When the practice of Islamic finance and the environment under which it operates are examined, one can identify trends that are similar to the ones that caused the current crisis... In the recent past, the Gulf region has witnesses its own episodes of speculation in their stock and real estate markets. Finally, the Islamic financial industry has witnessed rapid growth with innovations of complex "Shari'ah" compliant financial products. Risks in these new Islamic financial products are complex, as the instruments have multiple types of risks ...