AAIB (African Arabian Islamic Bank)

Definition of "AAIB (African Arabian Islamic Bank)"

An international bank registered in the Bahamas and entirely owned by private Muslim individuals, the bank claims to conduct its operations on the basis of the shari‘ah. It offers services in syndicated interest-free loans, international investment, technology transfer, trade, commodities and currency trade and development funding. Perhaps the most prestigious of the bank’s involvements was the multi-million dollar monorail scheme linking Calgary to Edmonton (Canada) in 1984. Similarly, the bank was arranging financial and trading services for Powell Chemicals of the United States for Arabian Express Card – the first consumer discount and travel protection card in the Arab World – and for various other activities, such as gold and diamond mining in West Africa, windmill technology in Salt Lake city and tar-sand technology in Canada.