1. The political economy of the transformation of Islamic finance in Turkey
- Author:
- SETA
- Publication Date:
- 01-2017
- Content Type:
- Special Report
- Institution:
- SETA Foundation for Political, Economic and Social Research
- Abstract:
- When Islamic finance is mentioned around the world, the first thing that comes to mind is Islamic banks. The sphere of Islamic finance has expanded in the last decade with developments particularly in capital markets and the insurance sector. Nonetheless, the market share of Islamic finance in the world’s financial market accounts for approximately 1 percent. Still, many segments are interested in Islamic finance because of its high growth figures, resilience against crises, and the fact that it offers a system that prioritizes ethical values in contrast to conventional finance. Islamic banks in Turkey date back to the establishment of the Adapazarı Islamic Trade Bank (Adapazarı İslam Ticaret Bankası) in Sakarya (Adapazarı) in 1913. However, examples of globally accepted Islamic banking models in Turkey appeared with the emergence of Special Finance Houses (SFHs) following the passage of relevant legal regulations in 1984
- Topic:
- International Political Economy and International Affairs
- Political Geography:
- Global Markets