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I. Abstract
Islamic Finance: Money laundering and terrorism
In the period following the September 11 2001 terrorist attacks, Islamic banks came under a cloud of suspicion, with a specific focus on questions of money laundering and terrorist financing. Though those accusations proved groundless, these developments led to a profound rethinking of the evolution of Islamic finance.
It is not a coincidence that the year 2002 saw the creation of coordination and standard-setting mechanisms such as the Islamic Finance Services Board (IFSB), the International Islamic Financial Market (IIFM), the Liquidity Management Center (LMC) and the International Islamic Rating Agency (IIRA). Other developments of that period include the appearance of sovereign Sukuk and the beginnings of Arab-Malaysian convergence. All this had the effect of reassuring governments, some of which - such as the United Kingdom and Singapore - have announced that their countries would become "hubs" of Islamic finance.
II. Biography
Ibrahim Warde is adjunct professor of international business at the Fletcher School of Law and Diplomacy, Tufts University, and visiting professor of finance at the Massachusetts Institute of Technology (M.I.T.) Sloan School of Management. He holds a B.A. from Université Saint Joseph in Beirut, Lebanon, an M.B.A. from France's Ecole des Hautes Etudes Commerciales, and an M.A. and a Ph.D. in Political Science from the University of California at Berkeley.
Dr. Warde is a 2007 Carnegie scholar working on informal and underground finance in the Islamic world. His most recent book is The Price of Fear: The Truth Behind the Financial War on Terror (The University of California Press 2007), which has been translated into French(Agone), Italian (Neftasia Editore), Japanese (Sankosha) and Czech (Deus), and was selected by Foreign Affairs as one of the best books of the year about economic, social, and environmental issues. His previous book Islamic Finance in the Global Economy (Edinburgh University Press 2000) has just been updated and the second edition will appear in November 2009. His previous books include Le modèle anglo-saxon en question (Economics 1997) and Mythologies américaines (Editions du félin 1996). He is also a writer for Le Monde diplomatique.
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