Turkey integrated into the globalization process through the implementation of neoliberal economic policies under the rule of Turgut Ozal during the 1980s. This economic liberalization gradually led to fundamental changes in social and economic structure of Turkey. As a result of the liberalization of the Turkish economy, the Islamic bourgeoisie emerged in Turkey by taking advantage of the opportunities of financial liberalization. In addition to Ozal’s neoliberal policies, the rise of urbanization and education of Turkish society, the emergence of an Islamic banking system, and Turkish migrant workers in Europe facilitated the development of the Islamic bourgeoisie.

In 1990, the Islamic bourgeoisie established their own business association, the Association of Independent Industrialists and Businessmen (MUSIAD). MUSIAD has played a very active role in organizing the Islamic companies and gradually increased its power in the Turkish economy. The main shared point of MUSIAD members is an Islamic identity. These companies are generally export oriented; thus, they have benefited from neoliberal capitalism and increased their wealth in the globalized world due to their export-oriented business.

The emergence and development of the Islamic capital has had some unintended political, social, and cultural impacts on Turkish society. After the 80s, Turkey has experienced an Islamization of Turkish society. While Islamic groups are the locomotives of Islamization in Turkey, the Islamic entrepreneurs are the financial source of Islamic groups. The integration of the Islamic bourgeoisie and groups into the global market has shifted Islamic groups to a more moderate Islam, led to the transformation of traditional Islamic values, and created new Islamic values that embrace global values. In addition to Islamic groups, the most obvious impact of the Islamic bourgeoisie is to create a party (the Justice and Development Party) in order to secure and enhance its interests and wealth by dividing political Islam into two parts. As a result, the founders of the Justice and Development Party abandoned their Islamist claims, and developed a moderate political discourse, which is compatible with the interest of the Islamic entrepreneurs.