2. Radical Revisionism, Militant Challenges and Utopian Projects




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Islamic Banking and other services could provide another needed area of trade and investment in underdeveloped regions. Here we see the meeting of modern economic cultures (accounting, communication and investment systems) with the demands of the traditional Islamic economic system. Furthermore, the enhancement of linkages in the region via Islamic Banking is likely to further strengthen regional trade and investment, Here, the development of culturally compatible forms of banking could help mobilise more savings and act as a source of funds to allow further regional development and investment.


4. Conclusion: Innovation, Reform and Conflict


As we have seen, there has been considerable innovation in making modern institutions, from elective democracy to modern banking, more compatible with Islamic norms. However, with current relative failures in some states with Islamic populations, and the limited accountability of others, its remains to be seen whether these nations will meet the need of the wider ummah. Fortunately, radical utopian projects such as a revitalised caliphate seem to have limited resonance with modern Muslim populations. In this area, both hard and soft power options, including breaking down cultural prejudices and building new patterns of trust (Effendy 2007), are needed to reduce ideologist conflicts that are being played out globally but are inflamed by local conflicts, e.g. in Palestine, Somalia, and Central Asia. We can question, however, whether the international system is responsive enough to meet the deeper aspirations of almost one quarter of the global population.


5. Bibliography, Resources and Further Reading


Resources


The Islamic Development Bank group, a 'multilateral development financing institution, established to foster social and economic development of it's member countries and Muslim communities world-wide', has its homepage at http://www.isdb.org/


Basic information on the Organisation of Islamic Conference (OIC) can be found at http://www.icci-oic.org/oi/1.htm and http://www.oic-un.org/


Al Nakhlah is a useful, free, on-line journal on Middle Eastern and Islamic affairs, provided by the Fletcher School, Tufts University, located via http://fletcher.tufts.edu/al_nakhlah/


A range of critical views on Islam in world affairs can be found at the Hudson Institute, located at http://www.hudson.org/


Further Reading


AHMED, Akbar S. Journey into Islam: The Crisis of Globalization, N.Y., Brookings Institution, 2007

ALI, Tariq The Clash of Fundamentalisms: Crusades, Jihads and Modernity, London, Verso, 2002

BARNES, Cedric & HASSAN, Harun The Rise and fall of Mogadishu's Islamic Courts, Chatham House Briefing Paper, Africa Program, AFP BP 07/02, April 2007 [www.chathamhouse.org.uk/pdf/research/africa/bpsomalia0407.pdf]

Esposito, John The Islamic Threat: Myth or Reality?, New York, Oxford University Press, 1992

NATHAN, K.S. & KAMALI, Mohammad Hashim (eds) Islam in Southeast Asia: Political, Social and Strategic Challenges for the 21st Century, Singapore, ISEAS, 2005

JOHNS, Anthony H. & LAHOUD, Nelly (eds) Islam in World Politics, London, Routledge, 2005

KINYON, Rebecca "Osama bin-Laden: Legitimate within Islamic Legal Thought?", al Nakhlah, Spring 2004, pp1-5 [Internet access via http://fletcher.tufts.edu/al_nakhlah/]


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