Interviews with the professionals driving the rapid global growth of Islamic finance Though the modern Islamic finance system has existed for more than forty years, its size and influence in the banking industry has expanded massively in just the last decade. This book looks at Islamic finance from the perspective of the experts shaping the industry, including some of the founders of the first Islamic banks--Haj Saeed Lootah, His Royal Highness Prince Mohamed Al Faisal Al Saud, and Sheikh Saleh Abdullah Kamel--as well as other professionals who have greatly influenced the industry. Journalist and correspondent Emmy Alim offers rare insight on Islamic finance with these insightful interviews focused on the development, rise, and future trajectory of Islamic finance.Features rare insider perspective on the rise of Islamic finance with interviews from the top names in the industry in Asia, the Middle East, Europe, and the United States An ideal resource for bankers and finance professionals working in traditional finance as well as Islamic finance Written by Emmy Alim, Editor for Thomson Reuters Islamic Finance Gateway, a multi-platform forum for experts and professionals in the Islamic finance industry
Acknowledgments xiii
Selected List of Acronyms xvii
Introduction xxi
Chapter 1 The Islamic Economist/Activist 1 (24)
Khurshid Ahmad
Early Influences: Muhammad Iqbal, 3 (2)
Muhammad Asad, and Sayyid Abul A'la
Mawdudi
Operationalising Islam: Sayyid Abul A'la 5 (3)
Mawdudi and Jama'at-e-Islami
Milestone: First International Conference 8 (2)
on Islamic Economics
International Influence: Islamic 10 (4)
Economics as an Academic Discipline
Spreading the Message Abroad: Europe and 14 (1)
the Islamic Foundation in the United
Kingdom
Islamisation of the Pakistani Economy 15 (4)
Islamic Economics versus the Narrow 19 (2)
Pursuit of Profit
Forty Years On: The Wood for the Trees 21 (3)
The Last Word 24 (1)
Chapter 2 The Very First Mover 25 (22)
Saeed Bin Ahmed Al Lootah
Always Begin at the Beginning 27 (3)
Dubai: The Environment 30 (2)
Dubai Islamic Bank: Early Response 32 (2)
First Islamic Banking Conference---May 34 (1)
1979, Dubai
Development and Challenges 35 (4)
DIB, UAE, and Corporate Governance 39 (2)
Hajj Saeed, Dubai, and the Islamic Economy 41 (2)
Forty Years On 43 (2)
The Last Word 45 (2)
Chapter 3 The Well of Influence 47 (34)
Mohamed Al Faisal Al Saud
Germination 48 (4)
Catalysis: The Establishment of Dar 52 (6)
Al-Maal Al-Islami
The Business of DMI: Navigating Uncharted 58 (4)
Waters
Current Holdings 62 (2)
Forty Years On: "The Aura Is Much Bigger 64 (8)
than the Reality"
"The Muslim World Went to Sleep" 72 (5)
"Eventually, I Think, Everybody Will 77 (3)
Become a Salafi"
The Last Word 80 (1)
Chapter 4 Steadily Spreading the Blessings 81 (20)
Saleh Abdullah Kamel
Spreading the Baraka 84 (4)
Gone West: Al Baraka in the United Kingdom 88 (3)
Advancing the Islamic Economy 91 (1)
Islamic Megabank 91 (2)
World Zakat Fund 93 (1)
The Halal Industry 94 (1)
Ask Not What the Community of Islamic 95 (1)
Countries Can Do for You
Forty Years On: Mechanisms over Maqasid 96 (3)
The Last Word 99 (2)
Chapter 5 The Systematic Rise of a National 101 (38)
Industry
Mahathir Mohamad
Lead-up to the 1981 Decision 102 (3)
Influence #1 Tabung Haji 103 (1)
Influence #2 Tunku Abdul Rahman, the 103 (2)
OIC, and the IDB
Influence #3 Prince Mohamed Al Faisal 105 (1)
Al Saud
National Steering Committee and 105 (3)
Establishing Bank Islam
Building an Industry Systematically 108 (5)
Setting the Pace and Character of 108 (1)
Overall National Economic Development
Phase 1 1983 to 1993---Establishment 109 (4)
and Entrenchment
Shari'ah-Compliant Financial Instruments 113 (3)
Phase II 1993 to 2000---Liberalisation 114 (2)
and Expansion
On Growth and Development 116 (1)
Islamic Capital Market: Malaysia as a 117 (5)
Global Sukuk Leader
A Model Nation for Islamic Finance 122 (5)
Phase III 2000 and 126 (1)
Beyond---Internationalisation
The Better System 127 (5)
Thirty Years On: And Still Much More to 132 (5)
Be Done
The Last Word 137 (2)
Chapter 6 The Islamic Economist 139 (22)
Abbas Mirakhor
The Second Stage of Islamic Economics 141 (4)
Risk Transfer and the Global Financial 145 (2)
Crisis
Advancing Risk Sharing for the Benefit of 147 (4)
All Humanity
"In Islam, the `Other' Doesn't Exist" 151 (1)
IMF and Islamic Finance 152 (3)
Forty Years On: The Wood for the Trees 155 (3)
Building the Roads to a Better Economy 158 (2)
The Last Word 160 (1)
Chapter 7 The Global Standard-Setter 161 (24)
Rifaat Ahmed Abdel Karim
Accounting for a New Paradigm 163 (4)
AAOIFI: A Landmark in the History of 167 (1)
Modern Islamic Finance
Setting the Standards 168 (4)
IFSB: Working with the Regulators 172 (6)
Changing the Landscape: Integrating 178 (3)
Islamic Finance into the Global Financial
Architecture
Twenty Years of Setting Standards for 181 (2)
Islamic Finance
Moving Forward 183 (1)
The Last Word 184 (1)
Chapter 8 The Shari'ah Scholar 185 (26)
Sheikh Nizam Yaquby
The Role of Shari'ah Scholars in Islamic 188 (1)
Financial Institutions
What Is Shari'ah Compliance? 189 (2)
Shari'ah Compliance for an Ethical Society 191 (5)
Second-Generation Shari'ah Scholars 196 (1)
On Training Shari'ah Scholars for Islamic 197 (2)
Finance: Climb the Stairs One by One
Two Boards, Three Boards, Four Boards, 199 (4)
Five. How Many Is Too Many?
Great Strides in Islamic Finance: The 203 (3)
Contribution of Shari'ah Scholars
"Monumental Fatwa": Dow Jones Islamic 204 (2)
Market Index
Forty Years On: The Wood for the Trees 206 (2)
The Last Word 208 (3)
Chapter 9 The Lawyer 211 (26)
Michael J. T. McMillen
Many Firsts 213 (4)
"The United States Is Probably the Second 217 (3)
Largest Islamic Finance Market in the
World"
"The United States Is One of the Easiest 220 (2)
Places in the World to Do a
Shari'ah-Compliant Deal"
Consulting and Structuring Deals Worldwide 222 (1)
Critical Factors for the Development of 222 (4)
Islamic Finance
Code of Conduct: Lawyers and Shari'ah 226 (4)
Scholars
Sheikh Muhammad Taqi Usmani Sukuk 228 (1)
Pronouncement
On Freely Circulating Fatawa 229 (1)
101: On Wholesale and Retail 230 (2)
Maqasid al Shari'ah and the Non-Muslim 232 (1)
Islamic Finance Lawyer
Seventeen Years On: The Woods for the 233 (1)
Trees
The Last Word 234 (3)
Chapter 10 The Equity Capital Market Man 237 (24)
Rushdi Siddiqui
Building Indices and Benchmarks for the 239 (2)
Global Industry
Global Viability: Outperforming 241 (3)
Conventional Indices and Averting Enron
Wherefore the Pulse?: Shari'ah-Compliant 244 (4)
and Shari'ah-Based Indices
Gaps and Disconnects 248 (4)
Major Disconnect: On Information 252 (1)
The United States of America, Islam, and 253 (3)
Islamic Finance
The Halal Industry 256 (2)
The Last Word 258 (3)
Chapter 11 More than the Sum of Its Parts: 261 (18)
Forty Years of Islamic Finance
Growth beyond Expectations 263 (3)
My Shari'ah, Your Shari'ah: What Is So 266 (4)
Authentically Islamic about This System?
A Viable Business Model 270 (3)
Beyond Banking and Finance: The Islamic 273 (2)
Economy
The Last Word: Commitment to the Islamic 275 (4)
Basis as a Better Way
Glossary 279 (4)
References 283 (14)
About the Author 297 (2)
Notes 299 (16)
Index 315
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