Papers by Bridget Kustin
The inherent social justice potential of Islamic economics is a rich and underutilized resource f... more The inherent social justice potential of Islamic economics is a rich and underutilized resource for poverty alleviation. Currently, Islamic microfinance is poised to grow the market of Islamic banking and finance (IBF) by steering poor populations into formal financial activity. Expanding the reach and profile of Islamic microfinance through partnerships and funding strategies can help meet the financial needs of the poor—and help the global IBF industry better embody motivations for Islamic economic activity in the teachings of the Qur’an and Sunnah. In this context, Islamic microfinance holds tremendous potential to tap into often-scattered Islamic donor streams – zakat, sadaqat, and waqf – and channel them toward strategic, impact-oriented goals.
To better understand Islamic microfinance and the role it can play, the report explains the utility in examining cultural contexts as well as accounting for indicators and metrics. The anthropological perspective of the report investigates how financial tools come to life in the hands of clients and allows for more nuanced, complex understandings of user experiences through a methodology of “participant-observation,” repeat minimally-structured interviews, and relationship-building. The report also offers historical and theological background, overviews of Islamic financial products, summaries of key countries and institutions, and in-depth examinations of Islamic (micro)finance landscapes in Bangladesh, Indonesia, and Pakistan. Ethnographic attention is given to the unique challenges faced by female clients and female-headed households, implications of client relationships with field officers, and the absence of tools for clients to address personal accounting and calculation challenges. The report also offers starting points for digital interventions to meet the needs of the poor while addressing longstanding inefficiencies in Islamic (micro) finance.
Book Chapters by Bridget Kustin
The Islami Bank Bangladesh Limited (IBBL), the country’s oldest and largest Islamic bank, operate... more The Islami Bank Bangladesh Limited (IBBL), the country’s oldest and largest Islamic bank, operates an Islamic microinvestment program that relies upon mudarabah, bai-muajjal, and quard-e-hasan, among other products; encourages transition into a separate Small and Medium Enterprises investment program; and emphasizes the spiritual education and social development of its clientele through a variety of formal and informal channels. Based upon ethnographic field research conducted in Bangladesh in 2010 and 2011, I examine slippages and convergences between IBBL’s published goals regarding social, religious, and economic development, and the religious and financial behaviors of the women of one semi-rural microfinance collective. In doing so, I question the challenges and potential for IBBL’s microfinance program to serve as an effective tool for poverty alleviation across different national and cultural contexts—a role it is beginning to fulfill, with the support of Saudi Arabia’s Islamic Development Bank. In approaching Islamic microfinance anthropologically, I explore how emerging economic systems and markets exist in overlapping and complex relationships with local religious practice, gender identities, and political contestations. Focusing upon these relationships from the vantage point of the poor client calls into question the authority of the bank alone to determine the “Islamic-ness” of the bank’s operations. Finally, the question of what constitutes “social justice” in Islamic finance intersects with theoretic understandings of capitalism in ways that can affect the design and implementation of products and services within Bangladeshi Islamic microfinance.
Blog Posts by Bridget Kustin
Book reviews by Bridget Kustin
Public Books, Oct 2, 2012
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Papers by Bridget Kustin
To better understand Islamic microfinance and the role it can play, the report explains the utility in examining cultural contexts as well as accounting for indicators and metrics. The anthropological perspective of the report investigates how financial tools come to life in the hands of clients and allows for more nuanced, complex understandings of user experiences through a methodology of “participant-observation,” repeat minimally-structured interviews, and relationship-building. The report also offers historical and theological background, overviews of Islamic financial products, summaries of key countries and institutions, and in-depth examinations of Islamic (micro)finance landscapes in Bangladesh, Indonesia, and Pakistan. Ethnographic attention is given to the unique challenges faced by female clients and female-headed households, implications of client relationships with field officers, and the absence of tools for clients to address personal accounting and calculation challenges. The report also offers starting points for digital interventions to meet the needs of the poor while addressing longstanding inefficiencies in Islamic (micro) finance.
Book Chapters by Bridget Kustin
Blog Posts by Bridget Kustin
Book reviews by Bridget Kustin
To better understand Islamic microfinance and the role it can play, the report explains the utility in examining cultural contexts as well as accounting for indicators and metrics. The anthropological perspective of the report investigates how financial tools come to life in the hands of clients and allows for more nuanced, complex understandings of user experiences through a methodology of “participant-observation,” repeat minimally-structured interviews, and relationship-building. The report also offers historical and theological background, overviews of Islamic financial products, summaries of key countries and institutions, and in-depth examinations of Islamic (micro)finance landscapes in Bangladesh, Indonesia, and Pakistan. Ethnographic attention is given to the unique challenges faced by female clients and female-headed households, implications of client relationships with field officers, and the absence of tools for clients to address personal accounting and calculation challenges. The report also offers starting points for digital interventions to meet the needs of the poor while addressing longstanding inefficiencies in Islamic (micro) finance.