99 6 Alternative Ways of Developing the Gulf Cooperation Council Islamic Funds Industry: Entrepreneurial Development Mehmet Asutay and Shehab Marzban 1. Introduction Since its emergence in the 1970s, Islamic banking and inance has shown unprecedented success in terms of its growth, expansion, and diversiication (both institutionally and with regard to products) on a global scale but especially in the GCC. It has, however, often been criticised for being limited in function as a high extent investment vehicle for individuals of a high net worth, rather than signiicantly contributing to the social and economic development of a vast majority of Muslims, who need access to capital to develop, and those who have limited capital and are looking for investment opportunities that are similar to those which are available to the big industry players. In addition, Islamic banking and inance has come under criticism to ‘lead to inancialisation’ rather than inancing long-term development project and sectors, which can result in value added to the economy (Asutay, 2012). Given that the foundational philosophy of Islamic inance relies heavily on economic and social development, including inancial deepening and inancial inclusion in the form of servicing the un-bankable sector of society, Islamic inance has not fulilled such expectations. Asutay, Mehmet & Marzban, Shehab (2015). “Alternative Ways of Developing the Gulf Cooperation Council Islamic Funds Industry: Entrepreneurial Development”, in M. Asutay and A. Turkistani (eds.), Islamic Finance: Political, Economy, Values and Innovation. Berlin: Gerlach Press.