The timeline of the establishment of Islamic Banks

Here is a timeline of the establishment of Islamic banks, according to the sources provided:

• 1962: The first Islamic bank was established in the form of the Hajj Fund in Malaysia. Its basic concept involved mobilizing small savings intended for the Hajj and investing them.
• 1963: The Mit Ghamr Savings Bank was founded in Egypt. Its core idea was to mobilize small savings for investment purposes.
• December 15, 1973: Declaration of Intent for an international Islamic bank for trade and development.
• 1974: The Islamic Development Bank (IDB) was formally established and the Dubai Islamic Bank in the United Arab Emirates was founded and began operations in the same year.
• July 1975: The Islamic Development Bank (IDB) formally opens.
• 1975: The Dubai Islamic Bank, which aimed to be the first commercial Islamic bank, was established.
• Mid-1970s: Islamic banks started, taking the form of commercial financial intermediaries.
• August 1976: The IDB issued its first Islamic financial product and undertook its first financial transaction based on the Murabahah contract.
• Mid-1970s: The concept of Islamic banking took shape about a decade after criticisms of conventional banks, which were deemed as Riba (interest) based, started appearing in publications. Early writings called for the creation of interest-free banks.
• Late 1970s: Islamic banks were established in Egypt, Jordan, and Sudan.
• Late 1970s: Several Islamic banks were established under prevailing conventional banking laws.
• 1970s and early 1980s: There were several applications and attempts to establish Islamic banks in Saudi Arabia.
• Late 1970s and 1980s: Further Islamic banks and corporations were established across the Islamic world, including the Dubai Islamic Bank (1975), the Kuwait Finance House (1977), al-Rajhi Co. for Currency Exchange and Commerce in Saudi Arabia (1978), the Jordan Islamic Bank for Finance and Investment (1978), the Bahrain Islamic Bank (1979), the Iran Islamic Bank (1979), the Islamic Exchange and Investment Corporation in Qatar (1979), the International Bank for Investment and Development in Egypt (1980), the Faisal Islamic Banks in Egypt (1977) and Sudan (1977), and the al-Barakah group in Sudan (1982) and Saudi Arabia (1982).
• 1970s and early 1980s: Islamic banks were established in countries like Egypt, Sudan, the Gulf countries, Pakistan, Iran, Malaysia, Bangladesh and Turkey. They were either Islamic commercial banks or Islamic investment and international holding companies.
• Early 1980s: The al-Barakah group emerged, with institutions like al-Barakah Bank in Sudan (1982), al-Barakah Investment and Development Co. in Saudi Arabia (1982), al-Barakah Islamic Investment Bank in Bahrain (1984), and al-Barakah Turkish Finance House (1984).
• First Half of the 1980s: Islamization of banks in Pakistan occurs.
• 1983: The International Islamic Bank in Bangladesh and the Bank Islam Malaysia were founded.
• 1983: Bank Islam Malaysia Berhad established a Shari'ah board.
• 1984: The Beit Ettamouil Saudi Tounsi and the West Sudan Islamic Bank in the Sudan were established. The Faisal Islamic Bank was established in Turkey.
• Mid-1980s: Islamization of banks in Iran takes place.
• 1987: Al Rajhi Banking Company for Investment was licensed in Saudi Arabia as a restructuring of al Rajhi Money Exchange Company.
• Early 1990s: Islamization of banks in Sudan occurs.
• 1990s: Islamic finance transformed from a niche discipline to a global industry.
• 1997: There were 177 Islamic banks and financial institutions.
• A few years before the turn of the century: Lease-based hybrid contracts entered into practice in Islamic banking.
• 1999: Dubai Islamic Bank established a Shari'ah board.
• Beginning of the New Century: The first Islamic banks were founded in the U.K.
• Approach of the new millennium: The United Bank of Kuwait, a British-licensed, Kuwaiti-owned bank with a branch in New York, began communicating with the Comptroller of Currency Administrator of National Banks about Ijarah and Murabahah transactions.
• Early 2000s: The Islamic banking and finance movement gained momentum, evolving from a nascent industry to a global market.
• 2002: The Liquidity Management Centre (LMC) was established in Bahrain to manage liquidity excesses and shortfalls in Islamic banks.
• 2007, 2008, and 2011: Islamic banking was delayed in Morocco, Libya, and Oman until these years, respectively.
• 2011: The first Islamic bank was licensed in Libya.