BANKING AFFAIRS

Detailed explanation-1: -The Islamic banking activities in Malaysia started back in 1983 with the establishment of Bank Islam Malaysia Berhad (BIMB).

Detailed explanation-2: -The first Islamic bank in Malaysia was established in 1983.

Detailed explanation-3: -Bank Islam is Malaysia’s first publicly listed Islamic Bank on the Main Market of Bursa Malaysia. Established in July 1983 as Malaysia’s first Islamic Bank, Bank Islam has 135 branches and more than 900 self-service terminals nationwide.

Detailed explanation-4: -The Islamic Banking Act (IBA) (1983) was the first regulatory act that required the licensing and regulation of full-fledged Islamic banks in Malaysia to undertake Sharīʿah-compliant business and establish a Sharīʿah advisory board to advise on the banks’ operations (Ibrahim, 1997).

Detailed explanation-5: -The Mit-Ghamr Savings Bank, established in 1963 in Egypt, is commonly referred to as the first example of Islamic banking in the modern world.