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Identity drift: the multivocality of ethical identity in Islamic Financial Institution

Identity drift: the multivocality of ethical identity in Islamic Financial Institution
Identity drift: the multivocality of ethical identity in Islamic Financial Institution

In today’s neo-liberalist world, Islamic financial institutions (IFIs) face many difficulties combining contemporary financial thinking with Islamic, faith-based principles, on which their day-to-day operations ought to be based. Hence, IFI are likely to experience shifts/changes in organizational and ethical identity due to tensions that the combination of these principles invokes. We present an in-depth case study that focuses on these shifts in a major European based IFI across a 14-year period. We conceptualize identity change as drift, highlighting the multivocal nature of identity construction. The ethico-faith principles that were meant to serve as living codes of ethics guiding the IFI’s organizational culture, operational processes, and strategy formation turned out to mainly have been discursively rationalized to respond to regulatory, market and institutional imperatives. The company is aware that it needs to engage in a continuous dialogue with those who set these requirements. Its ethico-faith principles may consequently be adapted quite radically, especially in periods of turmoil and takeover, as we show across the analysed time period. The paper provides valuable insights for faith-inspired organizations to reflect on the extent to which they wish to engage in the discursive justification and legitimization of current market hegemonies, whilst they actively encourage their managers to behave ethically as well.

multivocality, ethical identity, organizational identity drift, Ethical identity, Multivocality, Organizational identity drift
0167-4544
1-20
Hidayah, Nunung Nurul
f57c537d-8eec-4097-b209-d98a280469b1
Lowe, Alan
f70fd9a1-a3f5-4312-878e-25c4d6d42375
De Loo, Ivo
bd88ed53-1b91-4d0b-aeaa-2d706bbb9e2d
Hidayah, Nunung Nurul
f57c537d-8eec-4097-b209-d98a280469b1
Lowe, Alan
f70fd9a1-a3f5-4312-878e-25c4d6d42375
De Loo, Ivo
bd88ed53-1b91-4d0b-aeaa-2d706bbb9e2d

Hidayah, Nunung Nurul, Lowe, Alan and De Loo, Ivo (2020) Identity drift: the multivocality of ethical identity in Islamic Financial Institution. Journal of Business Ethics, 0, 1-20. (doi:10.1007/s10551-020-04448-x).

Record type: Article

Abstract

In today’s neo-liberalist world, Islamic financial institutions (IFIs) face many difficulties combining contemporary financial thinking with Islamic, faith-based principles, on which their day-to-day operations ought to be based. Hence, IFI are likely to experience shifts/changes in organizational and ethical identity due to tensions that the combination of these principles invokes. We present an in-depth case study that focuses on these shifts in a major European based IFI across a 14-year period. We conceptualize identity change as drift, highlighting the multivocal nature of identity construction. The ethico-faith principles that were meant to serve as living codes of ethics guiding the IFI’s organizational culture, operational processes, and strategy formation turned out to mainly have been discursively rationalized to respond to regulatory, market and institutional imperatives. The company is aware that it needs to engage in a continuous dialogue with those who set these requirements. Its ethico-faith principles may consequently be adapted quite radically, especially in periods of turmoil and takeover, as we show across the analysed time period. The paper provides valuable insights for faith-inspired organizations to reflect on the extent to which they wish to engage in the discursive justification and legitimization of current market hegemonies, whilst they actively encourage their managers to behave ethically as well.

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Accepted/In Press date: 28 January 2020
e-pub ahead of print date: 6 February 2020
Keywords: multivocality, ethical identity, organizational identity drift, Ethical identity, Multivocality, Organizational identity drift

Identifiers

Local EPrints ID: 437637
URI: http://eprints.soton.ac.uk/id/eprint/437637
ISSN: 0167-4544
PURE UUID: 866244c6-2747-466f-b82c-d6b66ceb9960
ORCID for Nunung Nurul Hidayah: ORCID iD orcid.org/0000-0003-3178-4584

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Date deposited: 07 Feb 2020 17:32
Last modified: 26 Nov 2021 03:20

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Contributors

Author: Alan Lowe
Author: Ivo De Loo

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