The lead goose is honking

ARTICLE: "Malaysia Transforms Rules For Finance Under Islam: In a Lesson to Arabs, Asian Bankers Mix Religion, Modernity," by Yaroslav Trofimov, Wall Street Journal, 4 April 2007, p. A1.

My favorite reformation-to-watch on Islam from Blueprint, laid out beautifully in this story.

Malaysia asks for Arab help in floating Muslim bonds back in 2001. All but one bank says no.

Then Malaysia pioneers the form.

Now banks in the Mideast have copied and new financial connectivity flows.

The clash always precedes the convergence.

Now Islamic bonds and financing approach one trillion $USD in holdings, so this oil boom transforms, thanks to Malaysia.

"Malaysia is the catalyst for change," says PWC's main guy in this sector.

For centuries, religious and cultural knowledge streamed from the Middle Eastern core to the Muslim periphery, as converted peoples in the South and Southeast Asia adopted the Arabic script, traditions and mores.

But now, increasingly sophisticated Muslim communities such as Malaysia are beginning to influence the Arab heartland, offering a vivid example that an embrace of the global economy can coexist with Islam.

Now if we can get those uppity Muslim women in North America, it'll just be those pokey Europeans who'll need to uphold their end of the bargain.

You remember the argument from BFA: religious reformation in North America, economic reformation led by lead geese in East and South Asia, political reformation with mainstreaming of Islamist parties in Europe, and the Middle East middle-ages.

Time is on our side, connectivity our ultimate weapon.

Comments

[Riccardo]

Unfortunately in Indonesia, it's the other way around. If you don't act like an Arab, you must be a sinner and the local religious police will torture you along with the local Muslim mobsters (all of whom are paid to do so by, not Jakarta, but Wahaabi-Salfiist Arabs...

Check out this shocking story from Java:http://www.indonesiamatters.com/1229/islam-is-for-arabs/

[Tom Barnett]

Indonesia's definitely got a lot going on as the classic Seam State.

It's also big and spread out and very complex.