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Today, Islamic finance is a global industry comprising nearly $3 trillion in assets, with hubs from Kuala Lumpur to Dubai to London. But half a century ago, nothing called “Islamic finance” existed. So where did Islamic finance come from? Why is it growing so fast? And what does it mean for finance to be Islamic? We discuss the ban on usury in Islam and other religious and philosophical traditions, finance in early and medieval Islamic societies, petrodollars and the birth of Islamic banking in the 1970s, the rise of Islamic capital markets since 2000, contemporary shariah-compliant financial structures, and the constitution of piety through financial practice.