Islamic finance (and economics) is something I have looked at only because I had to. I have no sentiments attached to it. However, as the Taliban starts to implement its illiberal and undemocratic policies that place restrictions and conditionalities on Afghanistan society — especially women — I dug through some of my old notes and essays on Islamic finance, especially on regulation and social norms.

Islamic finance places an emphasis on regulation for the common good. Let’s face it, there is no way the Taliban would cave in to Western liberal or even the Chinese model of political economy. In terms of economic policy, we can expect it to focus sharply on regulating and proscribing as much of the political economy — and society, for that matter — as it can...

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