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INTERN;TIONAL
. . . THANKs rHE suncB in MiddleEastoil wealth, ro areas finance, of bankingis one of the fastest-growing Islam-friendly proceed expected reach$r trillion by zoo9.To help deals to smoothly,blue-chipfirms arehiring clericsfor advice versed in law.The costof retaining scholar a on Shaiah,orIslamic a financeandancientjurisprudence: $zopoo to $4o,ooo year.
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N izam Yaquby
Bahrain
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ATTENDED
ATTENDED
ATTENDED
ATTENDED
ATTENDED
Cornell University
ADVISES
University of California
ADVISES
Al Azhar University
ADVISES
McGill Universitv
ADVISES
DowJones, Shariah Capital A MassarcInnelts-born convert to Islam, Delorenzo works closelywith Shariah Capital, a tech and consulting group based in Comrecticut. One recent project: an Islamic trading platfonn for hedge funds that mimics short sales.It relies on an arboon, a transaction involving a down payment, to ;rddress the Koran's prohibition against. selling what you don t own. Hedge fund CIRT Capital has signed up; Barclays Capital rvill process trades.
HSBC Amanah, DowJones, A.I.G. Takaful Yaquby, along with Delorenzo, advised Lebanon-based investment bank BSEC last summerin the first sukuk originating in the U.S.:In the deal last July, Houston's East CameronPartners raised$166million to help {'und oil and gasexplorationin the Gulf of Mexico. With U.S.lnvestors participating, the transactionrvasthe first Islamic bond rated by Standard & Poor's. (It received CCC+.) a
-CLANCY NOLAN
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M.VRABAHA
Murabaha, or cost-plus financing, replaces interest with a flat fee that is agreed upon by both buyer and seller. It is used instead of a traditional mortgage. The charging of interest-or riba-inany form, regardlessofthe rate, is forbidden by the Koran; it is considered profiting from those in need.
54 Cor:d6 Nast Porlfolio. November.o/
Terms of Investment
A lexicon Islamicfinanee of
Shariah, the Islamic legal code drawn from the Koran and sayings of the Prophet Muhammad, advises on everything from dietary law to
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Takaful systems-an insurance alternative-are structured as pools of money il which lossesare evenly distributed.
A sukult involves creating a legal entiQr around a specific asset, like a building, that creates returns and distributes payments similar to those d n n [7? 17fll]2 of 'aWestern-stvle
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