chapter  4
12 Pages

The International Association of Islamic Banks (IAIB), The Higher Religious Supervisory Board and Dar Al-Maal Al-Islami

The International Association of Islamic Banks was established on 6 Ramadan 1397 (20 August 1977) and received immediate acceptance from the Islamic Conference of Foreign Ministers. The Conference recommended that the member states of the Organisation of Islamic Conferences (OIC) fully support the Association. The text of the agreement to establish the Association was deposited with the OIC which in turn distributed the text to all its member states in 1978. The Association was given an observer status by the OIC. Consequently , the Association has been represented at all the conferences of Islamic Foreign Ministers since the ninth conference, and has also attended the Islamic Summits from the third onwards as an observer. It has played an active role in the meetings of the Central Banks and monetary agencies of Islamic countries as well as in the meetings of specialised bodies of the OIC in the field of banking and insurance.