Dr. Mahmoud El Gamal is a researcher on Islamic Economics at Rice University. He has some insights into the abuse of the term "Islamic" when attached to economics, finance and banking.
A paper by Mohammed Amin, Price Waterhouse Coopers.
For several decades, Islamic finance has been growing rapidly in the Muslim world, particularly in the Middle East and Malaysia. In view of the importance of the major western financial centres such as London, New York, Frankfurt and Tokyo, Islamic banks headquartered in Islamic countries find that they need to have operations in these western financial centres. More recently, as the Muslim populations of western countries have increased, they have a desire to access Islamic financial services themselves.