Introduction

The mesmeric allure of Islamic finance continues to draw an ever-increasing number of international banks. A few years ago, European institutions were more or less alone in targeting investors in the Gulf. Now, with the bank balances of Middle Eastern investors ticking upwards as fast as the price meter on a petrol pump, US banks are getting in on the act.

There's certainly enough business to go around. High oil prices have meant investors in the Gulf have continued to accumulate wealth on an