Provides a brief overview of elements of the Islamic normative tradition. I consider three key concepts – justice, the common good and community – and ambiguities of their contemporary application. The primary focus of the discussion concerns resources (including wealth and property) – their attribution and distribution. To whom do wealth, property and resources belong, and what are their responsibilities? How, by whom, and for what purposes are wealth and resources to be distributed, and who has the authority to make such determinations? In broad strokes, I outline how, according to religious norms, resources ought to be utilized and managed for the sake of the "common good." The purpose of this discussion is to provide a framework that facilitates a deeper understanding of the extent to which religious norms have been instrumentalized and at times, reformulated in the conduct of the four oil-financed institutionalized practices explored in subsequent chapters.

In discussing Islamic banking and finance (IBF), I first provide a brief overview of its development in Gulf monarchies, before turning to an investigation of particularities of its form and substance. I address a set of issues related to, on the one hand, the adoption, governance and regulation of IBF and on the other hand, the conformity of its practice with its alleged purposes. My aim is to uncover the actual goals of IBF, that has become prominent in the Gulf (and in the global economy) in recent decades. The analysis shows that IBF is a means for regimes to both appease their restive populations and respond positively to the material interests of key segments of society. Thus, ruling priorities related to enrichment and social management cohere; these are the principal purposes, even though ruling elites cloak their intentions in religiosity and ethical commitments. Like the other institutionalized practices discussed in this book, IBF represents the conjoined instrumentalization of (oil) wealth and Islamic doctrine for the sake of social control, and beyond that, the ongoing political domination and material enrichment of the royal family.