An Analytical Exploration and Assessment of the Commercialisation of Islam Through Financial Institutions and Education

Bego Hasanovic (Lead / Corresponding author), Alija Avdukic

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract


Islamic activities are described and determined through fiqh (jurisprudential) rules and ethical postulates (akhlāq). These features identify the morality of Islam as oriented to equity and as socially embedded, which directly contributes to Islamic normativity. It is such features and peculiarities that distinguish the Islamic religion from others. However, with the emergence of modernity “Islamic” prefix has been used primarily as a marketing tool for differentiating existing conventional products from others on the basis of a purported Islamic association. One example is the Islamic financial industry that has increasingly been surrendering its aspirational forms and value system for commercial gains. In understanding this observed convergence of Islamic business activities towards conventional Eurocentric ones, we assess the result as compromising religious ideals for the sake of economic gains. Another example is Islamic education, which traditionally was delivered through civil society institutions (madrasas, kuttāb, ḥalaqāt (teaching circles) in mosques, organised schools, etc.) that were drivers of disseminating religious norms and values in the community. These educational platforms were regulated by religious authorities (ʿulamāʾ and shuyūkh) who were in charge of the selection of scholars and curriculum. However, the contemporary approach to Islamic education through social media compromises its quality as it has become unregulated and is now driven by individuals who utilise social platforms for influencing and promoting their persoanl agenda through selling cheap stories to the masses.

This research, suggests that for religion, in this case Islam, to remain a robust influential factor in shaping the behaviour of individuals and communities, the causes for the commercialisation of religiosity for the sake of material benefits should be explored and highlighted. To provide evidence, data was collected from the existing literature to identify the causes and effects of commercialisation of religion in the everyday life of Muslims in Western communities. This was then used to generate a critical discourse on these trends in relation to the initial moral claims of the Islamic religion which have been compromised. The study refers to systemic theory in locating its arguments; and employs critical discourse analysis as its operational method.
Original languageEnglish
Title of host publicationBusiness, Economy and Commerce in the Name of God
Subtitle of host publicationProspects and Pitfalls
EditorsEdnan Aslam
PublisherSpringer
Pages97-115
Number of pages19
Edition1
ISBN (Electronic)9783031717628
ISBN (Print)9783031717611 (pbk)
DOIs
Publication statusPublished - 1 Feb 2025

Publication series

NameWiener Beiträge zur Islamforschung (WSI)
PublisherSpringer
ISSN (Print)2570-222X
ISSN (Electronic)2570-2238

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