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Dr.Imamul Haque, Associate Professor, Department of Commerce, Aligarh Muslim University & Fayaz Ahmad Lone, Research Scholar, Department of Commerce, Aligarh Muslim University, Aligarh, India
© Islamic Finance Today
Islamic banking and finance is one of the fastest growing industries in the world today. Surveys reveal that it is growing at a phenomenal rate of 20 percent worldwide – a truly impressive performance. Muslims as well as non Muslims are increasingly coming to invest in Islamic banks and financial institutions.
Information technology has no doubt played an important role in the development of this very happening industry. Much can be achieved today with the help of Information Technology in this highly competitive world, and that too within a matter of seconds. It is truly said that in cyberspace, the world is only a mouse click apart. This means that we can not only share information quickly and efficiently, but we can also bring down barriers of linguistic and geographic boundaries. The world has developed into a global village on account of information technology allowing countries like India and Sri Lanka which are not only separated by distance but also by language to share ideas and information with each other. IT has changed and revolutionized almost every sphere of activity and this holds true of Islamic banking and finance as well. While taking advantage of IT, Islamic banking and finance professionals still have a long way to go to derive maximum benefit from it. Different websites on Islamic banking and finance are freely available but we find that many do not avail of its benefits. As different websites provide different kinds of information, an internet surfer cannot locate these sites easily. Although there are some websites providing information these do not provide sufficient information as they should. The aim of this database is to identify the websites where information related to Islamic banking and finance can be easily had. An attempt has been made to categorize the information in the following manner:
• Islamic Banking and Finance organizations
• Islamic Finance Research Institutions
• Islamic Finance journals/magazines
• Islamic Finance Educational Institutes
• Islamic Finance Scholars’ Websites
• Other relevant websites
Islamic Banking Organizations
Islamic Research and Training Institute (IRTI):
The Islamic Research and Training Institute (IRTI) was established in 1981 in Saudi Arabia. The institute provides training activities organized within the “Task Force on Training (Preparing the Ummah for the 21st Century)”, and on “Special Program of Promoting Zakat & Awqaf in Sub-Saharan African Countries”. The institute has a long history of undertaking research in the area of Islamic banking and finance. The institute has developed the database on Islamic banking information system, awqaf database (in Arabic language), its own publication system which are downloadable free of cost in addition to providing scholarships to scholars engaged in the development of Islamic banking and finance especially at PhD level throughout the globe. It has a long history of providing current news and organizing conferences on contemporary issues. IRTI is a member of the Islamic Development Bank Group.
What is available in IRTI:
The website provides information related to all important activities related to the promotion of Islamic banking and finance in the world. It provides free downloadable books, e-learning programs where data is available in PowerPoint presentation, word and PDF. Research scholars pursuing research on Islamic banking, finance and economics are provided scholarship through IRTI and the same information is available in the website in addition to other services provided by the institute. The most important is information about financial institutions.
For more information, visit http://www.irti.org
International Association of Islamic Economics (IAIE) :
The International Association for Islamic Economics (IAIE) was established in 1984 as an educational and professional organization with the objective of promoting the study and application of Islamic economics, banking and finance. It involves the reconstruction of economic and finance theory and practice in the light of Islamic principles. The Association thus aims to develop an integrated approach to economics while welding together the material aspects of economic life with Islamic values and norms. Membership is open to academics, professional financiers and bankers, and students who are interested and involved in Islamic Economics, banking and finance, and agree with the aims and objectives of the Association
What is available in IAIE:
The IAIE provides data through e-library, in which some research papers of eminent scholars like Dr Hussain Hassan, Dr Mabid Al Jarhi, and Dr Mohammad Obaidallah are available in addition to different papers on the current financial crisis. The website also provides current news related to Islamic banking and finance in addition to other details.
For more information, visit http://www.iaie.net
Islamic Cooperation for the development of the Private Sector (ICD):
Islamic Cooperation for the development of the Private Sector (ICD) was established in 1999 and is based in Saudi Arabia. ICD is an independent international multilateral financial institution created for the development of its Member Countries through investment in the private sector and the provision of financial services to that private -sector entities. The new entity is a fully-fledged international independent institution.
What is available in ICD:
ICD extends lines of financing to commercial banks and national development financial institutions. The slogan of the ICD is Innovation, Solidarity and Development, which this organization does in different parts of the world. It provides Shari’ah compliant finance to commercial banks and national development financial institutions. It also provides information on various projects
For more information, visit http://www.icd-idb.org
Bahrain Institute of Banking and Finance (BIBF):
Bahrain Institute of Banking and Finance (BIBF) was started in 1981 (in Manama, kingdom of Bahrain). Its primary objective is to provide training for the banking community in Bahrain. Due to its progress, it is today recognized as an important international training and development institute, providing training for the development of Islamic banking and finance.
What is available in BIBF:
The institute provides different courses in banking, Islamic finance, insurance, management, accounting etc. The institute has a library and assessment centre. Complete details about its courses and fees is available in its website.
For more information, visit http://www.bibf.com
Institute of Islamic Banking and Insurance (IIBI):
The Institute of Islamic Banking and Insurance (IIBI) was started in 1991 in London, and helps in training, research and professional development so as to promote Islamic banking. The institute also provides contributions, donations and other payments to empower people to improve their lives. Among the institute’s primary objectives is the provision of independent Shari’ah audit of management processes and validation of Shari’ah-compliant products developed by financial institutions.
What is available in IIBI:
The IIBI has its monthly publication “New Horizon” and provides distance learning post Graduate diploma in Islamic banking and insurance, in addition to consultancy services. The information related to publications, seminars, Shari’ah rulings and links are provided in the website.
For more information, visit http://www.islamic-banking.com
Islamic Banking and Financial Network (IBF NET):
IBF is a global network of students, researchers, bankers, and financial professionals interested in Islamic banking and finance. It is situated in India and was established in 1999. IBF claims that it has more than 5,000 members throughout the world. The institute offers highly acclaimed professional certification programs.
What is available in IBF NET:
In IBF NET details regarding its different courses are available, in addition to different downloadable books related to Islamic banking and Islamic microfinance. Some books/articles are freely downloadable while some are not. The most important information available in the website are the directories of Islamic banks, financial institutions and markets and Islamic scholars.
For more information, visit http://www.iiibf.org
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