UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Towards an Islamic Financial Market

TOWARDS AN ISLAMIC FINANCIAL MARKET

A STUDY OF ISLAMIC BANKING AND FINANCE IN MALAYSIA

BY AUSAF AHMAD

RESEARCH DIVISION, IRTI

idb-towards-an-islamic-financial-market

ISLAMIC RESEARCH AND TRAINING INSTITUTE (IRTI)

Establishment of IRTI

The Islamic Research and Training Institute was established by the Board of Executive Directors of the Islamic Development Bank (IDB) in 1401H (1981). The Executive Directors thus implemented Resolution No.BG/14-99, which the Board of Governors of IDB adopted at its’ Third Annual Meeting held on 10 Rabi Thani 1399H (14 March 1979). The Institute became operational in 1403H (1983).

Purpose

The purpose of the Institute is to undertake research for enabling the economic, financial and banking activities in Muslim countries to conform to Shari’ah and to extend training facilities to personnel engaged in economic development activities in the Banks’ member countries.

Functions

The functions of the Institute are:
A) To organize and coordinate basic and applied research with a view to developing models and methods for the application of Shari’ah in the field of economics, finance and banking;

B) To provide for the training and development of professional personnel in Islamic Economics to meet the needs of research and Shari’ah-observing agencies;

C) To train personnel engaged in development activities in the Bank’s member countries;

D) To establish an information center to collect, systematize and disseminate information in fields related to its activities; and

E) To undertake any other activities which may advance its purpose.

Organization

The President of the IDB is also the President of the Institute. The IDB’s Board of Executive Directors acts as its supreme policy- making body.

The Institute is headed by a Director responsible for its overall management and is selected by the IDB President in consultation with the Board of Executive Directors. The Institute consists of three technical divisions (Research, Training, Information) and one division of Administrative and Financial Services.

Location

The Institute is located within the headquarters of IDB in Jeddah, Saudi Arabia.

Address

Telephone: 6361400
Fax: 6378927/6366871
Telex: 601407 – 601137
Cable: BANKISLAMI – JEDDAH

P .O. Box 9201
Jeddah, 21413
Saudi Arabia

UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

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