Financing Freedoms: Money, Markets, and Multiculturalism in the UK
Posted: 2 Nov 2011
There are 2 versions of this paper
Financing Freedoms: Money, Markets, and Multiculturalism in the UK
Date Written: November 1, 2011
Abstract
The industry for Islamic finance, most notable for its rejection of riba or interest as any increase about the principal, has grown tremendously in the UK. In fact, the UK is a leader among Western and Muslim nations in Islamic finance – holding steady at eighth in market-share. What effect does the industry have on the relationship between Muslims and the state in this context? I argue that the industry for Islamic finance is producing new spaces for deliberation, negotiation and compromise. I will show that, as the industry for Islamic finance progresses, the institutions necessary to keep it viable in the UK are altering the relationship between Muslims and the state. As legal and financial pluralism evolve, so do the state’s commitments to provide spaces for Muslim religious expression, as well as Muslims’ civil commitment to a secular state.
Keywords: Multiculturalism, finance, Islam, institutions, UK, Middle East, South Asia, Muslims
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