RE‐CASTING DEVELOPMENT: ISLAMIC BANKING AND THE CASE OF THE ISLAMI BANK'S RURAL DEVELOPMENT SCHEME IN BANGLADESH

Islamic economics has been counter‐constructed as an alternative to the mainstream development model perceived to be purely focused on the material world. In this context, the development narrative of a leading Islamic bank in Bangladesh is explored, utilising a discourse analytical approach. Despite the fact that the Islami Bank's development programme appears to very similar to mainstream interventions, it seeks to re‐cast development as a holistic process with a vision for society that is both spiritual and material. By virtue of this narrative that conceptualises the objectives of development in a different fashion to the mainstream, complex power dynamics and antagonistic frontiers with other development actors are generated. Copyright © 2011 John Wiley & Sons, Ltd.