Towards an Islamic Model for the Middle East and North Africa?

Clement M. Henry

in Development Models in Muslim Contexts

Published by Edinburgh University Press

Published in print September 2009 | ISBN: 9780748639687
Published online March 2012 | e-ISBN: 9780748653171 | DOI:
Towards an Islamic Model for the Middle East and North Africa?

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This chapter discusses an alternative model that is projected by the new colonial dialectic that Muslims may associate with globalisation. A postcolonial dialectic of opposition to Western market domination may favour a China model in the short run, but China too, has interests that are incompatible and in conflict with those of Muslim societies. Some Muslim countries are developing distinctive national profiles. However, various currents of Islamism are also articulating another, specifically Islamic, response to globalisation. Some Islamic economists contend that returning to a “moral economy” is the answer to globalisation. Others who are more practical have designed a global architecture similar to that of conventional banking for Islamic finance. Promoting ‘Islamic banking’, in fact, seems to be the principal economic policy on which most mainstream Muslims and Islamists can agree. In this chapter, after examining the reactions in Algeria to various Chinese presences, the author proceeds by exploring the potential of this ‘Islamic banking’ for meeting the need for capital accumulation and credit allocation that Western-style conventional banks may be less capable of satisfying.

Keywords: alternative model; Muslims; globalisation; Islamism; Islamic banking; Algeria

Chapter.  9978 words. 

Subjects: Society and Culture

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