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The Emergence of New Islamic Economic and Business Moralities

Sencal, H; Asutay, Mehmet

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H Sencal


This article aims to explore the sources of the observed transformation in the embeddedness of economic, business, and financial practices of Muslim individuals in comparison to premodern period Muslims. It argues that the predomination of instrumental reasoning in modern times, as opposed to substantive morality in everyday practice, is one of the main reasons behind the transformation of embeddedness of Muslim individuals. Instrumental reasoning, being the dominant methodology, leads to diminished submergence in social relations; that is not limited to interpersonal relationships, but further extended to the core religious acts. How such an emergent economic and business morality is reconciled with the Islamic substantive morality is examined. It is argued that “transformation of exception into norm” is the main method used to reconcile instrumental reasoning with Islamic law in fulfilling religious obligations, at least in terms of fulfilling the form and in complying with the necessities of modern life. This has led to the emergence of new economic and business moralities.

Journal Article Type Article
Acceptance Date Oct 2, 2018
Online Publication Date Apr 25, 2019
Publication Date Sep 30, 2019
Deposit Date Oct 9, 2018
Publicly Available Date Apr 25, 2021
Journal Thunderbird International Business Review
Print ISSN 1096-4762
Electronic ISSN 1520-6874
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 61
Issue 5
Pages 765-775
Public URL


Accepted Journal Article (514 Kb)

Copyright Statement
This is the accepted version of the following article: Sencal, H & Asutay, Mehmet (2019). The Emergence of New Islamic Economic and Business Moralities. Thunderbird International Business Review 61(5): 765-775 which has been published in final form at This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.

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