Islamic Finance as an Ethno-political Agenda in the 1980s: An Inquiry into the Role of Islamic Finance Pioneers

The inextricable relationship between state policies and the progressive development of Islamic finance in Malaysia has long been a subject of study. However, few studies have explored the role the pioneers of Islamic finance played. This study reveals that the pioneers considered the sociopolitical significance of the success of Islamic finance and therefore sought to establish efficient operations that were comparable to those of conventional finance. With these findings, I contend that the symbolic role of the pioneers is substantially more significant than any economic effect they had.