Is Mit Ghamr A Role Model Or A Utopia? : New Findings

Authors : Zeyneb Hafsa Orhan, Saime Kavakcı

Pages : 127-147

Doi:10.54427/ijisef.1520949

View : 72 | Download : 67

Publication Date : 2024-09-30

Article Type : Research

Abstract :Banking is an ancient institution with roots traced back to ancient temple banking. Due to the intrinsic role of interest in banking, Muslims largely avoided engaging with the industry until the 20th century. However, by the early 1900s, specific circumstances led to the emergence of the idea of establishing interest-free banks. The Mit Ghamr Savings Bank, founded in 1963 in Egypt, is recognized as the first example of interest-free Islamic banking in the world. Yet, detailed information about it remains limited more than half a century after its establishment. Initial studies on the Mit Ghamr Savings Bank provide only general insights into its operations and activities due to the scarcity of available information, including whether the Mit Ghamr Savings Bank offers any new insights into modern Islamic banking practices. Therefore, a more thorough examination of the bank\'s contemporary aspects is necessary. This study addresses this need by presenting additional information from previously unknown sources. The study aims to provide additional information about the Mit Ghamr Savings Bank and analyze this information using qualitative analysis techniques. The findings are discussed under ten subheadings, each focusing on a key characteristic of the Mit Ghamr Savings Bank compared to existing Islamic banking practices. The information reveals significant details about the bank\'s establishment, vision, activities, and impact. The study also highlights which aspects of the Mit Ghamr Savings Bank serve as a valuable model for contemporary Islamic banking and which aspects may be more challenging to replicate today.
Keywords : İslami banka, Mit Ghamr, Rol model, Ütopya, Yeni Veri