The institutional development of Islamic finance in the Middle East

A post-colonial comparative perspective

Datos Bibliográficos

ID6043686
AutoresHussain Gulzar Rammal (0000-0002-3346-080X, The University of Adelaide, autor de correspondencia), Stephanie Decker (0000-0003-0547-9594), Vijay Pereira (0000-0001-6755-0793, People and Organizations, NEOMA Business School - Campus de Reims), Yama Temouri (0000-0003-3014-258X, Khalifa University of Science and Technology), Christina Lubinski (0000-0001-9150-3284), Benjamin Laker (0000-0003-0850-9744, Henley Business School, University of Reading), Shlomo Tarba (0000-0002-1919-084X, Birmingham Business School, University of Birmingham), João J Ferreira (0000-0002-5928-2474, University of Beira Interior)
Año2025
Volumen67
Número2
Páginas395-412
Fecha de publicación2025-02-17
Peer ReviewedSí
Open AccessNo
TipoARTICLE
RevistaBusiness History (JOURNAL)
Identificadores de la revistaISSN: 0007-6791 • E-ISSN: 1743-7938
EditorialInforma UK Limited (PUBLISHER • GB)
DOI10.1080/00076791.2023.2233429
OpenAlexW4384823676
IdiomaEN
Citas recibidas2
Referencias citadas72

The Islamic finance sector has experienced rapid growth since its commercialisation in the 1970s. For many Muslim countries that gained independence from their colonial rulers, developing a financial industry that represented their faith and value belief systems gave the population a sense of identity. In our study, we traced the historical development of the Islamic finance sector in the Middle East. We applied a post-colonial perspective and the institutional theory lens to analyse the evolution of governance models across the three Middle Eastern countries of Bahrain, Kuwait, and the UAE. We found that the foundation for the Islamic finance sector in these countries was laid soon after they had gained independence. The governance models in these countries have evolved from a decentralised approach to a centralised system aimed at harmonising operations both regionally and globally. This paper highlights implications for theory, policy, and practice and identifies avenues for future research

Colonialism · Corporate governance · Development economics · Economic growth · Economics · Geography · Independence (probability theory) · Islam · Middle East · Political science · Value (mathematics) · Finance · Islamic Finance and Banking Studies · Law · Microfinance and Financial Inclusion · Socioeconomic Development in MENA