Mit Ghamr savings bank: a role model or an irreplicable utopia?

Abstract

Despite Mit Ghamr Savings Bank being established in 1963 in Egypt and being commonly mentioned as the first example of Islamic banking in the world, it is yet to be analysed in depth. With the aim of filling this gap in literature, this paper analyses Mit Ghamr under five sub-sections; general information about the bank, how its structure was, what the results were, why it was closed, and what happened afterwards. In analysing the hank according to these sub-sections, it is attempted to utilize the ample amount of existing literature directly or indirectly related to the subject. Then, a critical analysis is conducted for each literature source depending on the authenticity of their sources, their use of evidence, and implications. While checking the authenticity, we particularly referring to an edited book written in Turkish including personal notes of Al-Najjar. In the end, we summarize in which aspects the bank seems to be an irreplicable utopia, or a role model.