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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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(p.1) Introduction
The Politics of Islamic Finance

Clement M. Henry

Rodney Wilson

Edinburgh University Press

In the wake of the terrorist attacks on the United States, the UN Security Council passed a resolution targeting transnational sources of terrorist funds. As the US and multinational institutions such as the IMF encouraged the Middle East governments to adopt policies of economic liberation, a new capitalism emerged based on Islamic values and beliefs. This book focuses on the emerging connections between Islamic capital, with particular attention to Islamic finance and Islamist political movements in the Middle East and North Africa. It includes not only the funds deployed by Islamic financial institutions but also the assets of the Muslim entrepreneurs who are associated with Islamically oriented businesses. The political associations as well as the political and economic constraints faced by Islamic banking are discussed also. The book is divided into two parts: first it provides thematic essays that serve as ground-work for the country-specific political analyses of Part II. In this introductory chapter, the growth of Islamic markets and the political opportunities and constraints faced by Islamic banks are examined.

Keywords:   economic liberation, new capitalism, Islamic capital, Islamic finance, Islamist political movements, Middle East, North Africa, Islamic financial institutions

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