Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/139333
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Type: | Journal article |
Title: | The Institutional Development of Islamic Finance in the Middle East: A Post-Colonial Comparative Perspective |
Author: | Rammal, H.G. Pereira, V. Temouri, Y. Laker, B. Tarba, S. Ferreira, J.J. |
Citation: | Business History, 2023 |
Publisher: | Taylor & Francis (Routledge) |
Issue Date: | 2023 |
ISSN: | 0007-6791 1743-7938 |
Statement of Responsibility: | Hussain G. Rammal, Vijay Pereira, Yama Temouri, Benjamin Laker, Shlomo Tarba, João J. Ferreira |
Abstract: | The Islamic finance sector has experienced rapid growth since its commercialization in the 1970s. For many Muslim countries that gained independence from their colonial rulers, developing the financial industry that represented their faith and value belief systems gave the population a sense of identity. This paper traces the historical development of the Islamic finance sector in the Middle East. We apply the post-colonial perspective and the Institutional theory lens to analyze the evolution of governance models across three Middle Eastern countries: Bahrain, Kuwait, and the UAE. We find that the foundation for the Islamic finance sector was laid soon after these countries gained independence. The governance models in these countries have evolved from a decentralized approach to a centralized system aimed at harmonizing operations in the region and globally. The paper highlights implications for theory, policy, and practice and identifies avenues for future research. |
Keywords: | The Middle East; Islamic finance; Shariah governance; post-colonial theory; institutional theory |
Description: | Published online: 19 Jul 2023 OnlinePubl |
Rights: | Copyright © 2023 Informa UK Limited |
DOI: | 10.1080/00076791.2023.2233429 |
Published version: | http://dx.doi.org/10.1080/00076791.2023.2233429 |
Appears in Collections: | Business School publications |
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hdl_139333_embargo_AM.pdf Restricted Access | Embargo ends approx April 2024 | 372.1 kB | Adobe PDF | View/Open |
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