SCF Invitation

Below is the text of the Invitation sent to U.S. government employees by the U.S. Department of Treasury for the November 6, 2008 training seminar in Shariah Compliant Finance.  The original invitation document is here in pdf file format.


Islamic Finance 101
Hosted by the
U.S. Department of TreasuryIn association with the Islamic Finance Project – Harvard Law School

November 6, 2008

1:00 p.m. to 5:00 p.m.

1500 Pennsylvania Avenue NW, Washington D.C

Seminar at the US Department of the Treasury:

“Islamic Finance 101”
November 6, 2008
1:00 p.m. – 5:00 p.m.
Department of Treasury, Washington DC

This forum is designed to help inform the policy community about Islamic financial services, which are an increasingly important part of the global financial industry. The Department of the Treasury, working with Harvard University’s Islamic Finance Project, will host speakers from academia and industry to share information on the development of Islamic finance, both in the United States and globally. The primary audience of this seminar is comprised of staff from U.S. banking regulatory agencies, Congress,
Department of Treasury and other parts of the Executive Branch. For some in attendance,
this may be their first and only opportunity to learn formally about Islamic finance. We
expect about 100 people in the audience. The presentations will be short and focused,
directed toward policy makers rather than academics.
A. WELCOME (5-10 min):
Assistant Secretary Neel Kashkari

Seminar Chair: Samuel Hayes, Professor Emeritus, Harvard Business School

Moderator: Samuel Hayes, Professor Emeritus, Harvard Business School
Speaker Presentation Topic
1. Mahmoud El-Gamal, Rice University
What is Islamic Finance?
2. Sarah Bell, Federal Reserve Bank of New
US regulation of Islamic financial
3. Yusuf Talal DeLorenzo, Shariah Capital Understanding shariah compliance

D. COFFEE BREAK (20 min)

Moderator: Mark Brady, Deputy Assistant Secretary for Services, US Department of
Speaker Presentation Topic
1. Michael McMillen – Islamic Legal
Forum, American Bar Association
Legal trends in shariah compliant
2. Rushdi Siddiqui, Dow Jones Indexes Overview of recent developments in
the global market for Islamic
financial services
3. David Loundy – VP & Corporate
Counsel, Devon Bank
US market for Islamic financial

Profile of Moderators and Speakers:


Interim Assistant Secretary of the Treasury for Financial Stability and Assistant
Secretary of the Treasury for International Economics and Development, U.S.
Department of the Treasury

Neel Kashkari was designated as the Interim Assistant Secretary of the Treasury for
Financial Stability on October 6, 2008. In this capacity, Mr. Kashkari oversees the Office
of Financial Stability including the Troubled Asset Relief Program. Mr. Kashkari also
continues to hold the position of Assistant Secretary of the Treasury for International
Economics and Development, but his International Affairs responsibilities are delegated
to Assistant Secretary for International Affairs Clay Lowery while Mr. Kashkari serves as
Interim Assistant Secretary for Financial Stability.

Mr. Kashkari joined the Treasury Department in July 2006 as Senior Advisor to U.S.
Treasury Secretary Henry M. Paulson, Jr. In that role, he was responsible for developing
the President’s Twenty in Ten energy security plan, enhancing Treasury’s engagement
with India, particularly in the area of infrastructure development, and developing and
executing the Department’s response to the housing crisis, including the formation of the
HOPE NOW Alliance, the development of the subprime fast-track loan modification
plan, and Treasury’s initiative to kick-start a covered bond market in the United States.
Prior to joining the Treasury Department, Mr. Kashkari was a Vice President at Goldman,
Sachs & Co. in San Francisco, where he led Goldman’s IT Security Investment Banking
practice, advising public and private companies on mergers and acquisitions and financial
transactions. Prior to his career in finance, Mr. Kashkari was a R&D Principal
Investigator at TRW in Redondo Beach, California where he developed technology for
NASA space science missions such as the James Webb Space Telescope.


Jacob Schiff Professor of Investment Banking, Emeritus, Harvard Business School
Samuel L. Hayes, III, holds the Jacob Schiff Chair in Investment Banking Emeritus at the
Harvard Business School. He joined Harvard’s faculty in 1970, prior to which he was a
tenured faculty member of the Columbia Business School. Hayes has a B.A. in Political
Science from Swarthmore College and an MBA (with Distinction) and D.B.A. from the
Harvard Business School. Hayes has published in journals such as Harvard Business
Review, Accounting Review, and Financial Management. He was a principal contributor
to the Harvard Islamic Investment Study. Hayes is the author or co-author of seven
books, including Islamic Law and Finance: Religion, Risk and Return, which he coauthored
with Frank E. Vogel of Harvard Law School. Hayes has consulted for a number
of corporations, financial institutions, foundations, and government agencies including
the Treasury Department, Justice Department, the Federal Trade Commission, the
Securities and Exchange Commission, and is a founding member of Harvard’s Islamic
Finance Project Advisory Board. Hayes has been the invited speaker to many of the
major Islamic finance conferences held globally.

Professor of Economics and Statistics, Rice University
Mahmoud Amin El-Gamal Ph.D, is a Professor of Economics and Statistics at Rice
University in Houston, TX, where he is currently Chair of the Economics Department
and holds the endowed Chair in Islamic Economics, Finance, and Management. Before
joining Rice in 1998, he was an Associate Professor of Economics at the University of
Wisconsin in Madison. He has also worked as an Assistant Professor at the University of
Rochester, and the California Institute of Technology, as an Economist at the Middle-
East Department of the International Monetary Fund (1995-6), and as the first scholar in
residence on Islamic finance at the U.S. Department of Treasury (2004). El-Gamal has
published extensively on finance, econometrics, decision science, economics of the
Middle East, and Islamic transactions law. His recent books are Islamic Finance: Law,
Economics, and Practice, Cambridge University Press, 2006, and a major translation
project for classical Islamic law and its contemporary interpretations: Financial
Transactions in Islamic Jurisprudence, Dar Al-Fikr, 2003. Other publications have
included academic journal articles and book chapters on monetary and exchange rate
policies, foreign direct investment in the Arab world, growth and investment in various
Arab countries, and financial models for employment-generating small and medium

Senior Bank Examiner, Bank Supervision Group, Federal Reserve Bank of New York
Ms. Bell currently works in the FRBNY Investment Support Office. She is also part of
the internal FRBNY working group on Islamic finance and has worked on related issues
since joining the Bank in 2003. Before her current assignment, Ms. Bell worked in the
Credit Risk Department where she monitored financial institutions’ commercial,
consumer and counterparty credit risk management. Prior to joining the Credit Risk
Department, she conducted financial analysis and risk monitoring in the Regional Banks
Department. Ms. Bell earned a BA degree in Political Economy from Princeton
University and a Masters in Public Policy from the Kennedy School of Government at
Harvard University.

Chief Shariah Officer, Shariah Capital
Shaykh Yusuf Talal DeLorenzo is a scholar of Islamic Transactional Law whose 30 year
career was featured in an August 2007 front page story in The Wall Street Journal. Based
in the Washington, DC area, he has served as a Shariah advisor to dozens of international
financial entities, including index providers, institutional investors, home finance
providers, international investment banks and a variety of asset managers. He is the
author of the three volume Compendium of Legal Opinions on the Operations of Islamic
Banks, the first English/Arabic reference on the fatwas issued by Shariah boards. In
addition, he wrote the introduction to Islamic Bonds, the 2003 book that introduced
Sukuk and transformed the world’s Islamic capital markets. His work has appeared in
academic and industry journals and as chapters in books, including Euromoney’s Islamic
Asset Management (2004), Islamic Retail Finance (2005), and Islamic Finance:
Innovation & Growth (2002). His entries on the terminology of Islamic finance appear in
The Oxford Dictionary of Islam.

Deputy Assistant Secretary for Services, U.S. Department of Commerce
Mark Brady oversees and manages three separate offices, which develop trade policy,
identify foreign market barriers, and analyze trends affecting the domestic and foreign
competitiveness for U.S. businesses in the service, tourism and finance industries. He
provides technical support to the United States Trade Representative during trade
negotiations. Additionally, Mr. Brady works to ensure that U.S. exporters have
competitive access to export finance through the Department of Commerce’s
representation on the Export-Import Bank and the Overseas Private Investment
Corporation. The services sector represents approximately 75 percent of the private sector
economy of the United States.
Prior to assuming that position, Mr. Brady was appointed to be the first Executive
Director of Corporate Partnerships for the U.S. Commercial Service. Prior to joining the
Administration, Mr. Brady was President of Manchester Partners, Inc., a corporate
financial advisory firm. He is a former member of the New Hampshire Legislature where
he represented district 2 and served on the Commerce Committee. He has written and
testified extensively on fiscal, health care, and environmental policy and successfully
sponsored legislation as a freshman legislator. He earned a degree in Economics from
the Whittemore School of Business and Economics, University of New Hampshire.

Lecturer-in-Law, University of Pennsylvania
Michael McMillen is a partner of Fulbright & Jaworski and works in the areas of Islamic
finance, project finance and structured finance. Although based in New York, he also
works extensively in the London, Riyadh and Dubai offices. He teaches Islamic Finance
at the University of Pennsylvania Law School, the Wharton School of Business, and
other institutions. Michael was the first Chair, and is the current Co-Chair of the
American Bar Association Islamic Finance Committee. He has twice received
Euromoney’s award for Best Legal Advisor in Islamic Finance. Michael has also
received the Sheikh Mohammed Bin Rashid Al Maktoum Award for Best Islamic
Finance Legal Advisor for North America. Michael works closely with the Islamic
Financial Services Board and has responsibility for three of the five capital markets
initiatives of the IFSB (securities and capital markets laws; the use of trust concepts; and
enforceability matters).
Michael received his Juris Doctor from the University of Wisconsin School of Law in
1976, his Doctor of Medicine from the Albert Einstein College of Medicine in 1983, and
his Bachelor of Business Administration from the University of Wisconsin in 1972.
Global Director of the Islamic Index Group, Dow Jones Indexes
Rushdi Siddiqui is Global Director for the Dow Jones Islamic Market Indexes. In this
capacity he supervises more than 70 Dow Jones Islamic Market Indexes [equity, sukuk,
sustainability, etc.] that underlie hundreds of Shariah-compliant mutual funds, exchange
traded funds and structured products with total assets under management (AUM) of
US$7B. He also oversees the Dow Jones Islamic Market Index Shariah Supervisory
Board of international scholars. Mr. Siddiqui introduced the idea of building Islamic
indexes to Dow Jones in 1998 and since then has been a vigorous advocate for the
Islamic finance through his relationships with OIC global stock exchanges and
investment firms, speaking at conferences, teaching at universities, writing articles, and
conducting media interviews. He has received numerous awards in Islamic finance, and is
on the advisory of committees of DIFC’s Islamic Finance Advisory Committee (IFAC)
and Islamic Capital Market Committee at UK Trade & Investment (UKTI).
Corporate Counsel and Vice President, Devon Bank
David Loundy is Corporate Counsel, a Vice President, a member of the Board of
Directors for Devon Bank, and is in charge of the Islamic Finance Division for Devon
Bank at Devon Bank, David has created the products for the Bank’s Islamic finance
program, has worked to expand the Bank’s Islamic finance program out to cover 37
states, and designs the structures for all non-standard transactions. He has designed and
implemented more Islamic banking products in the United States marketplace than any
other banker in the U.S. He is working to create an off-shore investment company that
will allow for continued growth and expansion of the Bank’s Islamic finance program.
Devon’s program won the Sheikh Mohammed Bin Rashid Al Maktoum award in Islamic
Finance in the Category “Vision: North America.”
Before joining Devon Bank, David worked as a law professor, a law school
administrator, as well as teaching in an executive MBA program, and worked as a lawyer
practicing in the fields of intellectual property and computer law, with a focus on Internet
law issues. He is a past chairman of the Illinois State Bar Association Intellectual
Property Law Section, and the Chicago Bar Association Computer Law Committee.
David has given more than seventy presentations and has more than one hundred
publications in his name. Some of his works have been translated into French, Japanese,
Turkish and Korean. David Loundy has a BA in telecommunications from Purdue
University, and a JD from the University of Iowa, College of Law, both with distinction.
He has completed the post-graduate diploma program from the Institute of Islamic
Banking and Insurance, and recently finished the Loyola University Family Business
Center’s Next Generation Leadership Institute.

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