Islamic financing matures
The term ‘Islamic economics’ first appeared in the 1950s and 1960s as research papers, articles and books began to discuss the subject.
By the 1970s the first Islamic banks and finance houses were opening in the Middle East and North Africa (known as the MENA region). Their growth was largely boosted by oil revenues. It was at this point that the first attempts at managing liquidity through commodity murabaha first appeared. Also in 1971 Dubai Islamic Bank opened for business.
In the 1980s the numbers of Islamic banks and finance houses blossomed to over 40. Banks at the time put capital into real estate for the long term and
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