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Website. www .bankislam .com. Bank Islam Malaysia Berhad ( Jawi: بڠك اسلام مليسيا برحد ) is an Islamic bank based in Malaysia that was established in July 1983. [1] Bank Islam was established primarily to assist the financial needs of the country's Muslim population and has extended its services to the broader population.
The bank further concentrated on building a nationwide network and by the end of 2007, its branch network grew to 36 branches in 23 cities. In 2008, the bank opened 66 new branches nationwide which expanded its network to 102 branches in 49 cities. By the end of 2013, the bank has achieved the target of 201 branches in 77 cities nationwide.
Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance [1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing ...
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It was renamed the Islamic Bank of Brunei (IBB) in 1993, and the Development Bank of Brunei (DBB) was founded in 1995. Afterwards, DBB changed its name to the Islamic Development Bank of Brunei (IDBB) in 2001. In 2005, IBB and IDBB underwent a crucial merger that led to the establishment of Bank Islam Brunei Darussalam (BIBD). [7] [8] [9]