Evolution of Banking

It was not yet decided that where the word ‘Bank’ originated. Some say that this word is derived from the words ‘Bancus’ or ‘Banque’ which mean a bench. Read the full story

Despite the classical origin, banking in it modern form and structure started in Britain when many of the Lombardy merchants came to England in the fourteenth century and settled in the parts of the city of London now called Lombard Street. Read the full story

This restriction, however, paved the way for deposit banks and cheque currency, and soon the cheque currency proved to be very suitable. Read the full story

Primarily all banks gather temporarily idle money for the purpose of lending to others and investments which bring gain in the form of return, profit and dividends etc. Read the full story

Though the first bank was organized in 1782, the banking system in the United States of America had been without a Central Bank upto 1940. During the Colonial Period, the development of banking in America was linked with the exigencies of financing a new and developing country. Read the full story

The economic and financial experts of the allied nations recognized the necessity of relief and physical reconstruction of economies immediately after the Second World War was over. Read the full story

The Asian Development Bank commenced operation in December, 1966, with its headquarters in Manila (Philippines). Read the full story

The Conference of Finance Ministers of Muslim Countries held in Jeddah in December, 1973 (Zil-Qadh, 1393 AH) issued a Declaration of Intent and the Islamic Development Bank was subsequently established and commenced operations in October, 1975 (Shawwal, 1395 AH). Read the full story

This agency was established in 1998, as an affiliate of the World Bank, but it is legally and financially separate from the World Bank. Read the full story

The statutory limitations in the operations of the World Bank proved to be drawbacks in meeting the ever-increasing needs for conventional and non-conventional foreign capital in developing countries. Read the full story