336 chapter eight
accounts, equity participation, direct investment, and social services
(for further details of operation see al-Naggar, 1973 and 1976, and
el-Ashker 1987).
Further Islamic banks and corporations were established in the
Islamic world in the 1970’s and 1980’s. In chronological order these
were the Dubai Islamic Bank in 1975, Kuwait Finance House in
1977, al-Rajhi Co. for Currency Exchange and Commerce in Saudi
Arabia in 1978, Jordan Islamic Bank for Finance and Investment in
1978, Bahrain Islamic Bank in 1979, the Iran Islamic Bank in 1979,
the Islamic Exchange and Investment Corporation in Qatar in 1979,
the International Bank for Investment and Development in Egypt in
1980, International Islamic Bank in Bangladesh in 1983, Tadamon
Islamic Bank in the Sudan in 1983, Bank Islam Malaysia in 1983,
Beit Ettamouil Saudi Tounsi in 1984, and West Sudan Islamic Bank
in the Sudan in 1984. A group of Faisal Islamic Banks, named after
the late King Faisal of Saudi Arabia, emerged in 1970’s and 1980’s:
in Egypt in 1977, in the Sudan in 1977, and in Turkey in 1985.
The al-Barakah group emerged in the early 1980’s: al-Barakah Bank
in Sudan in 1982, al-Barakah Investment and Development Co., in
Saudi Arabia in 1982, al-Barakah Islamic Investment Bank in Bahrain
in 1984, and al-Barakah Turkish Finance House in 1984.
Even further, Islamic banks were carried to the heart of Europe:
Islamic Investment Company, the Bahamas, in 1977, Islamic Banking
System in Luxembourg in 1978, al-Rajhi Co. for Islamic Investment,
UK, 1980, Dar-al-Màl al-Islami, Switzerland, in 1981, Islamic Bank
International, Denmark, in 1983, and al-Barakah International PLC.,
UK, in 1983.
One cannot conclude without making a welcoming gesture on the
arrival of a new addition to Islamic banks and financial institutions
in South East Asia. This is the establishment of an Islamic bank in
Thailand. In a country where Muslims are a minority, probably not
more than ten percent of the population, the establishment of an
Islamic bank in the capital of Thailand, Bangkok, with branches
spreading in the north and south of the country. The Islamic Bank
of Thailand is by all standards a major event. One hastens to empha-
size that prior to the establishment of the Islamic Bank, Islamic “win-
dows” were also opened in non-Islamic banks in the country such
in Krung Thai Bank; which is a further welcomed move. Even fur-
ther, financial societies, such as Othman-ibn-Affan Financial Society
have been operating successfully in the south of Thailand for almost