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Islam, Global Capitalism and the Performance of Economic Moralities

Author:  Lena Rethel

Affiliation: DOI Organization

Organization/Publisher: Routledge

Date/Place: 2019

Type of Literature: Journal Article

Number of Pages: 16


Key words; Islam, capitalism, corporate Islam, and identity economy.

This article argues that the rapid expansion of Islamic economics in recent years has challenged the conventional economics system. This article highlights the role of the World Islamic Economic Forum (WIEF) and the Global Islamic Economy Summit as legitimate mechanisms in celebrating economic diversity and the success of Muslim- entrepreneurs. The Islamic economy, which is shariah based, presents  the compatibility of global capitalism and moral and values to the world society. The article discusses recent efforts to align Islamic values with economic imperatives of competitiveness and success.  The emergence of the Islamic ‘identity economy’ in workplace practices and office spaces are being Islamicised in Malaysia, Indonesia, and Singapore giving rise to ‘corporate Islam’. Researches have provided evidence on how Malaysia is mobilizing Islamic finance to position itself within new circuits of capital. In 2003, IDB began issuing sukuk to raise funds in the capital market, which enables IDB to move towards a leveraged lending model. The article concludes that the role of WIEF have shifted from giving visibility to economic concerns to creating a specific image of ‘the relations between markets and politics’ in the Muslim world where Islamic values and economic competitiveness and success are becoming increasingly aligned.

By: Dr. Fatimah Abdullah,  Senior Research Fellow



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