National Council on U.S.-Arab Relations

The National Council on U.S.-Arab Relations

in collaboration with

and with support from

The International Gateway at the

Invites You To

Islamic Finance and the Global Economic Crisis


Dr. Yusuf Talal DeLorenzo
Chief Shariah Officer, Shariah Capital

Mr. Michael McMillen
Attorney, Fulbright & Jaworski LLP


Dr. John Duke Anthony
President, National Council on U.S.-Arab Relations

Tuesday, February 17, 2009
9:00 - 11:30 a.m.

The Rotunda Ballroom
The Ronald Reagan Building and International Trade Center
13th Street and Pennsylvania Avenue, N.W.
Washington, D.C.

A government-issued, photo identification is necessary to enter the Ronald Reagan Building. Nearest Metro is Federal Triangle (Orange and Blue Line). Limited underground parking is available.

R.S.V.P. (Acceptances Only) via email
to by February 16th.



     Member or Company:


9:00 - 9:30 a.m. - Continental Breakfast

9:30 - 9:45 a.m. - Welcoming Remarks - Introduction

9:45 - 10:45 a.m. - Mr. Michael J.T. McMillen and Dr. Yusuf Talal DeLorenzo

10:45 - 11:30 a.m. - Audience Question and Answer


Dr. Yusuf Talal DeLorenzo
Dr. Yusuf Talal DeLorenzo is currently Chief Shari'ah Officer and Board Member at Shari'ah Capital. Shaykh Yusuf DeLorenzo is a well-known and respected Shari'ah advisor and Islamic scholar whose career spans more than 30 years. He serves as a Shari'ah advisor to over 20 global financial entities, including index providers, banks, mutual funds, real estate funds, leasing funds, institutional investors, home finance providers, alternative asset managers and others. He has been a member of the Shari'ah Supervisory Boards of Islamic financial institutions internationally, including the Dow Jones Islamic Market Index (New York), (Dubai), Muslim e-Financial's (Washington DC), Brown Brothers Harriman Islamic Global Equity Fund (New York), and many other financial institutions. Additionally, Dr. DeLorenzo has advised nonprofit organizations such as Action Against Hunger (Bosnia) and the Philadelphia Development Partnership's Micro Equity Investment Initiative on structuring aid programs. Dr. DeLorenzo is currently a member of the Islamic Development Bank's Task Force on the Global Financial Crisis.

Shaykh Yusuf is the author of A Compendium of Legal Opinions on the Operations of Islamic Banks, the first English-language reference on the fatwas (Islamic legal opinions) issued by Shariah boards. His three-volume publication has become the standard reference for Islamic financial institutions. In addition, Shaykh Yusuf wrote the introduction to Islamic Bonds, the 2003 book that introduced Sukuk (markets), which is credited as having transformed the world's Islamic capital markets. His written works have appeared in journals and newsletters and as chapters in books, including Euromoney's "Islamic Asset Management," "Islamic Retail Finance," and "Islamic Finance: Innovation & Growth." His entries on the terminology of Islamic finance appear in The Oxford Dictionary of Islam.

Shaykh Yusuf has been appointed by the Asian Development Bank and the Islamic Development Bank in Jeddah to the International Financial Services Board (IFSB) as a special consultant on the subject of Sukuk. IFSB is the international standard-setting body for regulatory and supervisory agencies with an interest interest in ensuring the soundness and stability of the Islamic financial services industry, broadly defined to include banking, capital markets and insurance.

Shaykh Yusuf has served as a judge in Islamic product reviews and has been a keynote speaker at numerous Islamic conferences. He has been interviewed by and quoted in the Financial Times, The New York Times, Fortune, The Wall Street Journal, Banker Middle East, Islamic Business & Finance and other publications.

Dr. DeLorenzo attended preparatory school at Northfield Mt. Hermon School in Northfield, Massachusetts and did his undergraduate work at Cornell University. Afterwards, he completed three years of research for his doctoral dissertation dealing with the legal rulings of the Qur'an at Bahawalpur University in Pakistan. He studied the classical Islamic sciences for eight years with Shaykh Muhammad Yusuf al Bannuri and the Grand Mufti of Pakistan, Mufti Wali Hasan, in the acclaimed 'Ulum al Islamiyyah in Karachi, Pakistan. Shaykh Yusuf has twenty-five years of experience in teaching and research along with extensive work in the translation of Islamic texts from Arabic, classical Persian, and Urdu. He has specialized in interpreting Islamic legal texts regarding trade and finance.


Mr. Michael J.T. McMillen
Mr. Michael J.T. McMillen joined the Fulbright & Jaworski L.L.P.'s corporate practice group as a partner in 2008. His primary practice location is the firm's New York office. He also works from the firm's Dubai, Riyadh and London offices. His practice focuses on Islamic finance, project finance and structured finance.

Mr. McMillen has twice been a recipient of the award for Best Legal Advisor in Islamic Finance by Euromoney Magazine and has also been the recipient of the Sheikh Mohammed bin Rashid Al-Maktoum Award as Best Legal Advisor in Islamic Finance in North America. He teaches Islamic finance at the University of Pennsylvania Law School and the Wharton School of Business.

Mr. McMillen has taken the lead in various legal aspects of the capital markets initiative of the Islamic Financial Services Board, including topics such as the enforceability of the Shari'ah in different jurisdictions throughout the world, the use of sukuk (markets), particularly asset securitization sukuk, as a backbone element for Islamic capital markets, the use of trust concepts in Organization of the Islamic Conference (OIC) jurisdictions (including civil law jurisdictions), and securities and capital markets laws in OIC jurisdictions as they relate to Shari'ah-compliant instruments, structures and transactions.

Mr. McMillen works on the structuring of innovative financial products and structures for global financial institutions, investment funds, fund and asset managers, banks, investment banks, developers, rating agencies, equity investors and debt providers. Examples of his work in structuring Shari'ah-compliant funds and instruments include structures, financings and transactions relating to real estate acquisition and construction, sukuk with special reference to Islamic bonds and Islamic asset securitizations, hedge funds (including short sale and options structures), private equity, debt-side capital markets instruments (including the conversion of instruments to Shari'ah-compliant instruments), derivatives, commercial paper equivalents, factoring-refactoring, and various mezzanine financings.

Mr. McMillen is currently a member of the Task Force on the Global Financial Crisis of the Islamic Development Bank and chairs the Islamic Law Forum of the International Section of the American Bar Association. He has extensive project finance transactional experience throughout the world in the electricity, petrochemicals, mining, paper, industrial and infrastructure sectors, including Shari'ah-compliant projects.

Mr. McMillen received his M.D. from the Albert Einstein College of Medicine, his J.D. from the University of Wisconsin Law School, and his B.B.A. from the University of Wisconsin-Madison. Mr. McMillen's full professional biography may be found at:


Mr. Michael J.T. McMillen
Dr. John Duke Anthony is the founding President and Chief Executive Officer of the National Council on U.S.-Arab Relations. For the past 35 years, he has been a consultant and regular lecturer on the Arabian Peninsula and the Gulf for the Departments of Defense and State. He is a former Chairman of the Department of State's Near East and North Africa Program in the Department's Center for Area Studies and Countries, the principle U.S. government program tasked with preparing American diplomatic, defense, and related personnel for service in the Arab and Islamic countries of the Middle East and North Africa. He was also the founding chairman of the Department's Advanced Arabian Peninsula Studies Program.

In addition to heading the National Council on U.S.-Arab Relations, consulting, and lecturing, Dr. Anthony has been an Adjunct Professor at the Georgetown University School of Foreign Service's Center for Contemporary Arab Studies since 2006. There, he developed and continues to teach a course for graduate students on "Politics of the Arabian Peninsula," the first such academic semester-long course to be offered at any American university. For the Fall 2008 semester he was joined by HRH Prince Turki Al Faisal Al Sa'ud as co-teacher of the course. In 2008 he was the Distinguished Visiting Professor at the American University in Cairo's HRH Prince Alwaleed Bin Talal Bin 'Abdalaziz Al-Sa'ud Center for American Studies.

A member of the Council on Foreign Relations since 1986, Dr. Anthony is a frequent participant in its study groups on issues relating to the Arabian Peninsula and Gulf regions and the broader Arab and Islamic world. He is the only American to have been awarded a Fulbright Fellowship in the former People's Democratic Republic of Yemen. In 1971, he was cosponsored by the British Ministry of Foreign Affairs and the U.S. Department of State as the sole American scholar to observe at firsthand the process by which the British ceased administering the defense and foreign relations for nine Arab states lining the coastal regions of eastern Arabia and the Gulf. In 2006 he was elected Vice-President and member of the Board of Directors of the International Foreign Policy Association in Washington, D.C.

Dr. Anthony has served as an international observer in all four of Yemen's presidential and parliamentary elections and been the only American invited to each of the Gulf Cooperation Council's Ministerial and Heads of State Summits since the GCC's inception in 1981. (The GCC is comprised of Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the United Arab Emirates). Since 1986 and continuing until the present, Dr. Anthony has accompanied more than 200 Members of Congress, their chiefs of staff, defense and foreign affairs advisers, and legislative and communications directors on fact-finding missions to the Arab world.

Dr. Anthony is the author of three books, the editor of a fourth, and has published more than 175 articles, essays, and monographs dealing with America's interests and involvement in the Arab countries, the Middle East, and the Islamic world. His best-known works are Arab States of the Lower Gulf: People, Politics, Petroleum; The Middle East: Oil, Politics, and Development (editor and co-author); and, together with J.E. Peterson, Historical and Cultural Dictionary of the Sultanate of Oman and the Emirates of Eastern Arabia. His most recent book, The United Arab Emirates: Dynamics of State Formation, was published in 2002.

Dr. Anthony, a U.S. Army veteran, holds a B.A. in History from the Virginia Military Institute, where he was elected president of his class all four years in addition to being elected president of the student body his senior year. He also earned a Master of Science in Foreign Service (With Distinction) from the Edmund A. Walsh School of Foreign Service at Georgetown University, where, in addition to being one of three University Scholars, he was inducted into the National Political Science Honor Society. He holds a Ph.D. in International Relations and Middle East Studies from the Johns Hopkins School of Advanced International Studies, where he held a National Defense in Foreign Language Scholarship for Arabic, was awarded a Fulbright Fellowship, and was appointed to the full time faculty in 1973 while still a student.

In 1983, Dr. Anthony received the Distinguished Achievement Award of the U.S. Department of Defense's Institute for Security Assistance Management, one of three granted to American Middle East specialists in the Institute's history. In March 1989, the Kappa Alpha Order's National Executive bestowed upon him its Distinguished Public Service Award for Excellence "through a strenuous and useful Life of Service to others." In 1993, he received the U.S. Department of State's Distinguished Visiting Lecturer Award, one of three awarded over a span of 25 years in recognition of his preparation of American diplomatic and defense personnel assigned to the Arabian Peninsula and the Gulf states. In 1994, he received the Stevens Award for Outstanding Contributions to American-Arab Understanding. On June 21, 2000, H.M. King Muhammad VI of Morocco knighted Dr. Anthony, bestowing upon him the Medal of the Order of Ouissam Alaouite, the nation of Morocco's highest award for excellence. In May 2008, he was presented the first-ever Local Giants Leadership Award by the Rotary Club of the Nation's Capital.

8th Floor, North Tower,

Ronald Reagan Building/International Trade Center Conference Center
1300 Pennsylvania Avenue, NW Washington, DC 20004
Telephone: 1-202-312-1300


Enter the building across from National Theater on Pennsylvania Avenue (between 13th and 14th Street). Proceed straight after passing through security into North Tower Lobby. Take elevators on your left to the 8th floor. Rotunda is through the glass doors.


Enter parking garage from either Pennsylvania Avenue or 14th Street, find parking on BI or B2 level. Follow posted BLUE signs to the Pennsylvania Avenue elevator bank. Take elevator TO G level (ground level) and transfer to the elevator bank on the opposite side of the lobby. Take this elevator to the 8th floor and Rotunda is through the glass doors.

BY WAY OF METRO: Utilize Federal Triangle stop.

Follow signs to the Ronald Reagan Building, concourse level, and pass through security. At first intersection turn right and walk down long hallway (you will pass University of Maryland Business School and the Amphitheater on your left). Stay to the left passed the staircase in front of you and make second left. Take elevators at end of this hallway to the G level (ground level). Transfer to the elevator bank on opposite side of lobby and take elevator to the 8th floor. The Rotunda is through the glass doors.

** Please note you must present photo identification to enter the RRB/ITC.


Founded in 1983, the National Council is an educational, non-profit, non-governmental organization dedicated to improving American knowledge and understanding of the Arab world. The Council's vision is a relationship between the United States and its Arab friends that rests on a solid, enduring foundation. Such a foundation would embody strong strategic, economic, political, commercial, and defense cooperation in addition to heightened contacts and exchanges of American and Arab present as well as emerging leaders. The Council's mission is educational. It seeks to enhance American awareness and appreciation of the multi-faceted and innumerable benefits the United States has long derived from its relations with the Arab countries, the Middle East, and the Islamic world. It endeavors to do this through leadership development, people-to-people programs, academic seminars, the Council's Annual Arab-U.S. Policymakers Conference, specialized publications, a free electronic newsletter, and the participation of American students and faculty in Arab world study abroad and Arabic language learning experiences. In pursuit of its mission, the Council serves as a U.S.-Arab relations programmatic, informational, and human resources clearinghouse. In so doing, it provides cutting edge information, insight, and analyses to national, state, and local grassroots organizations, media, public policy research institutes, and select community civic, religious, business, and professional associations.

The National Council has been granted public charity status in accordance with Section 501(c)(3) of the U.S. Internal Revenue Code. All contributions are tax-deductible to the fullest extent allowed by U.S. law.