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on Islamic Finance |
| By: | Bulut, Mehmet; Korkut, Cem |
| Abstract: | This chapter explores the evolution of Islamic finance in Türkiye within the context of global economic challenges, highlighting its emergence as a key player in the international Islamic finance community. Türkiye has effectively leveraged its strategic geographical position and historical ties to Islamic culture to strengthen its influence. A robust regulatory framework has been crucial in supporting the growth of Sharia-based financial institutions, ensuring equitable competition between Islamic and conventional finance sectors. The government’s proactive policies have facilitated the development of participation banks and innovative financial products, bolstering Türkiye’s reputation in the global market. Türkiye’s commitment to innovation and product diversification has established it as a hub for advanced Islamic financial products. The country has pioneered the development of Sharia-based instruments, such as sukuk and takaful, catering to a broad spectrum of domestic and international investors. These innovations, coupled with the integration of fintech solutions, have broadened ethical investment options and attracted a diverse clientele seeking alternatives to conventional finance. Furthermore, Türkiye has engaged in strategic international partnerships, collaborating with countries like Malaysia and the United Arab Emirates to enhance its capabilities and incorporate advanced financial practices. These collaborations have amplified Türkiye’s influence in the global market and attracted significant foreign investment. Türkiye’s strategic location and infrastructure facilitate efficient capital flow and expertise exchange between Eastern and Western markets, positioning it as a pivotal link in global financial networks. As the demand for ethical and socially responsible financial products continues to rise globally, Türkiye is well-positioned to lead in developing solutions that meet these evolving investor needs. By maintaining a supportive regulatory environment and fostering international collaboration, Türkiye reinforces its status as a leader in the Islamic finance sector. Its strategic initiatives not only ensure its resilience and sustainability but also contribute significantly to the industry’s growth and diversification on a global scale. This proactive approach underscores Türkiye’s potential to shape the future of Islamic finance, setting benchmarks for innovation and ethical investment practices worldwide. |
| Keywords: | Islamic Finance, Sharia-Based Institutions, Sharia-Based Instruments, Regulatory Framework, Innovation and Diversification, International Collaboration |
| JEL: | G10 P40 P48 Z12 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126575 |
| By: | Korkut, Cem |
| Abstract: | This paper explores the integration of conventional and Islamic approaches to development, proposing the Integrated Development Paradigm (IDP) as a comprehensive framework that addresses the full spectrum of human needs. Conventional economics typically focuses on material growth and individual utility maximization, often measured through economic indicators such as GDP. While effective in driving economic expansion, this approach frequently overlooks social equity, ethical governance, and spiritual well-being. In contrast, Islamic economics offers a holistic approach that balances material prosperity with ethical principles, social justice, and spiritual fulfillment, guided by concepts such as Falah (success in this life and the hereafter) and Maqasid al-Shariah (objectives of Islamic law). The IDP combines the strengths of both conventional and Islamic approaches, offering a development model that includes economic, social, ethical, and spiritual aspects. It is important to note that the IDP closely aligns with the principles of Islamic economics, acting as a modern expression of these values in today’s development discussions. IDP can lead to more inclusive, sustainable, and ethically sound development outcomes compared to conventional models. The paper further discusses the theoretical implications of the IDP, suggesting that it can serve as a new paradigm in development economics, particularly. By offering a more holistic and inclusive approach, the IDP challenges traditional economic theories and provides a framework that promotes long-term social, economic, and spiritual well-being. |
| Keywords: | Islamic Economics, Holistic Development, Social Equity, Ethical Governance, Integrated Development Paradigm (IDP) |
| JEL: | O10 P00 P50 P51 Z12 Z13 |
| Date: | 2024–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126577 |
| By: | Manoubia Ben Amara Tellili; Jamel Eddine Henchiri (RED-ISGG - Recherche, Entreprises et décision - ISGGB - Institut Supérieur de Gestion de Gabès (Université de Gabès)) |
| Abstract: | Some financial places worldwide are located in countries with dual cultures, Western and traditional. The ubiquitous participants in these financial markets are influenced by this dual affiliation, which can affect market reactions and efficiency. We analyse the weak form of informational efficiency in the Tunisian financial market, a place known for its cultural diversity. We study the behaviour of daily returns of the Tunis Stock Exchange index (Tunindex) over the period 1998-2019 by examining the effects of the Gregorian and lunar calendars. Next, we study the effects of the Islamic and civil calendars. Finally, we examine the interaction effects between the two types of calendars, which constitutes the originality of this paper.First, the weekday effect, the month effect, and the pre-holiday effect were analysed according to the Gregorian calendar. Then, the effects of the full and new moon phases and the Islamic months were tested using the lunar calendar. Finally, the effects of the interaction between the January effect and the Islamic months, as well as the effects related to all holidays regardless of their origin (religious or otherwise), were studied. Using both parametric and non-parametric tests, we find evidence of the weekend effect, the January effect, and the pre-holiday effect in the daily returns of Tunindex. Lunar calendar anomalies are detected, including an effect of the full moon (FM) on the returns of Tunindex and a significant positive and high effect of the Hijri month Rabi' al-Thani, followed by the months of Sha'ban and Ramadan. The estimation results also show that the pre-holiday effects of Eid al-Fitr and Eid al-Adha are not significant.The results of the combined effects reveal the persistence of the Thursday and Friday effect during the new moon phase. Similarly, the overlap of January with the months of Rabi' al-Thani, Ramadan, Sha'ban, and Shawwal eliminated the January effect on the returns of Tunindex, suggesting that the market has become more efficient. |
| Keywords: | pre-holiday effect, January effect, weekend effect, full moon effect, new moon effect, religious holiday effect, Islamic calendar, Hijri month effect, weekend effect January effect pre-holiday effect full moon effect new moon effect religious holiday effect Hijri month effect, EMH calendar anomalies Islamic calendar, EMH, calendar anomalies |
| Date: | 2025–08–02 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05312538 |