The Politics of Islamic Finance

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Can the contemporary Islamic finance movement be shown to meet the requirements of modern commerce? In the wake of the terrorist attacks on America the UN Security Council passed a resolution targeting transnational sources of terrorist funds. The United States and the International Monetary Fund are encouraging the governments of the Middle East to adopt policies of economic liberalism and a new type of capitalism, based on Islamic values and beliefs, is emerging.

The aims of the book are:

to explore the political implications of the slow but steady accumulation of Islamic capital

to analyse the connections between Islamic finance and Islamic political movements in Middle Eastern and North African countries

to show that the commonly-perceived connection between Islamic finance and money laundering and terrorism is by no means the complete picture.

Readers will learn to appreciate the various political contexts in which Islamic finance operates in the Middle East and North Africa and will acquire some understanding of its political as well as economic constraints. Hopefully possible misunderstandings about Islamic banking and finance will be corrected.

The book is divided into two parts - part one is thematic and lays the ground for the country-specific case studies in part two (covering the Sudan, Kuwait, Jordan, Turkey, Tunisia and Egypt). The contributors include political scientists, economists and historians. Key Features:

A major topical issue

Written by the world's leading experts on Islamic Political Economy

Explores the connections between Islamic finance and Islamic political movements

Includes country-specific case studies

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What People Are Saying

Robert Springborg

This timely book demonstrates how in-depth academic scholarship can make a signal contribution to a major topical issue of public policy.

Robert Springborg, Director, London Middle East Institute

Alan Richards

They are the leading experts on the political economy of Islamic banking, and the book will attract the interest of all who wish to understand this phenomenon.

Alan Richards, University of California, Santa Cruz

Robert Springborg
This timely book demonstrates how in-depth academic scholarship can make a signal contribution to a major topical issue of public policy.
Alan Richards
They are the leading experts on the political economy of Islamic banking, and the book will attract the interest of all who wish to understand this phenomenon.
Read More Show Less

Product Details

  • ISBN-13: 9780748618378
  • Publisher: Edinburgh University Press
  • Publication date: 5/19/2004
  • Edition description: New Edition
  • Pages: 312
  • Product dimensions: 6.14 (w) x 9.21 (h) x 1.00 (d)

Meet the Author

Clement Henry is Professor of Government at the University of Texas at Austin. He is author of The Mediterranean Debt Crescent(1997) and co-author (with Robert Springborg) of Globalization and the Politics of Development in the Middle East (2001). Rodney Wilson is Professor of Economics in the Institute for Middle Eastern and Islamic Studies at the University of Durgaham. He is author of numerous books including Economic Development in Saudi Arabia (2003) and Economics, Ethics and Religion (1997).

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Table of Contents

Table of ContentsIntroductionClement Henry and Rodney WilsonPart I - Thematic Essays 1. Islamic Banks: The Rise of A New Power Alliance of Wealth and Shari'ah Scholarship, by Monzer Kahf2. Global Politics, Islamic Finance and Islamist Politics Before and After September 11, 2001, by Ibrahim Warde3. The Murabaha Syndrome in Islamic Finance: Laws, Institutions and Politics, by Tarik Yousef4. Marketing Commodities Does Not Happen on Commodity Markets: The Egyptian Bursat al-'Uqud and Oil Futures Markets, by Ellis Goldberg5. Financial Performances of Islamic versus Conventional Banks, by Clement Henry6. Capital Flight through Islamic Managed Funds, by Rodney WilsonPart II - Case Studies 7. Interest Politics: Islamic Finance in the Sudan 1977-2001, by Endre Stiansen8. The Kuwait Finance House and the Islamization of Public Life in Kuwait, by Kristin Smith9. Jordan: A Case Study of the Relationship between Islamic Finance and Islamist Politics, by Mohammed Malley10. The Political Economy of Islamic Finance in Turkey: The Role of Fethullah Gulen and Asya Finans, by Filiz Baskan11. Aiyyu Bank Islami? The Marginalization of Tunisia's BEST Bank, by Robert Parks12. The Rise and Decline of the Islamic Banking Model in Egypt, by Samir SolimanConclusion

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