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Mission
The mission of the Institute of Islamic Banking and Insurance London is to be a centre of excellence for professional education, training, research and related activities to build a wider knowledge base and deeper understanding of the world of finance promoting the Islamic principles of equity, socio-economic justice and inclusiveness. The Institute is also committed to making contributions, donations and other payments to empower people to improve lives and contribute responsibly in the global community, and to encourage debate on the relationship between ethics, morality and finance in such a manner as the Institute shall from time to time direct.
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Background
What was dubbed
a "utopian dream" over three decades ago has become a reality
in this short period. Islamic banking today is accepted worldwide
as an ethical and a viable financial system. It is presently managing
funds of over six hundred billion dollars. This is only the tip
of the iceberg.
Islamic banking
does not only consist of Islamic bodies. Major international financial
organisations also are involved. This has led to an active interaction
between the two, which is a good omen.
Islamic banking
was pioneered with the setting up of two conglomerates:
Dar Al-Maal Al-Islami (DMI) and Al-Baraka. The DMI with its headquarters
in Geneva, and Al-Baraka with its headquarters in Jeddah.
Prince Mohammad
Al-Faisal was the chairman of the DMI group and Muazzam Ali its
vice-chairman.
Ali took up
development of Islamic Banking as a mission and remained associated
with DMI for 19 years.
Appreciating
that the system could develop and progress only if supported by
well-qualified personnel, Ali set up the Institute of Islamic Banking
and Insurance in London in 1991.
The Institute has come a long way. It is the only organisation
of its kind in the west, and has made a significant contribution
to the education and training of people in Islamic banking and Insurance
through a post-graduate diploma course, publications, lectures,
seminars, workshops, research, Shariah advisory services and a highly
informative user-friendly web site. The Institute is intending to introduce other courses by distance-learning in 2009, such as a Certificate for beginners and two Graduate Diplomas.
Equal Opportunity
The Institute does not discriminate on the basis of race, class, poverty, colour, culture, religion, national origin, age, gender, sex, disability and sexuality in admission to, access to, treatment in, or employment in its programmes and activities.
Present Activities:
- A distance
learning Post-Graduate Diploma in Islamic banking and insurance.
- Publication
of a monthly journal: New Horizon.
- Consultancy
Services.
-
A program
of monthly lectures.
-
An Executive
Development Program for middle and senior level banking executives.
-
Endorsing,
co-operating and participating in international conferences organised
by other bodies in various countries.
-
Publication
of books, including an encyclopedia and directories on Islamic
finance.
-
Advising
and assisting students pursuing Master's and doctoral study programs
in Islamic banking and finance.
-
Membership
of the Institute at various grades.
-
Promotion
of research and development in the field of Islamic finance.
-
Monitoring
developments in information technology, especially relating to
finance.
-
Producing
an Islamic banking databank on CD-ROM.
-
Answering
queries and responding to various inquiries concerning Islamic
finance.
-
Serving as
a professional club.
Response
The Institute
has come to be recognised as a world's leading research body in
the field of Islamic banking and finance, a view reflected in the
following comments:
"The
Institute of Islamic Banking and Insurance has been instrumental
in breaking down the barriers that previously existed between
the UK based practitioners of Islamic finance during the early
1990s. This in turn has resulted in new levels of co-operation
that have served to greatly expand the transaction flow and asset
base of our marketplace."
Stella Cox
pioneer in Islamic instruments in the UK
"I
have found the Institute's activities highly interesting and the
publications very useful for our study of the Islamic economy;
I would once again like to thank you for guiding us in our research
activities."
Koichiro Tanaka
Japanese Institute of Middle Eastern Economics
"The
Institute of Islamic Banking and Insurance's programme of lectures
and meetings in London has brought greater understanding of the
whole range of Islamic banking products and investors. Its journal,
'New Horizon', is also helping this educational process."
Robin T Fox
Group Vice Chairman
Dresdner Kleinwort Benson, London UK
"The
steps taken by the Institute are to be applauded. One must keep
shooting at a target, and in the long term the aim will only get
better and better."
Mohd Akob Bin Ahmad
Acting Head of Operations
Bank Rakyat, Malaysia
"I
have heard about your institution's prestigious reputation
for acknowledging people in the field of interest-free finance
especially in Islamic law and banking system."
Miss Lana Indralak
Bangkok, Thailand
"I
take this opportunity to congratulate the Institute on the excellent
work achieved and to thank the IIBI for its contribution to the
development of Islamic banking."
Mr Abdou-El-Ilah Begaid portfolio management, Credit SuisseGeneva,
Switzerland
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