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The Politics of Islamic Finance$
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Clement Henry and Rodney Wilson

Print publication date: 2004

Print ISBN-13: 9780748618361

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748618361.001.0001

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Global Politics, Islamic Finance and Islamist Politics Before and After 11 September 2001

Global Politics, Islamic Finance and Islamist Politics Before and After 11 September 2001

(p.37) 2 Global Politics, Islamic Finance and Islamist Politics Before and After 11 September 2001
The Politics of Islamic Finance

Ibrahim Warde

Edinburgh University Press

Since its inception in the mid-1970s, Islamic finance was been firmly embedded within the US-centred international economic order under the tutelage of Saudi-supported pan-Islamism. With the end of the Cold War and the increased globalisation of the economy, new sets of rules, norms and institutions began to emerge. The position of Islamic finance is paradoxical. On one hand, Islamic finance thrived. But political Islam grew more diverse and complicated, and was designated in many influential circles as the successor of Communism as the main enemy of the post-Cold War period. Adding to this is the events of September 11th, which bolstered the view of Islam as the new enemy in the West. As the war against terrorism came to be the staple of world politics, many Islamic institutions came under attack and their integration in the global economy suffered a severe blow. This chapter discusses the evolution of global politics, Islamic finance and Islamist politics over three periods, beginning its discussion with the later stages of the Cold War (1917 to 89), during which the first aggiornamento of Islamic finance took place. It then discusses the ‘New World Order’ that followed the end of the Cold War (1990 to 2001) and ends by examining the ‘New New World Order’ which was ushered in by the events of September 11, 2001. Each of the periods in the chapter was characterised by different political alignments and priorities, different forms of Islamic finance and different types of Islamist movements.

Keywords:   Islamic finance, globalisation, global politics, Islamist politics, New World Order, September 11, Islamist movements

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