Islam and Capitalism in the Making of Modern Bahrain [Hardcover]

This book examines the liberation of the economy in Bahrain through market-led capitalism backed by Islamic charities. The vast economic transformation has fractured parts of society in Bahrain using foreign labour and the development of skilled professionals in the private sector which has impeded the investment in the local population.In recent decades, the culture, society, politics, and economics of Bahrain have been transformed, driving its global ambitions while retaining to a degree the rule of law and cosmopolitanism.Islam and Capitalism in the Making of Modern Bahrainexamines the transformation of Bahrain from the 1930s, from a regional trading port and then an important oil producer into the financial hub for the Gulf and into a global centre of Islamic finance. It focuses on the changes and tensions that transformation brought to Bahrain's political, legal, economic, religious, and social structures.In this book, Rajeswary Brown explores the rising force of youth populism driven by the persistence of poverty and unemployment, notably among rural Shi'ite communities and unemployed middle-class youth, as well as examining Bahrain's skillful reconciliation of the demands of Islamic faith, expressed in the Sharia, to the requirements of modern financial capitalism. In this, Bahrain's experience can be set against the modern history of much of the rest of the Middle East, most strikingly with respect to the position of Islamic charities, notably in Syria, comparisons of which are fully explored here.1. In the Shadow of Ethical Capitalism: The State, Law ,Oil and the Economic Transformation of Bahrain. Conclusion2. Land, Waqf, Ma'tam, and the Moral Economy3. Islamic Banking in Bahrain: Religious Principles and Economic Performance4. The Bahrain Stock Market: Law, Growth, and Performance5. The Stock Market: Dynamics of Socially Responsible Oil and Gold6. The Impact of the Global Financial Crisis of 2008 on the Bahrain Economy7. Bahrain's Arab Spring8. Al³3