Finance In Turkey Research Articles

Taxation Of Sukuk In Turkey: As An Alternative Financial Product

The markets such as capital markets, financial markets, commodity markets, it creates a domino effect and creates a great impact on the economy. After giving information about the improvement of Islamic finance in Turkey, it describes the kinds of sukuk being implemented in Turkey. As a core study, taxation of sukuk in Turkey and sukuk in Turkish tax system are examined specifically. The objective of this paper is to explain the tax advantages and disadvantages on the products offered by the system to those who want to invest in the alternative finance system or evaluate their savings. In this study, Turkish tax laws were used as the primary source, and the books, theses, articles and conference texts written on this subject were used as the secondary source. This study includes the review of the written works, statistics, documents, laws, practices and works of related international institutions, and open sources of related national institutions. Finally, in this study, recommendations for the necessary regulations for the growth of the Islamic finance sector in Turkey and the results obtained from the study are given. Keywords: Islamic Financial Products; Sukuk; Taxation of Sukuk, Sukuk in Turkey.

Interest-free Financing: An Overview of Interest-free Finance in Turkey and Bangladesh

The research paper aims to analyses the overview of interest-free finance activities in Turkey and Bangladesh. The history of the intellectual efforts of the Islamic economy in modern times is date back to the 1950s. The interest-free finance system emerged with the claim of being an alternative to the aim of eliminating the complexity of the irregular order in the modern financial system. Emerging Bangladesh and developing turkey were started up their interest-free financing from the decade of 1980. Bangladesh started interest-free financing from 1983 by establishing Islamic bank limited regarded as the pioneer of Islamic banking in Bangladesh. Participation banks of turkey have been growing continuously since the year they started operations in 1985. Islamic banks Limited and Participation bank of turkey hold market share 24% and 5.3 % in their banking sector, respectively. Interest-free financing as a development factor within the framework of the implementation of multilateral projects that contributes to both country’s economy. This research paper considers qualitative and analytical research based on the secondary data collection process. Improving the regulation of financial organizations in interest-free financing that keep contributing to the development of infrastructure of Islamic finance activities for both Turkey and Bangladesh.

The Contribution of Participation Banks to the International Trade in Turkey: A Panel Data Analysis

Innovations in the financial sector contribute to development of money and capital markets. When the financial sector expands, the real sector is also affected positively. Country economies can grow faster with driving force of financial markets. In fact, if the real sector extends abroad and foreign exchange flows into the country, the pressure on exchange rates can be alleviated. The emergence and development of Islamic finance can be considered as one of the financial innovations. A large amount of Islamic funds which are under the mattress, enter to financial markets through Islamic products and services. Participation banks which are the representative of Islamic finance in Turkey meet the funds needs of the real sector with the supply of funds. The aim of the study is to investigate the effects of Islamic banks on real sector and international trade. In this context, export was defined as a proxy of international trade and the impact of provided funds by participation banks on export was examined by panel data analysis. The dataset contains in 44 quarterly period over the years of 2008-2018. According to the results, the funds canalized into real sector by participation banks increase the export in Turkey. Even if there are numerous studies on the relationship between Islamic banks and economic growth, the studies about the effects of Islamic banks on international trade is limited availability. Because of this reason, it is thought that the study will contribute to the literature.

Changing modalities of urban redevelopment and housing finance in Turkey: Three mass housing projects in Ankara

ABSTRACTThis study aims to critically analyze the transformation of the Turkish state’s role in urban redevelopment and housing finance by focusing on 3 mass housing projects from Ankara in 3 different historical political conjunctures. The analysis reveals that the Turkish state, with its peculiar institutional artifices, not only creates rent gaps in varying forms but also increasingly coordinates appropriation of them. This involved not only reformulation of strategies to cope with the social problem of continuing expansion of urban population by planning efforts of various scope but also incorporating low-income households into the dominant logic of urban space redevelopment.

Privatization of Higher Education Finance in Turkey

This study aims at developing a model for the privatization of higher education finance in Turkey. While the primary target is the NEET (Not in Education, Employment, or Training) population, it offers a broad range of potential solutions involving asset securitization for higher education financing. Data is driven from secondary sources. The paper presents an interdisciplinary approach for privatizing higher education finance involving the labor market, higher education institutions and the Turkish capital market and constitutes a unique contribution to the Turkish higher education finance literature.

From Developmentalism to Neoliberalism: The Changing Role of the State and Development of Islamic Business and Finance in Turkey

From Developmentalism to Neoliberalism: The Changing Role of the State and Development of Islamic Business and Finance in Turkey

Türkiye’de Maliye Alanında Yapılmış Lisansüstü Tezlerin Bibliyometrik Analizi (2003-2017)

Bu çalışma, maliye alanında yapılmış lisansüstü tezlerin incelenmesi amacıyla yapılmıştır. Yüksek Öğretim Kurumu Ulusal Tez Merkezi veri tabanından 2003-2017 döneminde “Maliye”, “Mali Hukuk” ve “Maliye ve Ekonomi” anabilimdallarında yapılan 1714 lisansüstü tez doküman incelemesi tekniği ile analiz edilmiştir. Lisansüstü tezler; tezlerin türü, yıllara göre dağılımı, yapıldıkları üniversiteler, tez yazarlarının cinsiyet dağılımı, tez yazarlarının lisans mezuniyet dağılımı, danışman dağılımı, danışman ünvanı dağılımı, jüri dağılımı, izin durumu dağılımı, anabilimdalı dağılımı, bilimdalı dağılımı, bölüm sayısı dağılımı, sayfa sayısı ortalamaları, en az ve en çok sayfa sayısı, sayfa aralığı dağılımı, anahtar kelime dağılımı, başlık ve özetlerde en sık kullanılan kelimeler, içerik ve yöntemlerine dair dağılım şeklinde tez türlerine göre karşılaştırılarak analiz edilmiştir. Bu araştırmanın, maliye alanında ileride yapılacak olan lisansüstü tezlerin çalışma konularının, içerik ve şekli unsurlarının belirlenmesinde araştırmacılara yol göstermesi hedeflenmektedir.

ISLAMIC FINANCE DEVELOPMENT AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM TURKEY

This work is a study on Islamic finance development and economic growth nexus for Turkey. It employs the econometric methods of unit root, co-integration, and Granger causality in a VECM framework; and the results, which are robust to all measures of Islamic finance development, show a unidirectional short and long run causality from Islamic finance development to economic growth. Hence, it is recommended that policy makers increase their efforts in promoting Islamic finance in Turkey. Keywords: Islamic finance development, Granger causality, Turkey

Reforming Higher Education Finance in Turkey: The Alumni - Crowdfunded Student Debt Fund “A-CSDF” Model

This study presents an innovative and sustainable system for mobilizing Turkish university alumni to contribute to a crowdfunded pool repackaged as a student debt instrument with an elaborate performance tracking tool, various payoff structures and income-contingent repayment schedules. The ultimate aim is to offer a remedy for the conspicuous global shortage of alternative finance sources and various forms of aid to higher education students in the short-term, and, through enabling equitable and egalitarian access to quality higher education, transforming society and enhancing economic development in the longer-term. The model rests upon a six-dimensional framework and its infrastructure is facilitated by a newly emerged form of digitally enhanced financing, “crowdfunding”. The research method involves content analysis and data triangulation for validation purposes to determine the sub-themes surrounding the higher education problem in Turkey. The theme-driven keywords are searched for on Turkey’s first original social network, Eksi Sozluk, to uncover trends and biases towards student loans, debt repayment and associated concepts. Subsequently, the same keywords are utilized in a Google Trends search volume analysis, and are finally validated by a focus group discussion. The theoretical framework to explain students’ attitudes towards borrowing and loan repayment and the motivation behind alumni and charitable giving, rests mainly on behavioral economics. The A-CDSF Model uniquely addresses the higher education finance problem in Turkey and offers an easily implementable original solution for institutions and policy makers.

A PROPOSAL FOR CONSTRUCTING AN ISLAMIC MONEY MARKET FUND FOR THE TURKISH MARKET

Islamic finance is widely considered to be underutilized in Turkey. One of the reasons is the lack of proper investment vehicles to cater the need of investors with interest sensitivity. Participation banks only offer time deposit accounts with more than 30 days maturity. Investors with shorter term liquidity are facing with leaving their money in demand deposit accounts and losing alternative return or moving to the conventional investment vehicles. In this article, we propose to construct an Islamic money market fund in order to protect capital and provide some return for the corporate and individual investors with interest sensitivity. In this context we expect that Islamic money market fund would also help the growth of Islamic finance in Turkey.

Financial Management Challenges In Small And Medium-Sized Enterprises: A Strategic Management Approach

Abstract :Due to their significant role in creation of new jobs, rise in GDP, entrepreneurship and innovation, small and medium-sized enterprises (SMEs) are recognized as the the drivers of socio-economic growth, both in developed and developing economies. In Turkey, 99.9 % of all enterprises fall into SME category. Therefore, the significance of SMEs for Turkish economy and society is much higher in Turkey, compared to other emerging and developed countries. Small and medium-sized companies are faced with a number of challenges whereas the problems arising from “poor financial management” are reported as the major causes of business failures in SMEs. Strategic financial management (SFM) which is a research area that has attracted the interest of researchers after 2010, is one of the key managerial areas of SMEs, due to its vital role on the survival, growth and performance of SMEs. The purpose of this paper is to analyze the central role of financial management and identify the financial management challenges and practices that influence the organizational performance in Turkish SMEs, from a strategic management perspective. Within the course of this paper, the importance and challenges of SMEs in Turkey are presented in the first section, while the literature on strategic and financial management in SMEs are reviewed in the second part. In the third section, the recent strategic financial management concept, the implications of strategic financial management practices for SMEs in Turkey and the relationships between strategic financial management practices and SME performance, are discussed. Small and medium sized enterprise finance in Turkey is a developing research area, therefore this paper aims to make a significant contribution to the existing literature by analyzing the major challenges at the conduct of financial management in Turkish SMEs and the influence of strategic financial management practices on the performances of small and medium sized companies in Turkey.Additionally, the conceptual framework developed is expected to be useful to academics in developing an agenda for future empirical research.

Two Track Development: The Future of Islamic Finance in Turkey

The potential for Islamic finance in Turkey is immense. With the right strategies, not only will more people move towards Islamic finance, which has positively occurred in other parts of the Muslim world, but also more investors will utilise the services provided by such banks. In order to fulfill this potential, these banks need to open up and create links with the international financial markets in general and the global Islamic finance sector in particular, provided that a positive working environment is provided for them. For instance, participation banks can provide a largely untapped financial market to the excess capital accumulated in the Gulf in recent years. The recent interest from Gulf Islamic finance institutions looking to penetrate the Turkish market is a clear indication of this opportunity, which will contribute to the development and growth of Islamic finance in Turkey.

Project finance in Turkey's energy sector: a Turkish delight for financiers

In 2009 the number of project finance transactions in Turkey decreased considerably. The lack of willing banks and finance institutions to finance projects in 2009 due to economic circumstances led to the modification of the understanding of project finance. Accordingly, project finance documentation changed face. This article seeks to point out the modifications undertaken in various documents, such as security documents, guarantees, etc, and the conformity of such modifications with Turkish law.

Banking in Turkey: History and Evolution

The early stages of banking and finance in Turkey were one of its brightest periods, even though it was the toughest because of lack of capital and unfavourable initial conditions. The finance and banking conception was quite rational and potential crises were eliminated through careful choices. In the following years, boom and bust conditions dominated financial services provision with a crisis in every decade under different economic policy frameworks. Since 2001, European convergence has been leading the way and one may argue that Turkish banking and finance is ready for the challenges of the 21st century, supported by fast-increasing foreign participation that has increased capital adequacy ratios.