Between the Myth of Development and the Development of Myth: Futures of Islamic Banking in the Gulf Cooperation Council (GCC)

This paper deals with the reality of development challenges in the Gulf Cooperation Council
Countries, and the impact of these on the future of Islamic banking. Using Causal Layered analysis
(CLA), the hidden stories of economic development (ED) in the Gulf Cooperation Council (GCC)
countries are unpacked. The three narratives presented here are that of the ED of GCC as: (1)
Rentier State and Neopatrimonialism (2) Dubai-zation (3) Halal Economy.
Keywords: CLA, Economic Development, Futures Studies, Gulf Cooperation Council (GCC), Islamic
Banking, Rentier State

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