Munawar Iqbal is Chief of Research in Islamic Banking and Finance at the Islamic Development Bank, Jeddah, the largest Islamic financial institution in the world. He has served as Economic Adviser to the Al-Rajhi Banking and Investment Corporation, Saudi Arabia, the largest Islamic commercial bank in the world. He has also served as Director at the International Institute of Islamic Economics at the Islamic University in Islamabad, Pakistan. He has taught there and at McMaster and Simon Fraser Universities in Canada and has published and edited many books and papers in the area of Islamic Banking. Philip Molyneux is Professor in Banking and Finance, and Director of the Institute of European Finance at the University of Wales, Bangor, UK. He also has a chair at Erasmus University, Rotterdam, The Netherlands. His main area of research is on the economics of the banking and financial services industry and he has published widely on the subject of banking and finance. Professor Molyneux has recently been appointed as one of eight expert financial sector advisers to the European Unions Economic and Monetary Affairs Committee that implements financial services regulations for the European Community.