According to historians, it’s believed that banking activities have begun at different times (between 4 and 3 thousand years BC).

Before “Sargon I of Akkad” (Sargon the Great who was the first ruler of the Akkadian Empire 2335-2280 BC.) the occurence of trade was mainly on the internal borders such as for “Babylon” and its temple (used to be located at the center of economic activity in the city).

As a matter of fact, 2000 BC. It was required from the persons who deposit Gold to pay up to 1/60 of the total deposit, since the palaces and the temple praciced lending and issuing from their own wealth, most of it was from the palaces (loans usually was granted to the purpose of issuance of seed grain, with the return of payment at harvest), such an act still exist until now in my country in the season of Tobacco cultivation (called Tobacco loan).

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At that time these agreements and other things like “interest accruals” where documented in clay slabs.

Until 209 BC. Depositing of wealth in the temple was the ordinary banking act and a habit as shown by Antioch (an ancient Greco-Roman city on the eastern side of the Orontes River, after looting the temple of “Ayn” in Iptana (temple for Gold and Silver).

image source

As described by the cuneiform records (one of the earliest systems of writing invented by the Sumerians) of the “House of Egibi of Babylon” (a family who were involved in trading activities) that their financial activities at the date of their occurence sometime after 1000 BC. Showed transactions of the silver House (Lending house), which means that the family was engaged in “professional Banking”, in addition to other similar activities showing the degree of modern banking activities.

To be continued with Diary of a BANKER Part- 25

The text published in this post is my original work with a help from History of banks.

Some images are from different sources click on the link below the image to view the source.

**Kindly don’t forget to check the old parts from “Diary of a Banker” for entertainment and more information.

Diary of a Banker part-1

Diary of a Banker part-2

Diary of a Banker part-3

Diary of a Banker part-4

Diary of a Banker part-5

Diary of a Banker part-6

Diary of a Banker part-7

Diary of a Banker part-8

Diary of a Banker part-9

Diary of a Banker part-10

Diary of a Banker part-11

Diary of a Banker part-12

Diary of a Banker part-13

Diary of a Banker part-14

Diary of a Banker part-15

Diary of a Banker part-16

Diary of a Banker part-17

Diary of a Banker part-18

Diary of a Banker part-19

Diary of a Banker part-20

Diary of a Banker part-21

Diary of a Banker part-22

Diary of a Banker part-23

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