1. Evidence in the Modern Era: Earliest evidence manifesting the recognition of Islamic banking and finance in the modern era is the existence of Islamic banking and finance in Dubai and Islamic takaful in Sudan in 1979. Thus, now there are many countries practising Islamic banking and finance such as Malaysia.
2. Evidence in the Previous Era: The previous Islamic civilisation did have Islamic banking and finance activities but there was no existence of banks. The civilisation could not also enhance itself if there was no Islamic banking and finance practised by the people back then. Thus, money was indeed important for management of various facilities such as agriculture. Examples of Islamic banking and finance instruments articulated by orientalists such as Abraham Udovitch existed in the era were balusah (letter of credit) and suftajah (bill of exchange) which were found to be practised during the first century of hijrah. Another example of the instruments is cheque which can be extracted from Islamic law literature such as al-Muwatta' of Imam Malik. Some orientalists such as Joseph Schacht further indicates that Islamic law was the first legal system to introduce cheque.
3. Conclusion: Islamic banking and finance is also recognised by some orientalists as an established practice. Thus, evidence on its origin is very clear.
2. Evidence in the Previous Era: The previous Islamic civilisation did have Islamic banking and finance activities but there was no existence of banks. The civilisation could not also enhance itself if there was no Islamic banking and finance practised by the people back then. Thus, money was indeed important for management of various facilities such as agriculture. Examples of Islamic banking and finance instruments articulated by orientalists such as Abraham Udovitch existed in the era were balusah (letter of credit) and suftajah (bill of exchange) which were found to be practised during the first century of hijrah. Another example of the instruments is cheque which can be extracted from Islamic law literature such as al-Muwatta' of Imam Malik. Some orientalists such as Joseph Schacht further indicates that Islamic law was the first legal system to introduce cheque.
3. Conclusion: Islamic banking and finance is also recognised by some orientalists as an established practice. Thus, evidence on its origin is very clear.
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