The Making of Entrepreneurial Islam and the Islamic Spirit of Capitalism1

Abstract

This essay examines the relationship between Islam and economy through a case study of Islamic entrepreneurs in Turkey. It analyzes the cultural politics of Islamic entrepreneurs and examines the Islamization of capitalism and the construction of entrepreneurial Islam by probing the interpretative activities of Islamic actors who deconstruct and reconstruct the relationship between Islam, economy and entrepreneurship. The construction of Islam as incompatible with and antagonistic to capitalism has a long history. Vestiges of such thinking still continue to be reflected in contemporary accounts that depict the encounter between Islamic societies and forces of global capital as a hostile battle, each trying to outdo the other. It can be argued that this confrontational scenario is not limited to Islamic world, but also displayed in other accounts that study the meeting of forces of capital with those of local cultures at a global scale. This essay attempts to challenge such dualist accounts that oppose “global capital” and “local culture”, and shows how such dualisms fail to see how capitalism and culture interpenetrate and transform each other. The essay attempts to show that a new synthesis between religion and capitalism is unfolding where culture has not been outdone but is creatively transformed and integrated to capitalism, while capitalism is made a part of “one’s culture”. 1. With special thanks to Jan Nederveen Pieterse, Mahir Saul, Serife Genis, Amit Prasad and Kelly Lynne Maynard for their comments and support. I would also like to thank the anomymous reviewers for their comments.