Islamic Banking And Finance: Alternative Or Façade?

Pitluck, Aaron Z.

doi:10.1093/oxfordhb/9780199590162.013.0023

Cited by 20 publications

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“…In this review, we try to bring a wide geographic focus and put the American experience in a deeper dialogue with literature focused on consumer credit in other national contexts. Due to space limitations, we omit the large body of literature on Islamic finance (Pitluck 2013).…”

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confidence: 99%

Consumer Credit in Comparative Perspective

Róna‐Tas

Guseva

2018

Annu. Rev. Sociol.

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We review the literature in sociology and related fields on the fast global growth of consumer credit and debt and the possible explanations for this expansion. We describe the ways people interact with the strongly segmented consumer credit system around the world—more specifically, the way they access credit and the way they are held accountable for their debt. We then report on research on two areas in which consumer credit is consequential: its effects on social relations and on physical and mental health. Throughout the article, we point out national variations and discuss explanations for these differences. We conclude with a brief discussion of the future tasks and challenges of comparative research on consumer credit.

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confidence: 99%

Consumer Credit in Comparative Perspective

Róna‐Tas

Guseva

2018

Annu. Rev. Sociol.

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“…For example, in the 1980s, the distinction resurfaced by social movements addressing the unpayable debt accrued by the Global South (Bonizzi ). Dating from the same time period and extending to the present, these debates have become prolific in diverse Muslim‐majority countries, particularly in the Islamic finance industry (Maurer ; Pitluck , ; Rethel ; Rudnyckyj ) among pious Muslim entrepreneurs (Sloane‐White ) and among Muslim consumers (Fischer ; Maurer ).…”

Section: Financialization As the Expanding Redefinition Of Cultural Pmentioning

confidence: 99%

Finance beyond function: Three causal explanations for financialization

Pitluck

Mattioli

Souleles

2018

Economic Anthropology

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This article suggests that it is advantageous for social scientists to deliberately depart from functionalist theories seeking to explain the expansion of financial instruments and logics across social life. Rather, we identify three causes of financialization from three extant clusters of scholastic activity: an organic political economy that sees finance expanding as a product or by‐product of larger state‐ and imperial‐level political struggles, a relational sociology that sees the ways that finance expands by becoming another medium for expressing and constraining social relationships, and a cultural analysis that observes the increasing redefinition of discursive and material practices as financial. Across this larger discussion, we introduce and situate the contributions to this journal's special issue on financialization.

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“…On the other hand, scholars have contended that it is little more than a second‐rate imitation of conventional finance with a religious veneer. Arguably, the prevailing question in qualitative approaches to Islamic finance in the human sciences has been the extent to which Islamic finance offers a genuine alternative to conventional finance or is merely a façade (El‐Gamal ; Kuran ; Maurer ; Pitluck ; Rethel ). This article seeks to move this body of scholarship beyond this question by showing how Islamic finance experts themselves are posing the problem of the alternative potential of Islamic finance and to document some of the concrete experiments in which they are engaged to do so.…”

Section: Financial Subjectificationmentioning

confidence: 99%

Subjects of Debt: Financial Subjectification and Collaborative Risk in Malaysian Islamic Finance

Rudnyckyj

2017

American Anthropologist

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This article argues the Malaysian state has developed Islamic finance in conjunction with two distinct strategies of subject formation. In its first phase, in the 1980s, a central objective was the financial inclusion of Malays. Islamic finance was part of an identity-building project and intended to integrate this disadvantaged indigenous majority into the national economy. By the 2000s the state had succeeded in fostering a Malay Muslim middle class through aggressive affirmative action policies. Currently, Islamic finance is being redeployed as a technique for the neoliberal entrepreneurialization of the Malay Muslim population. Empirically, this shift is evident in efforts by experts to move Islamic finance away from a reliance on what they call "debt-based" devices to ones referred to as "equity based." This entails substituting devices that reformers contend replicate the credit and lending instruments characteristic of "conventional finance" with instruments instead premised on investment, partnership, and risk sharing that they argue more faithfully adhere to the discursive tradition of Islam. [Islam, development, neoliberalism, Islamic finance, debt] ABSTRAK Artikel ini bertujuan untuk membincangkan perihal negeri Malaysia yang telah membangunkan kewangan Islam seiring dengan dua strategi berbeza dalam pembentukan subjek tersebut. Dalam fasa pertama yang berlangsung sekitar tahun 1980-an, objektif utama adalah kemasukan masyarakat Melayu dalam bidang kewangan.Kewangan Islam adalah sebahagian daripada projek pembangunan identiti yang bertujuan untuk mengintegrasikan majoriti daripada kelompok bumiputera yang kurang bernasib baik dalam ekonomi negara. Menjelang tahun 2000-an, negeri ini telah berjaya mengangkat kelas pertengahan Muslim Melayu asli melalui dasar-dasar tindakan afirmatif yang agresif. Pada masa ini, kewangan Islam diatur semula sebagai teknik untuk pengusahawanan neo-liberal masyarakat Melayu Islam. Secara empirik, peralihan ini amat ketara dalam usaha para pakar untuk mengggerakkan

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Islamic Banking And Finance: Alternative Or Façade?

Cited by 20 publications

References 0 publications

Consumer Credit in Comparative Perspective

Consumer Credit in Comparative Perspective

Finance beyond function: Three causal explanations for financialization

Subjects of Debt: Financial Subjectification and Collaborative Risk in Malaysian Islamic Finance

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