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The Politics of Regime Mainstreaming: Knowledge Production and the Institutionalization of Islamic Finance

Published online by Cambridge University Press:  14 February 2019

Nukhet A. Sandal
Nukhet A. Sandal*
Affiliation:
Ohio University
*
Address correspondence and reprint requests to: Nukhet A. Sandal, Political Science, Ohio University, 266 Bentley Annex, Athens OH 45701. E-mail: sandal@ohio.edu
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Abstract

Islamic finance has been surprisingly undertheorized in the international relations literature. In this paper, I fill this gap by investigating the dynamics of mainstreaming within the Islamic finance regime in global markets. Using the norm diffusion literature, I argue that the development and diffusion of Islamic economics, and the corresponding expertise, have followed three distinct steps. First, Islamic economics initially was a critique of capitalism and world markets; second, it was “nationalized” by the political leaders of major Muslim-majority countries; and third, it became an integral part of world markets. By tracing the development of Islamic finance as part of global politics, I situate it within a theoretical framework and show the wider implications of this economic framework for global politics.

Type
Article
Information
Politics and Religion , Volume 12 , Issue 4 , December 2019 , pp. 606 - 628
Copyright
Copyright © Religion and Politics Section of the American Political Science Association 2019 

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