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Beyond DebtIslamic Experiments in Global Finance$
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Daromir Rudnyckyj

Print publication date: 2018

Print ISBN-13: 9780226551920

Published to Chicago Scholarship Online: May 2019

DOI: 10.7208/chicago/9780226552118.001.0001

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Subjects of Debt, Subjects of Equity

Subjects of Debt, Subjects of Equity

(p.196) Chapter Eight Subjects of Debt, Subjects of Equity
Beyond Debt

Daromir Rudnyckyj

University of Chicago Press

This chapter argues the Malaysian state has developed Islamic finance in conjunction with two distinct strategies of subject formation. In the 1980s a central objective was the financial inclusion of Malays. Islamic finance was part of an identity-building project and intended to integrate this disadvantaged indigenous majority into the national economy. By the 2000s the state had succeeded in fostering a Malay Muslim middle class through aggressive affirmative action policies. Currently, Islamic finance is being redeployed as a technique for the neoliberal entrepreneurialization of the Malay Muslim population. The chapter shows how this shift is evident in efforts to move Islamic finance away from a reliance on debt-based devices to ones referred to as "equity based.” This entails substituting devices that reformers contend replicate the credit and lending instruments characteristic of conventional finance with instruments instead premised on investment, partnership, and risk sharing that more faithfully adhere to injunctions in Islamic history and texts.

Keywords:   neoliberalism, development, identity, entreprenuerialization, indigeneity, mudaraba, risk, affirmative action, economization

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