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