Chapitre D'ouvrage Année : 2024

The Creation of Islamic Finance

Résumé

This project monitors the emergence of the contemporary Islamic finance industry over (roughly) the last three decades, with some previous developments in earlier periods. It refers to countries that have become financial hubs, like Bahrain, Malaysia, Saudi Arabia, or the United Arab Emirates. It also looks to the wide variety of their banking products with a concern for notions of the successful administration of money. Certain forms and grades of religiously imbued market practices exist, such as the avoidance of credit gains. This chapter discusses such developments and their contextual background: traditional elaborations of Islamic jurisprudence (fiqh). It pays attention to Islamic investment certificates (ṣukūk) and cryptocurrency. Such offerings are usually accompanied by certain managerial forms of behavior and outlook. The actors involved usually try to reconcile Islamic law with economic rationality. By converting to neoliberal values, Islamic finance has become normalized and accepted. Islamic finance is no longer merely a substantive alternative to globalized capitalism but has become a financial system almost like any other. The chapter also reproduces a convenient summary table about the development of the Islamic financial industry.

Fichier non déposé

Dates et versions

hal-04671742 , version 1 (16-08-2024)

Identifiants

Citer

Samir Amghar, Ezzedine Ghlamallah. The Creation of Islamic Finance. The Routledge Handbook of Global Islam and Consumer Culture, 1, Routledge, pp.451-463, 2024, 9781003152712. ⟨10.4324/9781003152712-38⟩. ⟨hal-04671742⟩
59 Consultations
0 Téléchargements

Altmetric

Partager

  • More