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Two short years ago, we were saying that if you still wanted a job in finance, it was going to be either Shanghai, Mumbai, Dubai, or bye-bye. Is that still true? is the Gulf as a financial center as viable as its founders want it to be, or is it a Burj of Cards?

This pdf report from Chatham House was completed before Dubai ran into a little liquidity problem, and recovery will be slow as the Emirates rethink their path into the future. Nonetheless, the authors stray from boosterism and drive into the fundamentals underpinning the region’s future.

Those unfamiliar with the nature and size of the market for Islamic finance will find this a particularly enlightening read. For me, I’m betting Islamic finance becomes more common in Asia over time, even in the parts of Asia that have only small muslim populations.

Which, of course, begs one to ask the question: where do the People’s Bank of China, the Bank of Japan, and the Fed stand on the conduct of Islamic finance in their countries?