International Association of Islamic Banks
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The International Association of Islamic Banks (IAIB) was founded in Jeddah, Saudi Arabia, under the auspices of the Organisation of the Islamic Conference (OIC) on the 7th of Ramadan 1397 (H) corresponding to August 21, 1977.
The fundamental objective of the Association is to augment and enforce the ties and links amongst Islamic financial institutions and promote intra-cooperation and co-ordination. It is also designed to ascertain the institutions' Islamic observance and character in order to achieve their common and mutual goals.
- Promoting the concept and ideas of Islamic banking.
- Co-ordinating with Islamic banks to resolve common conceptual and operational problems including standardisation of operations and application of Islamic Sharia'a.
- Undertaking/facilitating research and development in Islamic economics.
- Providing assistance in manpower development.
- Maintaining databank of all Islamic financial institutions.
- Providing technical assistance in Islamic banking.
- Representing, mediating and acting as arbitrator for and between Islamic banks.
- Representing the common interests of the Islamic banks at the national and international level.
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