Modern History of Islamic Finance and a Strategic Roadmap for Its Development in Turkey

  • Murat Yas
  • Hakan Aslan
  • Mucahit Ozdemir
Chapter

Abstract

With total assets of around US$2 trillion and ongoing double-digit growth – despite the global financial crisis – many financial centres have announced further initiatives to raise their profile in the Islamic financial market. Although opportunities in Islamic finance have recently attracted the attention of many financial centres, Turkey has been providing Islamic financial services for more than 30 years. However, although Turkey is ranked second in terms of GDP among Muslim majority countries, its share of total Islamic assets is around 3 per cent. This chapter will discuss the challenges that the Islamic finance industry has encountered and provide a general framework for designing Islamic financial services industry development initiatives and integrating these in their national financial sector development policies for Turkey.

Keywords

Islamic finance Islamic banking Islamic capital markets Takaful Turkey 

JEL Codes

G15 G21 G22 G23 G28 N25 

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Murat Yas
    • 1
  • Hakan Aslan
    • 2
  • Mucahit Ozdemir
    • 2
  1. 1.Islamic FinanceINCEIFKuala LumpurMalaysia
  2. 2.Research Center for Islamic Economics and Finance (ISEFAM)Sakarya UniversitySakaryaTurkey

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