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Basic Terminology in Islamic Finance and Turkish Perspective

In: Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey

Author

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  • Bilgehan Yildiz

Abstract

There is no absolute or completely Islamic financial system governed in any Muslim state in the world. However, there are many instruments of the Islamic Finance (IF) system employed by finance houses in Muslim-majority countries. These instruments, including joint venture (musharakah), Islamic bonds (sukuk), and Islamic insurance (takaful), have gained popularity particularly over the past 35 years in Muslim-populated countries. In particular, the market share of Islamic finance institutions in Turkey will be analyzed. This article also discusses literature views on the primary factors of the Western economic system that led to the recession as well as views on how the Islamic concept of financing can potentially eliminate unwholesome consequences. Factors undermining economic sustainability in Western dominated economies will be reviewed and discussed, referencing views of both Muslim scholars and economists in general. Basic terminology used in Islamic finance literature will also be explained.

Suggested Citation

  • Bilgehan Yildiz, 2014. "Basic Terminology in Islamic Finance and Turkish Perspective," Palgrave Macmillan Books, in: Murat Ustaoğlu & Ahmet İncekara (ed.), Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey, chapter 3, pages 58-73, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-41330-7_4
    DOI: 10.1057/9781137413307_4
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