TY - JOUR T1 - DEVELOPMENT OF ISLAMIC BANKING AND FINANCE: THE CONTRIBUTION OF AHMED ABDUL AZIZ AL NAJJAR TT - DEVELOPMENT OF ISLAMIC BANKING AND FINANCE: THE CONTRIBUTION OF AHMED ABDUL AZIZ AL NAJJAR AU - Shıbu, Adem Aman AU - Chachı, Abdelkader PY - 2021 DA - October JF - Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi JO - ASEAD PB - İrfan TÜRKOĞLU WT - DergiPark SN - 2148-9963 SP - 223 EP - 235 VL - 8 IS - 4 LA - en AB - This paper aims to present and analyze the contributions of the "father of Islamic banking", Ahmed Abdul Aziz al Najjar to the development of Islamic economics and interest-free banking in the 20th century. His successful experiment of establishing the Mit Ghamr microfinance saving and investment bank in 1963 in Egypt is a good prototype model that has, since then, sown the seed of the spread of Islamic banking all over the globe. Many were the prominent pioneering scholars, who wrote, during the 20th Century, about the concept of interest-free banking. They contributed significantly to the theory of Islamic banking and the suggestion of elaborate and relevant financial instruments, that are based on Shari'ah (Islamic law). However, it was Ahmed al Najjar, who practically established a successful experiment in Egypt in the 1960s, that was ceased, not because it failed to achieve good results, but it was its success that paradoxically brought it to an end to the legal issue and political reasons. Al Najjar spent his entire life building, creating, establishing, supporting, educating, guiding, and supervising many Islamic banks and financial institutions in different parts of the Muslim World. He helped to establish Islamic Development Bank in Jeddah, Dubai Islamic Bank in the UAE, Faisal Islamic Bank of Egypt, Faisal Islamic Bank of Sudan, Kuwait Finance House, Jordan Islamic Bank, and many others. KW - Ahmed Abdul Aziz al Najjar KW - al Najjar KW - Mit Ghamr KW - Interest free-Banking KW - Islamic Banking and Finance KW - Development of Islamic Banking N2 - This paper aims to present and analyze the contributions of the "father of Islamic banking", Ahmed Abdul Aziz al Najjar to the development of Islamic economics and interest-free banking in the 20th century. His successful experiment of establishing the Mit Ghamr microfinance saving and investment bank in 1963 in Egypt is a good prototype model that has, since then, sown the seed of the spread of Islamic banking all over the globe. Many were the prominent pioneering scholars, who wrote, during the 20th Century, about the concept of interest-free banking. They contributed significantly to the theory of Islamic banking and the suggestion of elaborate and relevant financial instruments, that are based on Shari'ah (Islamic law). However, it was Ahmed al Najjar, who practically established a successful experiment in Egypt in the 1960s, that was ceased, not because it failed to achieve good results, but it was its success that paradoxically brought it to an end to the legal issue and political reasons. Al Najjar spent his entire life building, creating, establishing, supporting, educating, guiding, and supervising many Islamic banks and financial institutions in different parts of the Muslim World. He helped to establish Islamic Development Bank in Jeddah, Dubai Islamic Bank in the UAE, Faisal Islamic Bank of Egypt, Faisal Islamic Bank of Sudan, Kuwait Finance House, Jordan Islamic Bank, and many others. CR - Aburime, U. T., & Alio, F. (2009). Islamic Banking : Theories, Practices, and Insights For Nigeria. International Review of Business Research, 5(1), 321– 339. CR - Ariff, M., & Iqbal, M. (2013). The Foundations of Islamic Banking. The Foundations of Islamic Banking. https://doi.org/10.4337/9781849807937 CR - Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27–40. https://doi.org/10.3316/QRJ0902027 CR - Chachi, A. (2005). Origin and Development of Commercial and Islamic Banking King of Journal. واإلسالمية التجارية المصرفية العمليات وتطور أصلOperations Abdulaziz University-Islamic Economics, 21(2), 3–25. https://doi.org/10.4197/islec.21-2.7 CR - Chapra, M. U. (1992). Islam and The Economic System. In Review of Islamic Economics (Vol. 2, Issue 1). CR - Chapra, M. U. and H. A. (2002). Corporate Governance in Islamic Financial Institutions. Law Commons of International Immersion Program Papers, No.22(6), 1–18. https://doi.org/10.1002/jcaf.20374 CR - Chapra, M. U., & Khan, T. (2000). Regulation and Supervision of Islamic Banks 1421H (2000). CR - Franzoni, S., & Allali, A. A. (2018). Principles of Islamic Finance and Principles of Corporate Social Responsibility: What Convergence? 1–11. https://doi.org/10.3390/su10030637 CR - Hassan, m. K., N.kayed, R., & A.Oseni, U. (2013). Introduction to Islamic Banking & Finance principles and practice. Pearson Education Limited, 91, 399–404. CR - Hussain, M., Shahmoradi, A., & Turk, R. (2015). IMF Working Paper; An Overview of Islamic Finance. June. CR - Islahi, A. (2014). History of Islamic Economic Thought. History of Islamic Economic Thought. https://doi.org/10.4337/9781784711382 CR - Islahi, A. A. (2005). Contribution of Muslim Scholars to Economic Thought and Analysis. CR - Kahf, M. (1999). FINANCING INTERNATIONAL TRADE : AN ISLAMIC ALTERNATIVE. Seminar on International Trade from Islamic Perspective. CR - Kahf, M. (2002). Strategic Trends in the Islamic Banking and Finance Movement. Harvard Forum on Islamic Finance and Banking, October, 1–31. CR - Khan, M. A. (2017). Review Reviewed Work ( s ): TOWARDS INTEREST-FREE BANKING by SHAIKH MAHMUD AHMAD Review by Muhammad Akram Khan Published by: Islamic Research Institute, International Islamic University, Islamabad Stable URL: http://www.jstor.org/stable/20839985. 29(1), 99–102. CR - Musari, K. (2016). International Journal of Islamic Economics and Finance Studies. International Journal of Islamic Economics and Finance Studies, 2(3), 73–94. CR - Orhan, Zeyneb Hafsa. (2018). Mit Ghamr Savings Bank : A Role Model or an Irreplicable Utopia ? 85–102. https://doi.org/10.12658/M0263 CR - Orhan, Zeynep Hafsa. (2018). Mit Ghamr Savings Bank: A Role Model or an Irreplicable Utopia? Journal of Humanity and Society, 8(2), 85–102. https://doi.org/10.12658/M0263 CR - Sheikh A Hamid. (2006). PHILOSOPHY AND PRACTICE OF ISLAMIC ECONOMICS AND FINANCE Shaikh A . Hamid Southern New Hampshire University Working Paper No. 2006-01 (Preliminary draft; not to be quoted. Comments and suggestions welcome.) Please direct all inquiries and Correspond. In Religion (Vol. 01). CR - Siddiqi, M. N. (1976). Banking Without İnterest. 1(2), 85–90. CR - Usmani, M. T. (2007). An Introduction to Islamic Finance. In An Introduction to Islamic Finance. CR - S&P Global Rating, (2020) Islamic Finance Outlook 2020, Dubai, UAE. CR - Orhan, Z. H. (2018), Mit Ghamr Savings Bank: A Role Model or an Irreplicable Utopia?: The Journal of Humanity and Society, 2018, 85-102. CR - Uzair, M. (l955). An Outline of `Interestless Banking', Raihan Publications, Karachi. CR - http://archive.aawsat.com/details.asp?section=58&article=528478&issueno=11193#.W_mvXugzbIV CR - http://giem.kantakji.com/article/details/ID/146# CR - http://www.al-waie.org/archives/article/2866 CR - https://www.globalethicalbanking.com/islamic-finance-rapidly-growing-multifaceted-industry/ CR - https://www.thenational.ae/business/banking/growth-of-global-islamic-finance-industry-to-slow-in-2020-21-due-to-pandemic-s-p-says-1.1034001 UR - https://dergipark.org.tr/tr/pub/asead/issue//996671 L1 - https://dergipark.org.tr/tr/download/article-file/1979248 ER -