon the groups's renaming, some sources provided the English-language translation "Organisation of the Islamic Cooperation", but and have since indicated the preferred English translation omits the "the". is an international organisation consisting of 57...

 (OIC) on the 7th of Ramadan 1397 (H) corresponding to August 21, 1977.

The fundamental objective of the Association is to augment and enforce the ties and links amongst Islamic financial institutions and promote intra-cooperation and co-ordination. It is also designed to ascertain the institutions' Islamic observance and character in order to achieve their common and mutual goals.


Promoting the concept and ideas of Islamic banking
Islamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...


Co-ordinating with Islamic banks to resolve common conceptual and operational problems including standardisation of operations and application of Islamic Sharia'a.

Undertaking/facilitating research and development in Islamic economics.

Providing assistance in manpower development.

Maintaining databank of all Islamic financial institutions.

Providing technical assistance in Islamic banking.

Representing, mediating and acting as arbitrator for and between Islamic banks.

Representing the common interests of the Islamic banks at the national and international level.
you have to think
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.