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
Michael 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
Emmy Abdul Alim is Editor for Thomson Reuters' Islamic Finance Gateway. Away from Thomson Reuters, she has been writing independently about Islamic finance since 2010. She has an MBA, Finance, from the University of Aberdeen; a BA (Hons) in Arabic and Islamic studies from the School of Oriental and African Studies, University of London; and a BA in English and European studies from the National University of Singapore. Before making the switch to editing and writing about business and Islamic finance, Emmy worked professionally in the performing arts, primarily in her native Singapore. Since then she has lived and worked in the United Kingdom, Egypt, the Netherlands, and Malaysia.
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