Lai, Karen P.Y. and Samers, Michael (2016) 'Conceptualizing Islamic banking and finance: a comparison of its development and governance in Malaysia and Singapore.', The Pacific Review, 30 (3). 405-424 .
In response to the limited engagement with critical social science concerning the governance of Islamic banking and finance (IBF), this paper compares and conceptualizes the development and governance of IBF in Malaysia and Singapore. We argue that IBF governance in Malaysia and Singapore can be distinguished on the basis of ethnic politics, moral suasion, product demand, product innovation, and the character of state practices. Concerning the latter, we contend that the political economy of both countries can be characterized as broadly involving a ‘neoliberal-developmentalism’ (Liow, 2012), but we nuance this by positing a transition in Malaysia from a ‘semi-developmentalism’ in the 1980s to what we call an ‘Islamic and internationalising ordoliberalism’ beginning in the 2000s. In turn, the governance of IBF in Singapore involves a combination of neoliberal developmentalism, which nonetheless also entails some form of Islamic ordoliberalism.
|Full text:||(AM) Accepted Manuscript|
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|Publisher Web site:||https://doi.org/10.1080/09512748.2016.1264455|
|Publisher statement:||This is an Accepted Manuscript of an article published by Taylor & Francis in The Pacific Review on 21st December 2016, available online: https://doi.org/10.1080/09512748.2016.1264455|
|Date accepted:||No date available|
|Date deposited:||19 November 2019|
|Date of first online publication:||21 December 2016|
|Date first made open access:||19 November 2019|
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