신제도주의 경제학 및 이슬람 도덕경제 관점에서 본 현대 이슬람 은행의 한계와 잠재력

The Limits and Potentials of Contemporary Islamic Banking from the Perspectives of New Institutional Economics and Islamic Moral Economy

Islamic finance has received increased attention from academia and practitioners, particularly after the global financial crisis in 2008, as a sustainable alternative for conventional finance. Islamic finance has shown an annual growth of 10%~15% since its first appearance in the commercial banking and finance sector in the 1970s, amassing financial assets totaling US $4 trillion by 2021. Despite this dramatic growth, the industry has been criticized for its resemblances to conventional counterparts in terms of practices and products, which poses a significant threat to Islamic finance’s distinct identity and existence. This study delves into theses critical challenges by using new institutional economics(NIE) and Islamic moral economy frameworks. This institutional analysis identifies and analyzes the structural and institutional problems of current Islamic banking and finance’s practices and proposes solutions to these challenges from an institutional standpoint. the core argument of this study is that the reimagined model of Islamic banks-grounded in the principles of Islamic moral economy and under the conceptual umbrella of NIE, referred to as Islamic social and ethical banks-could effectively address the current concerns about Islamic finance. this model not only resolves current issues but also charts a prospective path for the future of Islamic finance by emphasizing its potential for sustainable and ethical financial practices.