Islamic financial institutions
Contents
- 1 About Islamic Financial Institutions
- 2 Islamic Financial Institutions (By Region and Country)
- 2.1 Africa
- 2.1.1 Algeria
- 2.1.2 Botswana
- 2.1.3 Cameroon
- 2.1.4 Chad
- 2.1.5 Djibouti
- 2.1.6 Egypt
- 2.1.7 Ethiopia
- 2.1.8 Gambia
- 2.1.9 Ghana
- 2.1.10 Guinea
- 2.1.11 Kenya
- 2.1.12 Liberia
- 2.1.13 Libya
- 2.1.14 Mauritania
- 2.1.15 Mauritius
- 2.1.16 Nigeria
- 2.1.17 Senegal
- 2.1.18 South Africa
- 2.1.19 Sudan
- 2.1.20 Tanzania
- 2.1.21 Tunisia
- 2.1.22 Zambia
- 2.2 Asia (Northern)
- 2.3 Asia (South and Southeast)
- 2.4 Australia and Pacific Islands
- 2.5 Commonwealth of Independent States
- 2.6 Europe
- 2.7 Middle East
- 2.8 North America
- 2.9 South America
- 2.1 Africa
- 3 Shariah Advisors
- 4 References
About Islamic Financial Institutions
Islamic financial institutions is the blanket term for all financial institutions that operate in line with the Shari'ah. Generally, in order to be considered an Islamic financial institution, there must be a Shari'ah board composed of more than one scholar qualified to issue a fatwa on the Shari'ah-compliance of a financial product. There are conflicting statistics about the size and total number of Islamic financial institutions globally, but the International Financial Services London, a financial industry trade group in the U.K. estimates that as of the end of 2007, there are 280 Islamic financial institutions globally with total assets of US$729 billion (IFSL Research, 2009: 2). The rating agency S&P estimates the size of the market in 2015 reaching USD 1'600 million.
Islamic Financial Institutions (By Region and Country)
Africa
Algeria
Al Baraka Bank Algeria (website)
Al Salam Bank Algeria (website)
Takaful
Salama Assurances Algerie (website)
Botswana
First National Bank of Botswana(website, Islamic window)
Cameroon
Afriland First Bank (Islamic window announced)
Chad
Ecobank (website) Islamic window
Djibouti
Dahabshiil Bank International(website)
Egypt
AT. Asset Management (website)
Ridge Islamic Capital (website)
National Bank of Development (website)
Takaful
Arab Orient Takaful Insurance Co. (Egypt)(website)
Egyptian Saudi Insurance House (Egypt)(website)
Egyptian Takaful (Life) (Egypt)(website)
Egyptian Takaful (Non-Life) (Egypt)
Nile Family Takaful (Egypt)(website)
Nile General Takaful (Egypt)(website)
Solidarity for Family Takaful Insurance (Egypt)
Wethaq Takaful Insurance Co. (Egypt)(website)
Ethiopia
Zamzam Bank International under formation (website)
Gambia
Arab Gambian Islamic Bank (website)
Takaful Gambia Limited (Gambia) (website)
Ghana
Ghana Islamic Microfinance (website)
Guinea
Banque Islamique de Guinée (website)
Kenya
First Community Bank (website)
Islamic Windows
Barclay's Bank Kenya (website) (Islamic window)
Takaful
Takaful Insurance of Africa (TIA) (Kenya) (website)
Liberia
Libya
Takaful Insurance Company (Libya) (website)
Mauritania
Banque Al Wava Mauritanienne Islamique (website)
Takaful
Taamin Assurances Islamiques(website)
Mauritius
Century Banking Corporation (website)
BAI (Takaful) (website, offline 9.16, firm inactive)
Nigeria
Senegal
Banque Islamique du Sénégal(website)
SALAMA Senegal (Sosar Al Amane, Takaful) (website)
South Africa
Absa Islamic Banking (website) (Islamic window)
Sudan
African Bank for Trade and Development
Aljazeera Sudanese Jordanian Bank
Al Salam Bank - Sudan (website)
Al-Shamal Islamic Bank (Wikipedia)
Emirates and Sudan Bank (website)
Export Development Bank (previously El-Gharb Islamic Bank)
Islamic Co-operative Development Bank
National Bank of EGYPT (Khartoum)
Savings and Social Development Bank
Takaful
Al Salama Insurance Co (website)
Al-Ta'awuniya Insurance Co. (website)
El Nilein Insurance Co. (website)
Islamic Insurance Co. (website)
Middle East Insurance Co. (website)
Red Sea Insurance Company Limited
Savana Insurance Co. Ltd (website)
Shiekan Insurance & Reinsurance (website)
The Sudanese Insurance and Reinsurance Company Ltd (SUDINRECO) (website)
Tanzania
Tunisia
Al Baraka Bank, Tunisia(website)
Takaful
Assurance At Takafulia(website)
Zambia
"Islamic Bank of Zambia Ltd" under formation (announced)
Asia (Northern)
Afghanistan
Bank-e-Millie Afghan (website)
Maiwand Bank (website, applicant for Window)
New Kabul Bank (website Window)
Microfinance
China
Asia (South and Southeast)
Bangladesh
Al-Arafah Islami Bank Limited (website)
First Security Islami Bank Limited (website)
ICB Islamic Bank Ltd (website)
IslamiBank Bangladesh Limited (website)
Shahjalal Islami Bank (website)
Social Islami Bank Ltd (website)
non bank
Islamic Finance and Investment Limited (website)
Hajj Finance Company Limited (website)
Takaful
Fareast Islami Life Insurance Co. Ltd (Bangladesh) (website)
Islami BIMA (Takaful-Megna Life Insurance) (Bangladesh)
Islami Insurance Bangladesh Limited (Bangladesh) (website)
Islamic Commercial Insurance Co. (Bangladesh)
Padma Islami Life Insurance (Bangladesh) (website
Prime Life Insurance Limited (Bangladesh) (website)
Takaful Islami Insurance Limited (Bangladesh) (website)
Brunei Darussalam
Bank Islam Brunei Darussalam (website)
Perbadanan Tabung Amanah Islam Brunei (TAIB) (website)
Takaful
Insurans Islam TAIB (Brunei) (website)
Takaful Brunei Darussalam Sdn Bhd (Brunei) (website)
India
AICMEU's Baitulmal Cooperative Credit Society Ltd. (website)
Alternative Investments and Credits Limited (website)
Janseva Cooperative Credit Society Ltd. (website)
Sahulat Microfinance Society (website)
Secura Investment Management (website)
Zayd Chit Funds Pvt. Ltd. (website)
Advisory
Taqwaa Advisory and Shariah Investment Solutions (website)
Infinity Consultants (website)
Indonesia
Bank Danamon (website) (Islamic window)
Bank Mega Syariah (website - Indonesian only)
Bank Bukopin (website (Islamic window)
Bank Syariah Mandiri (website - Indonesian only)
Bank Muamalat Syariah (website)
Takaful
Asuransi Syariah Mubarakah (Indonesia) (website)
Takaful Keluarga (Life Insurance) (Indonesia) (website)
Asuransi Takaful Umum (Indonesia) (website)
Jaya Proteksi Takaful (Indonesia) (website)
Syarikat Takaful Indonesia (Indonesia) (website)
Pakistan
Al Baraka Islamic Bank (Pakistan) (website)
Burj Bank Limited, formerly Dawood Islamic (website)
Dubai Islamic Bank Pakistan Limited (website)
Emirates Global Islamic Bank Limited [merged with Al Baraka Islamic, see above]
Summit Bank Pakistan (website)
Takaful
Dawood Family Takaful Limited (website)
Pak Qatar Family Takaful (website)
Pak Qatar General Takaful (website)
Pak-Kuwait Takaful Company Limited (website)
Takaful Pakistan Limited (website)
Malaysia
Affin Islamic Bank Bhd (website)
Al Rajhi Banking & Investment Corporation (Malaysia) Bhd (website)
Asian Finance Bank Bhd (website)
Alliance Islamic Bank Bhd (website)
Bank Islam Malaysia Bhd (website)
Bank Kerjsama Rakyat Malaysia Bhd (website)
Bank Muamalat Malaysia Bhd (website)
CIMB Islamic Bank Bhd (website)
EONCAP Islamic Bank Bhd (website) (Islamic window)
Hong Leong Islamic Banking Bhd (website)
HSBC Amanah Malaysia Bhd (website) (Islamic window)
Koperasi Bank Persatuan Malaysia Bhd (website)
Kuwait Finance House (Malaysia) Bhd (website)
OCBC Al-Amin Bank Bhd (website)
Public Islamic Bank Bhd (website)
RHB Islamic Bank Bhd (website) (Islamic window)
Standard Chartered Saadiq Bhd (website) (Islamic window)
Takaful
AIA AFG Takaful Berhad (website)
AIA Takaful International Berhad (ATIB) (website)
Allied Cooperative Insurance Group EC
CIMB Aviva Takaful Berhad (website)
Etiqa Takaful Berhad (website)
Great Eastern Takaful (website)
Hong Leong Tokio Marine Takaful Berhad (website)
ING Public Takaful Ehsan (website)
Prudential BSN Takaful Berhad (website)
Syarikat Takaful Malaysia Berhad (website)
Sri Lanka
Thailand
Islamic Bank of Thailand (website)
Takaful
Finansa Life Assurance (website)
Dhipaya Insurance Public Company Limited (website)
Kamol Sukosol Insurance Co. (website)
Muang Thai Takaful (Thailand) (website)
Australia and Pacific Islands
Australia
Islamic Co-operative Finance Australia Limited (website)
Muslim Community Co-Operative Australia (Ltd) (website)
Westpac (website) (Islamic window)
Commonwealth of Independent States
Azerbaijan
Chechnya
Partnerships in commenda "Amana"(website)
Dagestan
Financial House " Masraf" [data missing]
Kazakhstan
Al Hilal Islamic Bank Kazakhstan (website)
Tatarstan
Center of Partnership Banking (website)
Russian Federation
Amal Financial House will (raises funds and extends financing in a Sharia-compliant way) (website)
Eurasian leasing company (website)
Lariba (partnership in commenda, raises funds and extends financing in a Sharia-compliant way)
Previous:
Badr-Forte Bank (website) (closed in 2006)
BCS Asset Management (investment fund "Halal" - ceased) (website)
Ellips Bank (window, ceased to exist) (website)
Evropolis (takaful window, ceased to exist) (website)
Europe
Bosna
Bosna Bank International (website)
Denmark
Islamic Bank International of Denmark (closed, 1st European Islamic bank
Amanah Denmark house financing(website)
France
Chaabi Harmonis, Islamic Window (website)
Germany
Takaful
FWU AG (Takaful globally) (website)
MunichRe (Retakaful, Center of Competence) (website)
Luxembourg
Solidarity Takafol S.A. (Luxembourg)
The Netherlands
Garantibank International (website / window)
Norway
Switzerland
Safa Investment Services (website)
Dar Al-Maal Al Islami Trust (website)
Faisal Private Bureau (website) bank license ended, now family office
Bank J. Safra Sarasin (website) - Islamic window
Turkey
Bank Asya, to be dissolved (website)
United Kingdom
ABC International Bank plc (website)
Ahli United Bank (UK) plc (website)
Bank of London & The Middle East (website)
European Finance House (website)
European Islamic Investment Bank plc (website)
Islamic Bank of Britain plc, rebranded to Rayan Bank (website)
Middle East
Bahrain
Retail Banks
Al Baraka Islamic Bank (website)
Al-Salam Bank Bahrain (website)
Bahrain Islamic Bank (website)
Kuwait Finance House (Bahrain)
Shamil Bank of Bahrain (website)
Wholesale Banks
Ibdar Bank Merger of Capital Management House (CMH), CAPIVEST and Elaf Bank
Investment Dar Bank [(closed)]
Kuwait Turkish Participation Bank
Takaful
Allianz Takaful (Bahrain) (website)
Al-Salam Islamic Takaful Co. (Bahrain) (entry requires review)
Chartis Takaful-Enaya BSC (Bahrain) (website)
Legal & General Gulf Takaful (Bahrain) (website)
Sarikat Takaful al-Islamiyah (Bahrain)
Solidarity Family Takaful (Bahrain) (website)
Solidarity General Takaful (Bahrain) (website)
Takaful International Co. (Bahrain Islamic Insurance Co.) (Bahrain) (website)
Takaful Islamic Insurance Co. EC (Bahrain)
T'azur Co BSC (Bahrain) (website)
Iraq
main source: Central Bank of Iraq (Listing)
Elaf Islamic Bank (formerly: Barakaat Bank for Investment & funding) (website)
Kurdistan International Bank for Investment & Development Erbil (website)
National Islamic Bank Baghdad(website)
Regional Cooperation of the Islamic Bank for Development & Investment Baghdad
Bank Al-Bilad Islamic for Investment & Finance Baghdad (website)
Cihan Bank for Islamic Investment & Finance
International Development Bank for Investment & Islamic Finance Baghdad Al-Karrada (website)
Abu Dhabi Islamic Bank Baghdad/ Arsat lndian (website)
Al-Baraka Turkatilim Bankasi A.S.
Iran
Export Development Bank of Iran
Europäisch-Iranische Handelsbank
Islamic Development Cooperation and Regional Investment Bank
Iran-Venezuela Bi-National Bank
Askariye Finance and Credit Institution
Credit Institution for Development
Ghavamin Finance and Credit Institution
Mehr Finance and Credit Institution
Pishgaman Finance and Credit Institution Iran (Āti)
Salehin Finance and Credit Institution
Samen Alaemeh Credit Cooperative
Takaful
Alborz Insurance Co. (Iran) (website)
Asia Insurance Co. (Bimeh Asia) (Iran) (website)
Bimeh Iran (Iran insurance company) (Iran) (website)
Bimeh Markazi Iran (Central Insurance of IR Iran) (Iran) (website)
Bimeh Parsian (Iran) (website)
Dana Insurance Co. (Iran) (website)
Day Insurance Company (Iran) (website)
Hafez Insurance Co. (Iran) (website)
Karafarin Insurance Co. (Iran) (website)
Mellat Insurance Company (Iran) (website)
Omid Insurance Co. (Iran) (website)
Parsian Insurance (Iran) (website)
Razi Insurance Co. (Iran) (website)
Saman Insurance Co. (Iran) (website)
Jordan
Islamic International Arab Bank (website)
Jordan Dubai Islamic Bank (website)
Takaful
Al Barakah Takaful Co. (Jordan)
First Insurance Co. (Jordan) (website)
The Islamic Insurance Co. (Jordan) (website)
Kuwait
Al Rajhi Bank of Kuwait (website)
Kuwait Finance House (website)
Kuwaiti International Bank (website)
Takaful
Ain Takaful Insurance Co. (Kuwait)
AL-Muthanna Takaful Insurance Company (Kuwait) (website)
National Takaful Insurance Company (website)
First Takaful Insurance Co. (Kuwait) (website)
Gulf Takaful Insurance Co. (Kuwait) (website)
Ritaj Takaful Insurance Company (website)
Takaful International Insurance Company (Kuwait)
Takaful Islamic Insurance Company (Kuwait)
Wethaq Takaful (Kuwait) (website)
Lebanon
Al-Baraka Bank Lebanon (website)
Arab Finance House SAL (website)
Lebanese Islamic Bank (website)
Takaful
Al Aman Takaful Insurance SAL (Lebanon)
Oman
Bank Dhofar, Islamic Window (website)
Bank Muscat, Meethaq - Islamic Window(website)
National Bank of Oman, Muzn Islamic Banking (website)
Palestine
Palestine Takaful Insurance Co.
Qatar
Qatar International Islamic Bank (website)
Takaful
Al Khaleej Takaful Ins & Reins Co. (website)
Damaan Islamic Insurance Company (Beema)(website)
General Takaful Company GTC (website)
Qatar Islamic Insurance Co. (website)
Saudi Arabia
Islamic Development Bank (website)
various capital market companies capital market regulator, see list of authorised firms
Bait Al Mal Al Khaleeji (BMK) (website)
Falcom Financial Services (website)
Safa Investor Services (website)
Saudi Kuwaiti Finance House (website)
Takaful
Ace Arabia Cooperative Insurance Co. (website)
Al Alamiya for Cooperative Insurance Company (website)
Al Ahlia for Cooperative Insurance (website)
Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) (website)
Al Sagr Cooperative Insurance Company (website)
Allianz Saudi Fransi Cooperative Insurance (website)
Allied Cooperative Insurance Group (ACIG) (website)
Amana Cooperative Insurance Company (website)
Arabia Insurance Cooperative Company (website)
Arabian American Insrurance Co. EC
Arabian Shield Cooperative Insurance Company (website)
AXA Cooperative Insurance Co. (website)
BUPA Arabia for Cooperative Insurance (website)
Buruj Cooperative Insurance Co (Saudi Pearl Insurance Co.) (website)
Gulf General Cooperative Insurance Co. (website)
Gulf Union Cooperative Insurance Co. (website)
Gulf Union Insurance and Risk Management Company E.C. (website)]
International Islamic Insurance Co. (website)
Islamic Corporation for Insurance of Investment and Export Credit (website)
Malath Cooperative Insurance & Reinsurance (website)
Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) B.S.C. (website)
Salama (Saudi IAIC for Cooperative Insurance Co) (website)
Sanad Cooperative Insurance and Reinsurance Company (website)
Saudi Arabian Cooperative Insurance Company (SAICO) (website)
Saudi General Insurance Company EC (website)
Saudi Indian Company for Cooperative Insurance (website)
Saudi National Insurance Co. (Wataniya) (website)
Saudi United Co-operative Insurance (Wala'a) (website)
Solidarity Saudi Takaful Co. (website)
Takaful Ta'awuni Division, Bank Al Jazira (website)
The Company for Cooperative Insurance (Tawuniya) (website)
Tokio Marine Saudi Arabia (website)
Trade Union Cooperative Insurance & Reinsurance (website)
United Cooperative Assurance Company (UCA) (website)
Weqaya Takaful Insurance & Reinsurance Company (website)
Islamic Takaful & Re-takaful Co. (Saudi Arabia & Bahamas) (website)]
Syria
Al Baraka Bank Syria (website)
Syria Finance House (announced)
Syria International Islamic Bank (website)
Takaful
Al Aqeelah Takaful Insurance Co. (website)
Aman Syria for Takaful Insurance
Syrian Islamic Insurance (website)
United Arab Emirates
Emirates Islamic Bank (website)
Abu Dhabi
Abu Dhabi Islamic Bank (website)
United Arab Bank, Islamic Window (website)
Ajman
Dubai
Dubai Bank merged with Emirates Islamic Bank(website)
Emirates Islamic Bank, Islamic Window (website)
Standard Chartered, Islamic Window (website)
Bank J. Safra Sarasin Asset Management (Middle East) Ltd window, website)
Kuwait Turkish Participation Bank (Dubai) Limited (Press Release)
Millennium Finance Corporation (Registrar entry)
Quantum Investment Bank (website)
Yusr Islamic Investment Bank (website)
Fujairah
Ras al-Khaimah
Sharjah
Sharjah Islamic Bank (website)
Umm al-Quwain
National Bank of Umm al-Quwain (Islamic window) (website)
Takaful
Abu Dhabi National Takaful Co. (website)
Al Hilal Takaful Company (website)
Al- Sagr National Insurance Co. (website)
Dar Al Takaful (Takaful House Company) (website)
Dubai Islamic Insurance & reinsurance Co. (AMAN) (website)
Islamic Arab Insurance (Salama) (website)
Methaq Takaful Insurance Co (Methaq Lil Takaful) (website)
National Takaful Company PSC (Watania) (website)
Noor Family Takaful (PJSC) (website)
Noor General Takaful (PJSC) (website)
Yemen
Islamic Bank of Yemen (website)
Tadhamon International Islamic Bank (website)
Takaful
United Insurance Co. (website)
Yemen Islamic Insurance Company (Y.S.C)
North America
Canada
Home Finance
Al-Ansar Housing Cooperative Housing Corporation Ltd. (website)
An-Nur (Ontario) Housing Cooperative Corp. Ltd. (website)
Assiniboine Credit Union(website)
Islamic Credit Union of Canada (website)
Qurtuba Housing Cooperative & Al-Ittihad Investment Inc (website)
UM Financial [(dissolved, see full entry by clicking on the name)]
Mutual Funds
frontierAlt Capital Corporation (website)
Global Prosperata Funds (website)
United States
Islamic banks and windows
Bank of Whittier, N.A. (website) (Whittier, California)
Devon Bank (website) (Chicago, Illinois)
University Islamic Financial Corp (website) (Ann Arbor, Michigan)
Jafari No-Interest Credit Union [5]
Non-bank financial institutions
Ameen Housing Cooperative of California (website) (Santa Clara, California)
American Finance House-LARIBA (website) (Pasadena, California)
Devon Islamic Ventures Offshore (website)
Guidance Residential (website) (Reston, Virginia)
Zayan Finance (website) (New York, New York)
Mutual Funds and Exchange-traded Funds
Allied Asset Advisors -- Iman Fund (website)
Azzad Asset Management (website)
Florentez Investment Management -- ShariahShares
Javelin Investment Management (website)
Saturna Capital Corp -- Amana Funds (website) (Bellingham, Washington)
Private Equity and Alternative Investments
Arcapita (website) (Atlanta, Georgia)
Shariah Capital (website) (New Canaan, Connecticut)
UIB Capital (website) (Chicago, Illinois)
Takaful
Zayan Takaful (website) (New York, New York)
South America
Trinidad and Tobago
Takaful T & T Friendly Society (website)
Shariah Advisors
Shape Financial Corp (website)
Shariyah Review Bureau (website)
Straight Way Ethical Advisory (Massachusetts) (website)
References
- IFSL Research. 2009. Islamic Finance 2009 (PDF). London: International Financial Services London, p. 2
- Company News Search site by IslamicFinance.de
- Listing of the Association of Islamic Banking Institutions Malaysia
- Takaful Coop Site with listing
- List of Islamic licensees in Bahrain by the Central Bank of Bahrain
- Islamic Banking Database Worldbank
- S&P Islamic Finance Outlook 2017 Edition
