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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The shaping of Islamic finance in South Africa: public Islam and Muslim publics
Author:Cobbett, ElizabethISNI
Year:2011
Periodical:Journal for Islamic studies (ISSN 0257-7062)
Volume:31
Pages:29-59
Language:English
Geographic term:South Africa
Subjects:Islam
finance
banking
Abstract:Using Abdulkader Tayob's concepts of 'Public Islam' and 'Muslim Publics' as discursive spaces that construct Islam in the public sphere, this article argues that everyday actions at the intersection of religion and the economy are culturally and historically contextual. South Africa's Muslim communities are an example of these dynamics. This small expression of Islam sheds light on the development of Islamic finance in the context of South Africa's mature financial markets, a constitution that recognizes a secular State and cultural plurality, and the presence of influential Muslim communities. Shari'ah-compliant products are being developed by financial institutions entering the niche market of Islamic finance. This procedure contributes to the construction of Public Islam, the diverse invocations of Islam that actors bring to public life. Yet, this representation of Islam by banks and financial institutions is provoking debates as Muslims ask what, if anything, Islamic finance means to them in their lives. Muslim Publics are the situated, communitarian and political debates that occur in everyday life. Dynamic interactions between Public Islam and Muslim Publics highlight the situated character of financial action and underline the point that associations between being Muslim and using faith-based financial instruments are far from being automatic. Notes, ref., sum. [Journal abstract, edited]
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