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Conceptualisation Of The Second Best Solution In Overcoming The Social Failure Of Islamic Banking And Finance: Examining The Overpowering Of Homoislamicus By Homoeconomicus

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  • Mehmet Asutay

    (International Shariah Research Academy for Islamic Finance (ISRA), 2nd Floor Annexe Block, Menara Tun Razak, Jalan Raja Laut, 50350 Kuala Lumpur, Malaysia Damascus University, Damascus, Syria)

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    Abstract

    The phenomenal growth of the Islamic banking and finance (IBF) industry has been remarkable since it came into existence just over thirty years ago. However, a closer reading of this positive development indicates that the IBF industry does not necessarily share the aspirations of Islamic economics, which aims at creating a world order in which the moral economy of Islam with its authentic value system can exist. In other words, the Islamic economic system aspires for the development of Islamic economics and financial institutions founded upon homoislamicus, agents concerned about social justice and human-centred economic growth and development. This indeed indicates the divergence between the aspiration of Islamic economics and the world of IBF. After highlighting and analysing the tension areas between the two and the reasons and sources of this apparent divergence, this paper argues that IBF needs to move into its third stage of development through the institutionalisation of social banking as a second best solution in overcoming the social failure of IBF and in creating value-added for capacity building and social justice.

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    Bibliographic Info

    Article provided by IIUM Journal of Economis and Management in its journal IIUM Journal of Economics and Management.

    Volume (Year): 15 (2007)
    Issue (Month): 2 (December)
    Pages: 167-176

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    Handle: RePEc:ije:journl:v:15:y:2007:i:2:p:167-176

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    Keywords: Islamic finance; Islamic Economics;

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    Cited by:
    1. Wolters, Alexander, 2013. "Islamic finance in the states of Central Asia: Strategies, institutions, first experiences," PFH Forschungspapiere/Research Papers 2013/01, PFH Private University of Applied Sciences, Göttingen.

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