TAILIEUCHUNG - Origin and Development of Commercial and Islamic Banking Operations

The Banco de España and the European Commission, in cooperation with the ECB, will closely monitor implementation of the recapitalisation plans, while the European Commission will monitor application of the restructuring decisions. In putting their recapitalisation into practice, banks requiring State aid will have to separate unimpaired assets from impaired assets before removing the latter from the balance sheet. For this purpose, an AMC will be set up to acquire impaired assets at their real economic value, and the AMC’s perimeter (assets to be transferred) and the transfer prices will be approved. The transfer of assets to an. | Islamic Econ. Vol. 18 No. 2 pp. 3-25 2005 1426 Origin and Development of Commercial and Islamic Banking Operations Abdelkader Chachi Islamic Economics Research Centre King Abdul Aziz University Jeddah Saudi Arabia Abstract Banking is often considered by most economists as a modern device of recent origin 12th Century AD Italy but a glance at the origin and development of financial operations throughout history will dispel the notion of novelty as we can see from this paper. The purpose of this paper is Firstly to show that banking operations were practised by almost all known early civilizations long before 12 Century AD Italy Secondly to prove that Islam not only allowed but encouraged such operations on a scale which surpassed anything known before Thirdly to show that the Italians bankers learnt these operations from the Muslim Christian and Jewish traders of the Muslim world with whom they had long and strong commercial relationships between the 10 th and 12th centuries AD and Finally to trace the origin and development of what is known nowadays as Islamic banking . 1. Introduction Jacob Burchard cited by Lopez 1979 1 said History is the one field of study that does not begin at the beginning . Banking as one of the most specialised forms of commerce appeared as did the latter in conjunction with the civilisations of the past and was nearly always at the basis of their prosperity but as Orsingher 1967 1 put it It is impossible with the documents discovered so far whatever their kind to determine when banking operations first took place or to give a continuous uninterrupted account of their evolution . However most economists maintain as Bergier 1979 105 claims that Banking was Italian by birth . Firstly because the technical word bank is derived from the Italian word banco which means a table or a bench on which Italian money-changers used to display their monies and records and conduct their transactions. Secondly because they consider that the .

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