Diversity of Asian Capitalisms: An Islamic Pattern
Its Principles and Practices
This international workshop is held in the framework of the PSL IRIS-Etudes Globales project “Global Islamic Market: Asian Perspectives on Diversity of Capitalism”.
Elaborated on the principle of the genuine logic for “equity” instead of indebtedness, an Islamic model on economy was implemented since the mid-1970, firstly in the Golf region and then in the South-East Asia, especially Malaysia. Since then, so-called Islamic capitalism has prospered and sees today the emergence of the “Islamic market”, consisting of industries that provide the products or the services based on and regulated by Islamic normativity.
In this workshop, we will focus on the theoretical and practical aspects of the contemporary Islamic Economics, especially one of its today’s major challenges, which is the gap between its ideal principles and practical reality. To what extent is it legitimate to be commercial and profit-oriented by utilizing the Islamic normativity in the Islamic financial services? How do we cope with emerging challenges, such as hyper-financialization of Islamic finance? What is at stake in applying it onto today’s contemporary context where the interface between the Islamic norms and the secular norms blurs in the process of globalization? How to corporate with the Muslim-minority environment in the non-Islamic and secular states? And does the implementation of Islamic pattern of economy encourage the Islamization of consumers’ religious practices or not?
Co-organized by the Fondation France-Japon de l’EHESS and Paris-Dauphine University, this workshop will explore how a religious value and norm transform the economic dynamics and challenge the global economic market. By doing so, we will be finally interested in examining this Islamic pattern(s) of economic practices from the perspective of the diversity of Asian capitalisms.
14:00 - Welcome address
Session I: Aspiration and Reality of Islamic Economics & Finance
- Discussant: Kaouther Jouaber-Snoussi (Paris Dauphine University)
14:10 - Islamic Moral Economy and the Performance of Islamic Banking and Finance: A Theoretical and Critical Approach through Institutional Economics
- Mehmet Asutay (Durham University)
14:50 - How Can We Overcome the Financialization of Islamic Practices? Issues and New Horizons’
- Shinsuke Nagaoka (Kyoto University)
15:30 - Discussion
16:00 - Coffee Break
Session II: Dynamics of Islamic Finance in Asia
- Discussant: Kader Merbouh (Paris Dauphine University)
16:20 - A Socio-historical Reading on Islamic Finance in Malaysia: From a Political Instrument to a Comparative Advantage (Modalities and Conditions)
- David Delfolie (Panthéon-Sorbonne University)
17:00 - Islamic Finance: Basically, an Asian Phenomenon
- Anouar Hassoune (West Africa Rating Agency)
17:40 - Discussion