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
