Securities markets in predominantly Muslim countries have grown dramatically over the past twenty years. A solid percentage of these markets consists of equity offerings, with the largest markets being Saudi Arabia, Indonesia, Malaysia, and the United Arab Emirates.1 However, the fastest growing segment has been Sukuk offerings, which function much like bonds in other markets.2 Muslim jurisdictions face a unique challenge in the realm of investor protection because they typically have civil statutory regimes for securities regulation alongside Islamic ethical and legal rules that apply to investment. Secular securities regulations tend to either incorporate or reject principles refined in larger markets, particularly those of the United States, the United Kingdom, and the European Union. In countries with explicitly secular national constitutions such as Turkey and Indonesia, Islamic rules may inform investor and manager behavior, but they are not enforced by the state. However, this chapter will focus on the unique challenge most Muslim states face in applying secular investor protection rules alongside religious rules related to investment and trade.