Islamic Finance Alternatives for Emerging Economies: by M. Ustaoglu, A. Incekara, Ahmet ?ncekara, Murat Ustao?lu

By M. Ustaoglu, A. Incekara, Ahmet ?ncekara, Murat Ustao?lu

Islamic Finance possible choices for rising Economies analyzes the emergence of the Islamic monetary associations in Turkey.

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Zdemir, Ş. (2007). Din-ekonomi ilişkisi ve güncel arayışlar. On Dokuz Mayıs Üniversitesi İlahiyat Fakültesi Dergisi, 155–163. Parkinson, G. H. (1971). Hegel’s Concept of Freedom. Royal Institute of Philosophy Lectures, 5, 174–195. Pihlström, S. (2007). Religion and Pseudo-Religion: An Elusive Boundary. International Journal for Philosophy of Religion, 62, 3–32. Qutb, S. (2000). The Social Justice in Islam. Kuala Lumpur, Malaysia: Islamic Publications International. Rahim, A. B. (2010). The Impact of Secularism on Religious Beliefs and Practices.

In essence, these rules are about faith, prayers and ethical rules (Akademi Araştırma Heyeti, 2012). 0008 The First Step towards Islamic Finance  whole by the individual creates an Islamic identity. An individual who accepts these rules and converts to Islam is obligated to follow these rules in the galleries of life. To the extent he fulfills these obligations, an individual contributes to the emergence of a healthy and sound social structure. An individual is the nucleus of the society; for this reason, a healthy society is created by individuals who subscribe to the Islamic fundamentals and principles.

Commerce and initiatives involve risk; however, in theory, interest brings a fixed income. Interest indicates a predetermined fixed income; on the other hand, profit is not guaranteed and may change. It is not possible to project the profit considering the risk factor. Interest puts all the risks to the debtor. However, Islam encourages sharing the risk factor with your partner and in this manner profit differs from interest. Profit from commercial practices results from entrepreneurship. However, with interest, there is no entrepreneurship.

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