Research

February 19, 2019 at 8:16 am

Sandal Authors ‘Politics of Regime Mainstreaming: Knowledge Production and the Institutionalization of Islamic Finance’

Dr. Nukhet Sandal, portrait in Baker Center atrium

Dr. Nukhet Sandal

Dr. Nukhet Sandal, Associate Professor of Political Science and Director of Global Studies, authored an article on “The Politics of Regime Mainstreaming: Knowledge Production and the Institutionalization of Islamic Finance” in Politics and Religion, the official journal of the Religion and Politics Section of the American Political Science Association.

Abstract: Islamic finance has been surprisingly undertheorized in the international relations literature. In this paper, I fill this gap by investigating the dynamics of mainstreaming within the Islamic finance regime in global markets. Using the norm diffusion literature, I argue that the development and diffusion of Islamic economics, and the corresponding expertise, have followed three distinct steps. First, Islamic economics initially was a critique of capitalism and world markets; second, it was “nationalized” by the political leaders of major Muslim-majority countries; and third, it became an integral part of world markets. By tracing the development of Islamic finance as part of global politics, I situate it within a theoretical framework and show the wider implications of this economic framework for global politics.

 

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