Publication: Legal and regulatory issues of islamic finance in turkey: A qualitative discussion
Loading...
Files
Date
2023-09-01
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
This study aims to explore issues related to Islamic financial regulations in Turkey through
the use of semi-structured interviews. A total of 12 respondents were involved, including
regulators, members of the Central Advisory Board (CAB), the Advisory Board of Islamic
Financial Institutions (IFIs), and managers from IFIs in Turkey. The results highlight consistent
calls for the establishment of an act for the Participation finance industry. This act is seen as a
means to ensure tax neutrality, reinforce norm hierarchy, prevent the imitation of conventional
financial products, and mitigate Shari’ah non-compliance risk. Additionally, our empirical
findings emphasise the importance of enhancing stakeholder engagement, clarifying roles,
establishing a robust organizational structure, and enhancing transparency and independence
for regulatory authorities. Improved regulatory governance is crucial for enhancing regulatory
outcomes. Lastly, the study underscores the need for standardised guidelines for PFIs and
emphasises the significance of their voluntary implementation.
Description
Keywords
Islamic Finance, Regulation, Law, Challenges, Recommendations
Citation
YAŞ M., "LEGAL AND REGULATORY ISSUES OF ISLAMIC FINANCE IN TURKEY: A QUALITATIVE DISCUSSION", Journal of Central Banking Law and Institutions, cilt.2, sa.3, ss.401-434, 2023