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Conceptualizing dynamic challenges to global financial diffusion : Islamic finance and the grafting of sukuk
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Lai, Jikon, Rethel, Lena and Steiner, Kerstin (2017) Conceptualizing dynamic challenges to global financial diffusion : Islamic finance and the grafting of sukuk. Review of International Political Economy, 24 (6). pp. 958-979. doi:10.1080/09692290.2017.1373689 ISSN 0969-2290.
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Official URL: http://dx.doi.org/10.1080/09692290.2017.1373689
Abstract
Following the Global Financial Crisis of 2008–2009, there has been renewed interest in the diffusion and pluralization of financial ideas and practices, and in understanding how new ideas and practices can emerge to challenge the prevalence and diffusion of dominant ones. However, existing concepts and language in the broader literature on diffusion limit our ability to analyze and assess the contestation of ideas, especially as it is sustained and transformed over time. In this paper, we develop the concept of grafting as a post-equilibrium approach to analyze the ongoing contestation of global finance at the level of market practice. We apply our conceptual framework to analyze the complex dynamics of a class of financial assets that in recent years has made significant inroads in global financial markets: sukuk, often referred to as Islamic bonds. We highlight dynamic differences in the grafting of ideas and practices from Islam and conventional finance and suggest that the grafting of sukuk is an ongoing contestation of the diffusion of global finance that contributes to the emergence of an increasingly pluralistic global economy.
| Item Type: | Journal Article | ||||||
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| Subjects: | B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc H Social Sciences > HG Finance |
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| Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||
| Library of Congress Subject Headings (LCSH): | International finance, Islam -- Economic aspects -- 21st century | ||||||
| Journal or Publication Title: | Review of International Political Economy | ||||||
| Publisher: | Routledge | ||||||
| ISSN: | 0969-2290 | ||||||
| Official Date: | 14 September 2017 | ||||||
| Dates: |
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| Volume: | 24 | ||||||
| Number: | 6 | ||||||
| Page Range: | pp. 958-979 | ||||||
| DOI: | 10.1080/09692290.2017.1373689 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
| Date of first compliant deposit: | 21 September 2017 | ||||||
| Date of first compliant Open Access: | 14 March 2019 |
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