The Populist Revival of the Islamic Banking Movement
iStock Photo By Claire Chen Islamic banking is on the rise. Recent estimates suggest that the industry can expect a 10 percent growth rate over the next year, part of its broader transformation from a niche cultural product to a mainstream commodity part of the broader ethical finance movement. A prevailing interpretation of Islamic banking considers it as simply another alternative in the consumer banking market. It is here that much of the discourse is centered: Islamic banking appears to be an individual moral statement that the savvy consumer chooses among a variety of products. At the same time, the…