ABSTRACT
This chapter seeks to shed light on these important questions through a case study of one particular institutional episode that the author has had direct exposure to. It provides an account of the politics surrounding Gulf Arab states efforts to establish an international Islamic financial policy forum (IIFPF) emphasizing the contingent nature of Islamic finance and the perilous, ubiquitous and episodic nature of international organization (IO) agency in the context of the Gulf Arab region. The chapter discusses the idea of an apex policy forum for Islamic finance. It explores the Islamic development bank (IDBs) role as policy entrepreneur and considers the innovative agency IDB displayed in driving the proposal. An agenda setting body comprised of high level Gulf Arab political figures it was believed could give political urgency to the work of IDB, and provide the necessary political consent and crucial strategic direction required to achieve clearly defined objectives for Islamic finance.
