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How Salafi is Salafist-Jihadism? Comparing ‘Caliphate’, ‘Sharia’, ‘Jihad’, and ‘Islamic Music’ in Salafist-Jihadism and Early Islamic JurisprudenceThe terms ‘caliphate’, ‘jihad’, and ‘sharia’ are frequently namedropped in contemporary media when addressing acts of ‘Islamic extremism’ of international terrorist (Salafist-Jihadist) groups like Al-Qaeda and Islamic State. Yet, these concepts are hardly ever defined properly or critically evaluated from a historical perspective. As a result, the way Salafist-Jihadists reference complicated concepts in their speeches, propagandistic music, and ‘newsletters’ is simply paraphrased by the media, and presumed to be accurate by many laypeople. These terms, however, are not as straightforward and ‘timeless’ as they may seem. The careless or oblivious regurgitation of such complicated theological terms by the media – wherein Salafist-Jihadist notions are not questioned – greatly hinders objective discussions on Islam. Arguably, this uncritical copying of Salafist-Jihadist jargon has created a Western discourse based upon Salafist-Jihadist narratives and has redefined what Islam ‘fundamentally’ (cf. fundamentalism) means to the rather ‘anomalous’ Salafist-Jihadist understanding of it. This not only fuels Islamophobia and makes it difficult to even argue that Islam is not necessarily violent, but the Salafist-Jihadist-inspired media narrative might also become internalized by some Muslims, who then turn to Salafist-Jihadism – the supposed ‘true face of Islam’. To this end, this thesis seeks to provide a hitherto sparsely provided comparison between the most important Salafist-Jihadist notions of ‘caliphate’, ‘jihad’, ‘sharia’, and ‘Islamic music’, and how these ideas were first broached by the very ‘scholars of the Salaf’ of Early Islam (circa 610–850) themselves – thus testing how ‘literalist’ and ‘purist’ the Salafi-inspired Jihadists are in reality. By contrasting Salafist-Jihadist ideas of Islamic concepts with those of the earliest religious scholars, this thesis uncovers several tensions between the understandings of the ‘original’ Salaf and the modern Salafist-Jihadists. In general, the Salafist-Jihadist notions of ‘caliphate’, ‘sharia’, ‘jihad’, and ‘religious music’ are much more entrenched in modern political concepts of government, law, warfare, and recent ‘folk-Islamic’ traditions than might be expected from this supposed originalist movement. Consequently, the quasi-historical religious argumentation Salafist-Jihadists employ to justify and shape their political ideology is suspect and should be examined more through historical comparative analysis.
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Realizing the Potential of Islamic FinanceIslamic finance has been growing rapidly in recent years. Motivated by a heightened interest in financial instruments that emphasize risk sharing, it has been attracting greater attention in the wake of the recent financial crisis. This class of instruments appears to have avoided many of the most severe consequences of the crisis. Several features underpin the expansion and performance of Islamic finance. Addressing key regulatory and governance issues will be essential for Islamic finance to achieve its full potential. Several multilateral development institutions, including the World Bank, have longstanding programs to support the development of the industry and have used Islamic instruments, to varying extents, to tap capital markets. In the coming years, Islamic finance could account for a substantial share of financial services in several countries, meeting the preferences of significant numbers of people, enhancing financial inclusion and intermediation, and contributing more broadly to financial stability and development.
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Risk Analysis for Islamic BanksThis publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. The Islamic financial system is not limited to banking; it also covers capital formation, capital markets, and all types of financial intermediation and risk transfer. Islamic finance was practiced predominantly in the Muslim world throughout the middle ages, fostering trade and business activities with the development of credit. The growth of Islamic finance coincided with the current account surpluses of oil-exporting Islamic countries. The Middle East saw a mushrooming of small commercial banks competing for surplus funds. The Islamic Republics of Iran, Pakistan, and Sudan announced their intention to make their financial systems compliant with Shariah.