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Money and a calculator rest on top of a map of the Middle East.
Edward P. Djerejian Center for the Middle East | Working Paper
“Islamic Finance” After State-sponsored Capitalist Islamism
The impending demise of petrodollar-supported capitalist Islamism, the failures of which begat 21st century terrorist Islamism, incentivizes the Muslim middle class and timocracies to find another outlet for Muslim liberation theology. This amplifies manifold the risks (and potential, but limited, benefits) of “Islamic finance.”  
Mahmoud A. El-Gamal December 1, 2017
Middle East
Center for Energy Studies | Research Paper
Winter Is Coming: Controlled Conflicts and the Oil-Price Geopolitical-Risk Premium
This paper presents a simple dynamic growth model of investment, consumption, passive military spending, and active military spending for an oil-exporting country. It argues that under conditions of significant geopolitical strife, a country might engage in a military conflict of limited scope and extent to drive up oil prices and revenues.
Mahmoud A. El-Gamal November 21, 2016
International Economics | Edward P. Djerejian Center for the Middle East | Women’s Rights, Human Rights, and Refugees | Journal
A Microfinance Model for Muslim Countries
Microfinance institutions have continued to grow over the past few decades, enabling greater access to credit in many of the world's less developed nations. However, in many Muslim countries, the poor tend to reject microfinance on religious grounds. This paper develops an alternative microfinance model that is Islamically permissible and tests it against the standard model.
Mahmoud A. El-Gamal May 1, 2014