scholarly journals Islamic Governance, Capital Structure, and Equity Finance: Examining the Possibilities of American Financial Sharī'ah Boards

2009 ◽  
Vol 37 (1) ◽  
pp. 29-58 ◽  
Author(s):  
Rafel Mahmood
Keyword(s):  
United States ◽  
Middle East ◽  
American Foreign Policy ◽  
Governance Structure ◽  
The United States ◽  
Islamic Finance ◽  
Advanced Economy ◽  
American Institution ◽  
Finance Industry ◽  
Gulf Countries

AbstractIn this world of misinformation and predatory ideologies, a basic economic connection may be the difference between the success and failure of American foreign policy in the Middle East. In times of conflict, establishing the commonality of shared financial values can be the best way to build trust. It is remarkable then that the world's largest and most advanced economy has failed to develop the simple financial mechanisms—using Islamic finance and Sharī'ah boards—to connect with Muslims across the globe. Even if the United States’ central focus remains combating terrorism, it is clear that the more financial information the United States can gather, the better equipped it will be to fight the war on terror. Along with the enhanced information capital made possible through Islamic finance and Sharī'ah boards are significant reputational advantages that the United States would not otherwise have. For instance, an Islamic-American humanitarian institution could be certified by multiple clerics in Iraq, thus offering new momentum to the organization's humanitarian mission by preventing numerous belligerent attacks that terrorists might subject upon a purely American institution that lacks the legitimacy conferred through such Islamic ties.Currently, The United States' continuing domestic failure to develop a compatible framework for Islamic finance verges on negligence. This failure is strongly contrary to broader American commercial interests. Consider that economists estimate the outflow of Sharī'ah capital from Gulf countries to be approximately $1 trillion, growing at 20% per annum. Additionally, Gulf countries are currently set to spend upwards of $10 trillion on new infrastructure over the next decade using Sharī'ah compliant financing vehicles. The world currently has roughly two billion Muslims, many of which will one day demand, or at least prefer, Sharī'ah compliant financial products. If the United States does not develop the administrative and legal framework to serve this market, other foreign financial institutions surely will. In fact, economists currently value the Islamic finance industry in the United Kingdom at $12 billion. In stark contrast, in the United States this same market comprises a mere $150 million in assets. This article will examine the necessary mechanics of establishing an Islamic-American corporation in Delaware for the purposes of conducting transactions with the Middle East, and analyze in detail the essential Islamic financial governance structure-the Shari'ah board.

scholarly journals Resurrecting Empire

2005 ◽  
Vol 22 (4) ◽  
pp. 112-115
Author(s):  
Samer Abboud
Keyword(s):  
United States ◽  
Middle East ◽  
American Foreign Policy ◽  
Policy Decision ◽  
The United States ◽  
Indigenous Resistance ◽  
Cultural Legacy ◽  
Colonial Experience ◽  
The Cold War ◽  
Political Economic

Written at a critical historical juncture of Arab-western relations, Khalidi’stext provides a refreshing and informed account of western intervention inthe Middle East. It stresses the catastrophic human and political consequencesof western colonial adventures in the region and the neglect of thishistorical experience by current American foreign policy decision makers.Although written primarily for a non-academic, American audience, it is auseful and important text on contemporary Middle East history.Accessible and highly readable, it provides insights into a series ofmajor issues currently relevant to the study of the Middle East: democracy, oil, Palestine, and Iraq. The first chapter provides an account of westerncolonialism’s social, political, economic, and cultural legacy wrought on theMiddle East. Beginning with a brief introduction to the American march towar with Iraq, the author establishes an approach employed throughout thetext: juxtaposing the historical western colonial experience with theAmerican invasion and occupation of Iraq. Locating western involvement inthe Middle East within the context of the Ottoman Empire’s decline, Khalidihighlights the differential systems of colonial rule imposed on the region.Throughout, he emphasizes the indigenous resistance to colonialism, thusarguing against Orientalist discourses of indigenous acquiescence and subservienceto the supposed benevolence of colonialist rule. Two importantpoints emerge: first, that the political structures imposed by the colonialregimes have persisted, and second, that the region’s political cultureremains deeply rooted in the anti-colonial experience. This experience –entirely conditioned through European involvement in the region – meantthat for many, the United States never experienced the same political andcultural hostility as Europe. Throughout the cold war, however, the UnitedStates’ image as a disinterested outside power began to give way to an imageof the United States as a significant power broker in the region with manyinterests, and, most importantly, few objectives compatible with the politicaldesires of the region’s peoples ...

The Suez Crisis and the Containment Policy

1957 ◽  
Vol 19 (4) ◽  
pp. 419-445
Author(s):  
M. A. Fitzsimons
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Soviet Union ◽  
Middle East ◽  
American Foreign Policy ◽  
The United States ◽  
United States Government ◽  
Suez Crisis ◽  
Intractable Problems ◽  
Containment Policy

Since 1947 the major foreign policy of the United States government has been containment. This policy of creating situations of strength which would prevent the extension of Communist power and influence in the world was first proclaimed in the Truman Doctrine (March 12, 1947). The policy had been anticipated in 1946 when the battleship Missouri visited Turkey and some forty Mediterranean ports. In the course of this display the Missouri was joined by two aircraft carriers, seven cruisers, and eighteen destroyers. The early sensitivity to Soviet threats to the Middle East and its approaches, revealed in the Doctrine and that naval demonstration, was not consistently maintained at this time or later. Perhaps, indeed, American foreign policy only operates with fullest energy, when directly confronted with a serious Soviet threat. At any rate, it may be argued that for the period 1946–1955, when the Soviet Union was neither conspicuously active nor influential in the Middle East, United States policy contributed little to the solution or easing of the area's all but intractable problems. So to describe the problems is to propose a good excuse, but they were the problems, and, unfortunately, they did not wither from neglect or incantations.

scholarly journals International Tourism Highlights, 2020 Edition, Japanese version

2021 ◽  
Keyword(s):  
United States ◽  
Middle East ◽  
United States Of America ◽  
Low Cost ◽  
Japanese Version ◽  
The United States ◽  
International Tourism ◽  
Advanced Economy ◽  
The Pacific ◽  
Economic Slowdown

2019 was another year of strong growth, though international arrivals grew below the exceptional rates seen in 2017 (+7%) and 2018 (+6%). Demand was somewhat weaker for travel to advanced economy destinations in different regions. Uncertainty surrounding Brexit, geopolitical and trade tensions, and the global economic slowdown, weighed on growth. 2019 was also the year of major shifts in the sector with the collapse of travel group Thomas Cook and several low-cost airlines in Europe. All regions enjoyed an increase in arrivals in 2019, led by the Middle East (+8%). Asia and the Pacific and Europe both saw 4% growth. Against a backdrop of global economic slowdown, tourism spending continued to grow, most notably among the world’s top ten spenders. France reported the strongest increase in international tourism expenditure among the world’s top ten outbound markets (+11%), while the United States of America led growth in absolute terms (+USD 8 billion).

Conclusion

2016 ◽  
Author(s):  
John M. Owen
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Middle East ◽  
Public Diplomacy ◽  
American Foreign Policy ◽  
The United States ◽  
Political Scientist ◽  
Constitutional Democracy ◽  
Western History ◽  
The U.S

This book has examined ideological contests in Western history and what they tell us about Islamism's prolonged struggle with secularism. In conclusion, it offers a few suggestions on what the United States ought to do and not to do in the Middle East and what this means for American foreign policy. It argues that the United States simply cannot decide the contest between Islamism and secularism and so should resort to what political scientist Jonathan Monten calls “exemplarism.” The U.S. government should also remember that, although it cannot resolve the Muslims' ideological contest by force, it can influence how Muslims themselves resolve it. This concluding chapter also considers two things that the United States can do to nudge constitutional democracy: to engage in public diplomacy and to remain the attractive society that it always has been—to be true to itself.

International Tourism Highlights, 2020 Edition

2021 ◽  
Keyword(s):  
United States ◽  
Middle East ◽  
United States Of America ◽  
Low Cost ◽  
The United States ◽  
International Tourism ◽  
Advanced Economy ◽  
Strong Growth ◽  
The Pacific ◽  
Economic Slowdown

2019 was another year of strong growth, though international arrivals grew below the exceptional rates seen in 2017 (+7%) and 2018 (+6%). Demand was somewhat weaker for travel to advanced economy destinations in different regions. Uncertainty surrounding Brexit, geopolitical and trade tensions, and the global economic slowdown, weighed on growth. 2019 was also the year of major shifts in the sector with the collapse of travel group Thomas Cook and several low-cost airlines in Europe. All regions enjoyed an increase in arrivals in 2019, led by the Middle East (+8%). Asia and the Pacific and Europe both saw 4% growth. Against a backdrop of global economic slowdown, tourism spending continued to grow, most notably among the world’s top ten spenders. France reported the strongest increase in international tourism expenditure among the world’s top ten outbound markets (+11%), while the United States of America led growth in absolute terms (+USD 8 billion).

American foreign policy and peace in the Middle East

2010 ◽  
Vol 3 (3) ◽  
pp. 271-296
Author(s):  
Abdel-Fattah Mady
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Middle East ◽  
United Nations ◽  
American Foreign Policy ◽  
The United States ◽  
Us Foreign Policy ◽  
Double Standards ◽  
Palestinian Territories ◽  
Unfair Terms

The purpose of this study is to answer the following question: ‘Does US foreign policy undermine peace efforts in the Occupied Palestinian Territories?’ Careful observations of US foreign policy during the Oslo Process reveal that the United States has indeed undermined peace efforts in the Occupied Palestinian Territories. The American position substantially departed from United Nations Resolutions 242 and 338, which the Palestinians were promised would serve as the basis for negotiations. Although the American–Israeli alliance underwent periodic adjustments, American foreign policy has, over the last decade, helped to create a framework in the Middle East wherein only Israeli needs have legitimacy. During the Oslo Process, the United States and Israel have tried to impose Israel's plans on the Palestinians, ignoring United Nations resolutions and the international community. The evidence reveals that US foreign policy was based on double standards and unfair terms. Further, the seeming link between the aid provided by the United States to Israel and the latter's aggressive policies toward the Palestinians makes it appear as though Washington is ‘rewarding’ such policies, that is, as if Washington is enabling Israel to deny Palestinians’ legitimate rights, violate United Nations resolutions and principles of international law, keep its military occupation forces, and expand Jewish settlements in the Occupied Palestinian Territories.

Arab Intellectuals and the Bush Administration's Campaign for Democracy: The Case of the Greater Middle East Initiative

2007 ◽  
Vol 61 (3) ◽  
pp. 390-418 ◽  
Author(s):  
Sami E. Baroudi
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Middle East ◽  
American Foreign Policy ◽  
The United States ◽  
Negative Image ◽  
Democratic Change ◽  
History Of ◽  
Formative Experiences

This article considers how Arab intellectuals represent the United States and American foreign policy in their editorial contributions to Arabic newspapers. As a case study, it examines Arab intellectuals' reactions to the George W. Bush Administration's campaign to effect democratic change in the Middle East, as articulated in the Administration's 2004 Greater Middle East Initiative (hereafter GMEI or Initiative). I argue that the predominantly hostile reactions to the GMEI stemmed mainly from a closed and negative image of the United States permeating Arab intellectual circles. This negative image is the product of the history of American policy towards the region and, equally important, of the beliefs, values, and formative experiences of Arab intellectuals. The article concludes by addressing ways to ameliorate this image.

IR-Theory and Transformation in the Greater Middle East: the Role of the United States

2007 ◽  
Vol 6 (1-3) ◽  
pp. 57-86
Author(s):  
Henk Houweling ◽  
Mehdi Parvizi Amineh
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Middle East ◽  
International Relations ◽  
American Foreign Policy ◽  
The United States ◽  
Liberal Theory ◽  
Policy Outcomes ◽  
Military Force ◽  
Policy Choices

AbstractThis article analyzes why post-Cold War American foreign policy regarding the Greater Middle East (GME) changed course and why the United States having a virtual military monopoly fails to achieve its war aim in Iraq. To that end, the authors consult realist and liberal theory in international relations. Realists have a security-driven policy agenda. They fail to create a micro-level foundation in political man for the posited collective interest at the level of the state. Realists therefore produce indeterminate results. Liberal theory in international relations does have a micro-foundation in explanations of foreign policy choices in the form of the economic man. Liberal scholars therefore inquire into domestic sources of foreign policy decisions. However, the liberal national interest is not just a summation of private actor interests. These dominant approaches therefore fail to explain US foreign policy choices and policy outcomes in the region under study.The three quotations below create the problematic of this study:Today we are presented with a unique strategic opportunity. For more than 50 years we were constrained by a bipolar rivalry with a superpower adversary. Today and tomorrow, we have an opportunity to pursue a strategy of engagement and to design a military force to help the strategy succeed. I fully agree with the defense strategy of helping to shape the environment to promote US interests abroad.John Shalikashvili, Clinton's Chairman of the Joint Chiefs of Staff (1997)[Y]ou live now in the Mohammedan nation which, if the traveler's accounts are to be believed, is intelligent and even refined. What is this irredeemable decadence dragging it down through the centuries? Is it possible that we have risen while they remain static? I do not think so. I rather think that the dual movement has occurred in opposite directions […] European races are often the greatest rogues, but at least they are rogues to whom God gave the will and the power and whom he seems to have destined for some time to be at the head of mankind […] the European is to other races of mankind what man himself is to the lower animals: he makes them subservient to his use, and when he cannot subdue he destroys them.Alexis de Tocqueville (1962: 75-76)Why is it that we did not complete our cultural journey, and how is it that we have ended up today in the very worst of times? What is it that made our predecessor pore over their desks, writing down and recording the marvels of mathematics and sciences and searching out the skies with the stars and constellations in order to discover their secrets, and driven by the love of knowledge, to study medicine and to devise medicaments even from the stomachs of bees […] Andalus became a lost place, then Palestine became Andalus.Mahmud Darwish (2004)

The United States and the Middle East

1974 ◽  
Vol 4 (1) ◽  
pp. 3-14
Author(s):  
James Abourezk ◽  
Paul Findley ◽  
Edmund Ghareeb
Keyword(s):  
United States ◽  
Middle East ◽  
The United States
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