Embracing risk : Islamic finance and practice in the bazaar

Faisal, Syed Mohammed (2025) Embracing risk : Islamic finance and practice in the bazaar. Journal of Ethnographic Theory, 15 (02). ISSN 2575-1433

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Abstract

In this article I demonstrate that Muslim traders in the bazaar inhabit a practical-experiential conception of Islamic economic practice in contrast with the normative conceptualization implicit in modern Islamic finance. I examine the role of non-economic factors like reputation, generosity, mistrust, and an acknowledgment of the workings of the divine in sustaining bazaar transactions. I argue that these attitudes are learned through experience and act as risk-bearing and trust-inducing mechanisms without the framework of normative law and the governance of state institutions. I present practice as a meaningful site of hermeneutical engagement with Islamic teachings, an alternative to the text-bound hermeneutics that Islamic reformers espouse.

Item Type: Article
Keywords: ethics | Islamic banking | bazaar | risk | trust
Subjects: Social Sciences and humanities > Arts and Humanities > Religious studies
Social Sciences and humanities > Arts and Humanities > Arts and Humanities (General)
Social Sciences and humanities > Business, Management and Accounting > Accounting
Social Sciences and humanities > Business, Management and Accounting > Business and International Management
JGU School/Centre: Jindal School of Liberal Arts & Humanities
Depositing User: Mr. Gautam Kumar
Date Deposited: 04 Aug 2025 11:54
Last Modified: 04 Aug 2025 11:54
Official URL: https://doi.org/10.1086/735926
URI: https://pure.jgu.edu.in/id/eprint/9928

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