This report examines the development of Islamic economics and finance in the GCC countries. It provides its analysis within the context in which Islamic economics and finance have emerged and describes how Islamic finance has developed as an institution, in terms of education, applications, and institutions in the regional and global financial markets. This study embraces five major factors that have contributed to the development of Islamic finance in the GCC countries: research, institutions, applications, financial deepening, and education. This report also provides a background for the development of Islamic finance, not only in the banking sector, but also in terms of education about Islamic finance in the GCC countries. The analysis focuses on the GCC context, with specific reference to Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.