Islamic endowments and the land economy in Singapore
The genesis of an ethical capitalism, 1830-2007

Author: Ampalavanar Brown, Rajeswary

Source: South East Asia Research, Volume 16, Number 3, November 2008 , pp. 343-403(61)

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Abstract:

This paper emphasizes the deeply embedded economic interests of Islamic charities: the accumulation of land and property, commercial and financial activities, rather than their role in providing social welfare, educational opportunities, and facilities for individuals to perform the Hajj. These entrepreneurial priorities are global, since the waqf (Islamic endowment) is linked to the homeland of the founders in the Hadhramaut and to Saudi Arabia. The paper appraises the application and success of Islamic finance in the commercial exploitation of these assets. The focus then shifts to the role of shari'a law in determining and shaping the issuance of bonds and derivatives. Throughout the paper, attention is given to the nature of an 'ethical capitalism' that emerges, and a brief comparison is drawn with the Chinese or Confucianist Tong (lineage).

Keywords: LAND; RELIGION AND CAPITALISM; ISLAMIC FINANCE; HADHRAMIS; SECULAR STATE; RELIGIOUS MINORITY

Document Type: Research article

DOI: http://dx.doi.org/10.5367/000000008787133445

Publication date: 2008-11-01

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South East Asia Research publishes articles based on original research or fieldwork on all aspects of South East Asia within the disciplines of archaeology, art history, economics, geography, history, language and literature, law, music, political science, social anthropology and religious studies. This peer-reviewed journal is published four times per year by IP Publishing in cooperation with the School of Oriental and African Studies (SOAS). SOAS is the leading centre in this field in Europe and one of the most prestigious centres of South East Asian Studies in the world.
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