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Global Leaders in Islamic Finance

Global Leaders in Islamic Finance Industry Milestones and Reflections

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118465240
  • Published In: February 2014
  • Format: Hardback , 320 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

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    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

    List of Acronyms and Key Terms

    Introduction

    Chapter 1: The Islamic Economist/Activist
    Khurshid Ahmad
    Early influences: Muhammad Iqbal, Muhammad Asad and Sayyid Abul A'la Mawdudi
    Operationalising Islam: Sayyid Abul A‘la Mawdudi and Jama‘at-i-Islami
    Milestone: First International Conference on Islamic Economics
    International influence: Islamic Economics as an academic discipline
    Spreading the message abroad: Europe and The Islamic Foundation in the United Kingdom
    Working at the national level: Islamisation of the Pakistani economy
    Islamic Economics versus the narrow pursuit of profit
    Forty years on: the wood for the trees
    The last word

    Chapter 2: The Very First Mover
    Saeed Bin Ahmed Al Lootah
    Always begin at the beginning
    Dubai: the environment
    Dubai Islamic Bank: early response
    First Islamic Banking Conference – May 1979, Dubai
    Development and challenges
    DIB, UAE and corporate governance
    Hajj Saeed, Dubai and and the Islamic economy
    Forty years on
    The last word

    Chapter 3: The Well of Influence
    Prince Mohamed Al Faisal Al Saud
    Germination
    Catalysis: the establishment of Dar Al-Maal Al-Islami
    The business of DMI: navigating unchartered waters
    Current holdings
    Forty years on: "The aura is much bigger than the reality."
    "The Muslim world went to sleep. They forgot. Remember, they were the leaders of the world at one time."
    "Eventually, I think, everybody will become a Salafi."
    The last word

    Chapter 4: Steadily Spreading the Blessings
    Saleh Abdullah Kamel
    Spreading the baraka
    Gone West: Al Baraka in the UK
    Advancing the Islamic economy
    Islamic megabank
    World Zakat Fund
    The Halal Industry
    Ask not what the community of Islamic countries can do for you
    Forty years on: mechanisms over maqasid
    The last word

    Chapter 5: The Systematic Rise of a National Industry
    Mahathir Mohamad and the Malaysian Story
    Leading up to that 1981 decision
    Strand of influence #1: Tabung Haji
    Strand of influence #2: Tunku Abdul Rahman, the OIC and the IDB
    Strand of influence #3: Prince Mohamed Al Faisal Al Saud
    1981 National Steering Committee, and establishing Bank Islam
    Building an industry systematically
    Tun Dr Mahathir: setting the pace and character of overall national economic development
    Phase 1: 1983 to 1993 – Establishment and Entrenchment
    Shari’ah-compliant financial instruments
    Phase II: 1993 to 2000 – Liberalisation and Expansion
    On growth and development
    Islamic capital market: Malaysia as a global sukuk leader
    A model nation for Islamic finance
    Phase III: 2000 and beyond - Internationalisation
    The better system: Islamic (finance) and government
    Thirty years on: and still much more to be done
    The last word

    Chapter 6: The Islamic Economist
    Abbas Mirakhor
    The second stage of Islamic Economics
    Risk transfer and the global financial crisis
    Advancing risk sharing for the benefit of all humanity
    "You see, in Islam, the 'other' doesn't exist."
    IMF and Islamic finance
    Forty years on: the wood for the trees
    Building the roads to a better economy
    The last word

    Chapter 7: The Global Standard-Setter
    Rifaat Ahmed Abdel Karim
    Accounting for a new paradigm
    AAOIFI: a landmark in the history of modern Islamic finance
    Setting the standards
    IFSB: Working with the regulators
    Changing the landscape: integrating Islamic finance into the global financial architecture
    Twenty years of setting standards for Islamic finance
    Moving forward

    Chapter 8: The Shari'ah Scholar
    Sheikh Nizam Yaquby
    The role of shari'ah scholars in Islamic financial institutions
    What is shari'ah-compliance?
    Shari'ah-compliance for an ethical society
    Second-generation shari'ah scholars
    On training shari'ah scholars for Islamic finance: climb the stairs one by one
    All boarded up: Two boards, three boards, four boards, five. How many is too many?
    Great strides in Islamic finance: the contribution of shari'ah scholars
    'Monumental fatwa': Dow Jones Islamic Market Index
    Forty years on: the wood for the trees
    The last word

    Chapter 9: The Lawyer
    Michael J.T. McMillen
    Many firsts
    "The United States is probably the second largest Islamic finance market in the world."
    "The United States is one of the easiest places in the world to do a shari’ah-compliant deal."
    Consulting and structuring deals worldwide
    Monumental leaps: Dow Jones fatwa, change in form of nominate contracts and others
    Code of conduct: lawyers and shari’ah scholars
    2007 Sheikh Muhammad Taqi Usmani sukuk pronouncement
    On freely circulating fatawa
    101: on wholesale and retail
    Maqasid al shari’ah and the non-Muslim Islamic finance lawyer
    Seventeen years on: the woods for the trees
    The last word

    Chapter 10: The Equity Capital Market Man
    Rushdi Siddiqui
    Building indices and benchmarks for the global industry
    Global viability: outperforming conventional indices and averting Enron
    Connecting to the pulse of Islamic finance and Islamic communities: shari'ah-compliant and shari’ah-based indices
    Gaps and disconnects
    Major disconnect: on information
    The United States of America, Islam, and Islamic finance
    The halal industry
    The last word

    Chapter 11: More than the sum of its parts: forty years of Islamic finance
    Growth beyond expectations
    Lack of authenticity
    Financial inclusion
    Beyond Islamic bank bashing: the merits of shari'ah-compliance
    Beyond banking and finance: the Islamic economy
    The last word

    Glossary
    References
    About the Authors
    Index

  • 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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