Patricia Sloane-White

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Islamic Finance And Muslim Capitalist Modernity In Malaysia

by Patricia Sloane-Whitevia The Caravan
Wednesday, September 27, 2017

Islamic finance—the premises of which prohibits riba, or the payment of interest, requires that economic action be grounded in exchanges of actual, not speculative products, and shared profits and losses—is a booming industry worldwide. Few countries have committed greater financial, institutional, and educational support to its development than Malaysia. Launching its first full-fledged Malaysian Islamic bank, Bank Islam, in 1983, today Malaysia boasts the world’s third largest Islamic finance market (only Saudi Arabia’s and Iran’s are larger).