Perceptions on Islamic Banking in the UK: Potentialities for Empowerment, Challenges and the Role of Scholars

Umair Riaz, Bruce Burton (Lead / Corresponding author), Lissa Monk

    Research output: Contribution to journalArticle

    1 Citation (Scopus)
    151 Downloads (Pure)

    Abstract

    This study examines the issue of minority empowerment and scholarly input in the context of Islamic banking in the UK. The nation has a large Muslim population that has often been characterised as marginalised, and so the study employs a critical lens to explore views regarding the extent to which the Islamic banking sector meets community needs. The paper investigates and compares the views of everyday Muslims, bank employees and Islamic scholars, finding widespread discontent with the current state of Islamic banking in the UK. Particular concerns were evident regarding the employment of the same (small) group of Shariah experts and scholars' inability (or unwillingness) to provide advice that is properly contextualised for contemporary Western societies. Whilst bankers' views differed from those of both scholars and everyday Muslims in some key respects, the study suggests a strong need for industrial and religious leaders to work together − including the need for deepened Ijtihad (independent reasoning) − to ensure that the sector develops services and products that are of real value to British Muslims. The evidence is shown to be consistent with the postmodern thinking underpinning Mandaville's notions of “transnational space” and “politics of identity” in Islamic diaspora, as well as Kuran's conceptualisation of “fixity” in the faith's teaching.
    Original languageEnglish
    Pages (from-to)39-60
    Number of pages22
    JournalCritical Perspectives on Accounting
    Volume47
    Early online date16 Nov 2016
    DOIs
    Publication statusPublished - Sep 2017

    Fingerprint

    banking
    empowerment
    Muslim
    tertiary sector
    diaspora
    small group
    faith
    bank
    employee
    minority
    expert
    leader
    politics
    Islamic banking
    Muslims
    Empowerment
    Teaching
    society
    community
    evidence

    Keywords

    • Critical
    • Social
    • Islamic banking
    • Postmodernism

    Cite this

    @article{85cdc5a7d2b84e93844d0bc97af5a3b0,
    title = "Perceptions on Islamic Banking in the UK: Potentialities for Empowerment, Challenges and the Role of Scholars",
    abstract = "This study examines the issue of minority empowerment and scholarly input in the context of Islamic banking in the UK. The nation has a large Muslim population that has often been characterised as marginalised, and so the study employs a critical lens to explore views regarding the extent to which the Islamic banking sector meets community needs. The paper investigates and compares the views of everyday Muslims, bank employees and Islamic scholars, finding widespread discontent with the current state of Islamic banking in the UK. Particular concerns were evident regarding the employment of the same (small) group of Shariah experts and scholars' inability (or unwillingness) to provide advice that is properly contextualised for contemporary Western societies. Whilst bankers' views differed from those of both scholars and everyday Muslims in some key respects, the study suggests a strong need for industrial and religious leaders to work together − including the need for deepened Ijtihad (independent reasoning) − to ensure that the sector develops services and products that are of real value to British Muslims. The evidence is shown to be consistent with the postmodern thinking underpinning Mandaville's notions of “transnational space” and “politics of identity” in Islamic diaspora, as well as Kuran's conceptualisation of “fixity” in the faith's teaching.",
    keywords = "Critical, Social, Islamic banking, Postmodernism",
    author = "Umair Riaz and Bruce Burton and Lissa Monk",
    note = "Funding: none.",
    year = "2017",
    month = "9",
    doi = "10.1016/j.cpa.2016.11.002",
    language = "English",
    volume = "47",
    pages = "39--60",
    journal = "Critical Perspectives on Accounting",
    issn = "1045-2354",
    publisher = "Elsevier",

    }

    TY - JOUR

    T1 - Perceptions on Islamic Banking in the UK

    T2 - Potentialities for Empowerment, Challenges and the Role of Scholars

    AU - Riaz, Umair

    AU - Burton, Bruce

    AU - Monk, Lissa

    N1 - Funding: none.

    PY - 2017/9

    Y1 - 2017/9

    N2 - This study examines the issue of minority empowerment and scholarly input in the context of Islamic banking in the UK. The nation has a large Muslim population that has often been characterised as marginalised, and so the study employs a critical lens to explore views regarding the extent to which the Islamic banking sector meets community needs. The paper investigates and compares the views of everyday Muslims, bank employees and Islamic scholars, finding widespread discontent with the current state of Islamic banking in the UK. Particular concerns were evident regarding the employment of the same (small) group of Shariah experts and scholars' inability (or unwillingness) to provide advice that is properly contextualised for contemporary Western societies. Whilst bankers' views differed from those of both scholars and everyday Muslims in some key respects, the study suggests a strong need for industrial and religious leaders to work together − including the need for deepened Ijtihad (independent reasoning) − to ensure that the sector develops services and products that are of real value to British Muslims. The evidence is shown to be consistent with the postmodern thinking underpinning Mandaville's notions of “transnational space” and “politics of identity” in Islamic diaspora, as well as Kuran's conceptualisation of “fixity” in the faith's teaching.

    AB - This study examines the issue of minority empowerment and scholarly input in the context of Islamic banking in the UK. The nation has a large Muslim population that has often been characterised as marginalised, and so the study employs a critical lens to explore views regarding the extent to which the Islamic banking sector meets community needs. The paper investigates and compares the views of everyday Muslims, bank employees and Islamic scholars, finding widespread discontent with the current state of Islamic banking in the UK. Particular concerns were evident regarding the employment of the same (small) group of Shariah experts and scholars' inability (or unwillingness) to provide advice that is properly contextualised for contemporary Western societies. Whilst bankers' views differed from those of both scholars and everyday Muslims in some key respects, the study suggests a strong need for industrial and religious leaders to work together − including the need for deepened Ijtihad (independent reasoning) − to ensure that the sector develops services and products that are of real value to British Muslims. The evidence is shown to be consistent with the postmodern thinking underpinning Mandaville's notions of “transnational space” and “politics of identity” in Islamic diaspora, as well as Kuran's conceptualisation of “fixity” in the faith's teaching.

    KW - Critical

    KW - Social

    KW - Islamic banking

    KW - Postmodernism

    U2 - 10.1016/j.cpa.2016.11.002

    DO - 10.1016/j.cpa.2016.11.002

    M3 - Article

    VL - 47

    SP - 39

    EP - 60

    JO - Critical Perspectives on Accounting

    JF - Critical Perspectives on Accounting

    SN - 1045-2354

    ER -