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316 Notes

22 Jia Lynn Yang, “Saudi Arabia’s Stock Collapse,” Fortune, January 17,
2007, money.cnn.com/magazines/fortune/fortune_archive/2006/
12/11/8395382/index.htm.
23 Investment Company Institute, “Half of American Households Own
Equities,” 2002, www.ici.org/shareholders/dec/02_news_equity_
ownership.html.
24 Interestingly, the required first-year finance course at the Harvard
Business School begins with a lecture that includes a discussion of
how interest had been frowned upon for centuries in the West.
25 For more on Islamic finance, refer to the Web sites of HSBC
Amanah—www.hsbcamanah.com—and publications of the Harvard
Islamic Finance Program—www.ifp.harvard.edu.
26 Z. Iqbal and H. Tsubota, The World Bank (2006).
27 Oman is an outlier when it comes to Islamic finance: there is no
Islamic finance in the country, despite significant consumer demand.
Bahrain, by contrast, has positioned itself as a global hub for Islamic
finance and is home to several industry associations. In Saudi Arabia,
the UAE, Qatar, and Kuwait, the phenomenon has been consumer
driven.
28 Central banks data, author analysis, expert interviews.
29 Gillian Tett, “Islamic Bonds Used to buy 007’s Wheels,” Financial
Times, March 16, 2007, www.ft.com/cms/s/7461bd9c-d40a-11db-
83d5-000b5df10621.html.
30 Standard & Poor Report (April 24, 2007)—sourced from Bloomberg.
31 “Japan Holds 1st Seminar On Islamic Finance,” Bernama.com,
January 23, 2007, www.bernama.com.my/finance/
news.php?id=242814.
32 Bemo Securitisation SAL, “East Cameron Gas Sukuk,” June 19, 2006
(press release), www.securitization.net/pdf/content/
BSEC_19Jun06.pdf.
33 Securities Exchange Act of 1934 ß 13(d)(1); Japan Securities and
Exchange Law (2002), Chapter II-3, Article 27-33; Dechert LLP,
“Implementation of the Transparency Directive Changes Shareholder
Notification Requirements across Europe,” February 2007,
www.dechert.com/library/FSG_Update3_2-07.pdf; Hong Kong
Securities and Futures Ordinance (2003), Part XV.
34 As of May 30, 2007.
35 www.msnbc.msn.com/id/18896026/.
36 Ibid.