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Development of Islamic Finance in Non-Muslim Countries, Challenges and Recommendations

Year 2022, Volume: 5 Issue: 2, 319 - 340, 30.10.2022
https://doi.org/10.38057/bifd.1128903

Abstract

The crisis-resistant structure of the Islamic finance sector and the rich fund resources of the Gulf countries attract non-Muslim countries as well as countries with a large Muslim population. The aim of this study is to examine the development of the Islamic finance sector in non-Muslim countries, to define the challenges encountered in these countries in terms of Islamic finance and to offer constructive recommendations to overcome these challenges. The scope of the study is limited to the UK, USA and Canada, which are among the top non-Muslim countries in the Islamic finance country index, and Luxembourg, which has broken grounds in Islamic finance in Europe. Incompatibility of legal regulations in non-Muslim countries with Islamic principles, lack of qualified Shariah advisors, insufficient standardization of Islamic financial products, incompatibilities in financial reporting and accounting policies are among the difficulties encountered. With the efforts of governments and international Islamic financial institutions to overcome these obstacles over time, Islamic financial markets in non-Muslim countries are expected to develop significantly.

References

  • Abdul Rahman, A. R. (2007). Islamic Microfinance: A Missing Component in Islamic Banking. Kyoto Bulletin of Islamic Area Studies, 1(2), 38–53. https://doi.org/10.14989/70892
  • Aldarabseh, W. M. (2019). How popular is Islamic finance in the USA? Findings from Google Trends. International Journal of Finance & Banking Studies (2147-4486), 8(3), 58–65.
  • Alharbi, A. (2016). Development of Islamic finance in Europe and North America: opportunities and challenges. International Journal of Islamic Economics and Finance Studies, 2(3), 109–136.
  • Bataineh, S. (2010). The Islamic finance industry in Luxembourg: Advantages, opportunities and challenges. IFC Review.
  • Belouafi, A., & Chachi, A. (2014). Islamic finance in the United Kingdom: Factors behind its development and growth. Islamic Economic Studies, 130(1155), 1–42.
  • Biancone, P. Pietro, & Shakhatreh, M. Z. (2015). Using Islamic Finance for infrastructure Projects in non-muslim countries. European Journal of Islamic Finance, 2.
  • Çetin, D. T. (2021a). Çevre dostu proje finansmanında İslami sermaye piyasası aracı olarak yeşil sukuk. In V. Yılmaz (Ed.), Sosyal Bilimlerde Ekonomi-Politik Yazılar (1st ed.). İksad Publishing House.
  • Çetin, D. T. (2021b). İslami finans sisteminde Sukuk (First Edit). Gazi Kitabevi.
  • Çetin, D. T. (2021c). İslami finansın temel ilkesi faiz yasağı: Faizin tarihçesi ve ilahi dinlerde faiz. In M. Sarıoğlan & F. Sansar (Eds.), Sosyal ve Beşerî Bilimlerde Araştırma ve Değerlendirmeler (1., pp. 115–142). Livre De Lyon.
  • Dajani, M. E. (2020). The Islamic Finance and Markets Review: United States. In The Islamic Finance and Markets Law Review: U.S., 5th Edition (pp. 133–142). Law Business Research Ltd.
  • Demirdöğen, Y. (2020). Avrupa’daki İslami fintek ekosisteminin analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(4), 469–481.
  • Güçlü, F., & Kılıç, M. (2019). İslami finansın Türkiye, ABD, İngiltere ve Malezya’da gelişimi. Yönetim ve Ekonomi Araştırmaları Dergisi, 17(3), 271–293.
  • Habib, S. F. (2018). Fundamentals of Islamic finance and Banking. John Wiley & Sons.
  • Hassan Farah, Z. (2019). Islamic Finance: Growth of Islamic Finance in the United Kingdom. CFA Institute Magazine, 16(2), 20.
  • Khan, K. H. (2012). Discourses on Islamic Banking and Finance; A Review. International Journal of Business and Management Tomorrow, 2(6).
  • Langah, W. A. (2009). Islamic Banking in the UK: Challenges and Opportunities. Available at SSRN 1349170.
  • Maierbrugger, A. (2020). Islamic finance making strides in Canada. Gulf Times. https://www.gulf-times.com/story/655595/Islamic-finance-making-strides-in-Canada
  • Masiukiewicz, P. (2017). Expansion of Islamic finance in Europe. Journal of Intercultural Management, 9(2), 31–51. Öz, S., & Işik, M. A. (2019). İslami finans alanında tekaful sigortası: Türkiye İngiltere karşılaştırması. TURAN: Stratejik Arastirmalar Merkezi, 11(42), 415–425.
  • S&P Global. (2021). Islamic Finance Outlook: 2021 Edition. In S&P Global Ratings. https://www.spglobal.com/_assets/documents/ratings/research/islamic-finance-book-2021-edition.pdf
  • TheCityUK. (2019). Global Trends in Islamic Finance and the UK Market. TheCityUK; Throwers & Hamlins. https://www.thecityuk.com/research/global-trends-in-islamic-finance-and-the-uk-market-2019/
  • TheCityUK. (2020). Key Facts About the UK as an International Financial Centre 2020. TheCityUK. https://www.thecityuk.com/research/key-facts-about-the-uk-as-an-international-financial-centre-2020/
  • TKBB. (2020). Katılım Bankaları Sukuk İhraçları (2010-2019). https://tkbb.org.tr/Documents/Yonetmelikler/Katilim-Bankalari-2019.pdf
  • Wilson, R. (2008). Innovation in the structuring of Islamic sukuk securities. Humanomics. https://doi.org/10.1108/08288660810899340
  • Zaman, H. (2020). Historical origins of sukuk. International Journal of Sukuk and Waqf Research, 1(1), 27–29.
  • CIIF. (2021). Global Islamic Finance Report 2021. Cambridge Institute of Islamic Finance (CIIF) & Ajman University. http://www.gifr.net/
  • Collier, P. (2008). The Bottom Billion:Why the Poorest Countries are Failing and What Can be Done About it. Oxford University Press.
  • IFSB. (2021). Islamic Financial Services Industry Stability Report 2021. Islamic Financial Services Board. https://www.ifsb.org/sec03.php
  • İşte Finans. (2012). HSBC Uleması Türk Sukukunu Tescilledi. http://www.istefinans.com/haber/HSBC-ulemasi-Turk-sukukunu-tescilledi/123436
  • Öz, S., & Işik, M. A. (2019). İslami finans alanında tekaful sigortası: Türkiye İngiltere karşılaştırması. TURAN: Stratejik Arastirmalar Merkezi, 11(42), 415–425.

İslami Finansın Gayrimüslim Ülkelerde Gelişimi, Karşılaşılan Zorluklar ve Öneriler

Year 2022, Volume: 5 Issue: 2, 319 - 340, 30.10.2022
https://doi.org/10.38057/bifd.1128903

Abstract

İslami finans sektörünün krizlere dayanıklı yapısı ve Körfez ülkelerinin zengin fon kaynakları, Müslüman nüfusun yoğun olduğu ülkeler kadar gayrimüslim ülkeleri de cezbetmektedir. Bu çalışmanın amacı, gayrimüslim ülkelerde İslami finans sektörünün gelişimini incelemek, bu ülkelerde İslami finans açısından karşılaşılan zorlukları tanımlamak ve bu zorlukları aşabilmek adına yapıcı öneriler sunmaktır. Çalışmanın kapsamı, İslami finans ülke endeksinde üst sıralarda yer alan gayrimüslim ülkelerden İngiltere, Amerika ve Kanada ile Avrupa’da İslami finansta ilkleri gerçekleştiren Lüksemburg ile sınırlandırılmıştır. Gayrimüslim ülkelerdeki yasal düzenlemelerin İslami ilkelere uyumsuzluğu, nitelikli Şer’i danışmanların eksikliği, İslami finansal ürünlerin yetersiz standardizasyonu, finansal raporlama ve muhasebe politikalarındaki uyumsuzluklar karşılaşılan zorluklar arasında yer almaktadır. Bu zorlukların hükümetlerin ve uluslararası İslami finansal kuruluşların çabalarıyla zaman içerisinde aşılmasıyla birlikte, gayrimüslim ülkelerde İslami finans piyasalarının kayda değer bir gelişim göstereceği beklenmektedir.

References

  • Abdul Rahman, A. R. (2007). Islamic Microfinance: A Missing Component in Islamic Banking. Kyoto Bulletin of Islamic Area Studies, 1(2), 38–53. https://doi.org/10.14989/70892
  • Aldarabseh, W. M. (2019). How popular is Islamic finance in the USA? Findings from Google Trends. International Journal of Finance & Banking Studies (2147-4486), 8(3), 58–65.
  • Alharbi, A. (2016). Development of Islamic finance in Europe and North America: opportunities and challenges. International Journal of Islamic Economics and Finance Studies, 2(3), 109–136.
  • Bataineh, S. (2010). The Islamic finance industry in Luxembourg: Advantages, opportunities and challenges. IFC Review.
  • Belouafi, A., & Chachi, A. (2014). Islamic finance in the United Kingdom: Factors behind its development and growth. Islamic Economic Studies, 130(1155), 1–42.
  • Biancone, P. Pietro, & Shakhatreh, M. Z. (2015). Using Islamic Finance for infrastructure Projects in non-muslim countries. European Journal of Islamic Finance, 2.
  • Çetin, D. T. (2021a). Çevre dostu proje finansmanında İslami sermaye piyasası aracı olarak yeşil sukuk. In V. Yılmaz (Ed.), Sosyal Bilimlerde Ekonomi-Politik Yazılar (1st ed.). İksad Publishing House.
  • Çetin, D. T. (2021b). İslami finans sisteminde Sukuk (First Edit). Gazi Kitabevi.
  • Çetin, D. T. (2021c). İslami finansın temel ilkesi faiz yasağı: Faizin tarihçesi ve ilahi dinlerde faiz. In M. Sarıoğlan & F. Sansar (Eds.), Sosyal ve Beşerî Bilimlerde Araştırma ve Değerlendirmeler (1., pp. 115–142). Livre De Lyon.
  • Dajani, M. E. (2020). The Islamic Finance and Markets Review: United States. In The Islamic Finance and Markets Law Review: U.S., 5th Edition (pp. 133–142). Law Business Research Ltd.
  • Demirdöğen, Y. (2020). Avrupa’daki İslami fintek ekosisteminin analizi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(4), 469–481.
  • Güçlü, F., & Kılıç, M. (2019). İslami finansın Türkiye, ABD, İngiltere ve Malezya’da gelişimi. Yönetim ve Ekonomi Araştırmaları Dergisi, 17(3), 271–293.
  • Habib, S. F. (2018). Fundamentals of Islamic finance and Banking. John Wiley & Sons.
  • Hassan Farah, Z. (2019). Islamic Finance: Growth of Islamic Finance in the United Kingdom. CFA Institute Magazine, 16(2), 20.
  • Khan, K. H. (2012). Discourses on Islamic Banking and Finance; A Review. International Journal of Business and Management Tomorrow, 2(6).
  • Langah, W. A. (2009). Islamic Banking in the UK: Challenges and Opportunities. Available at SSRN 1349170.
  • Maierbrugger, A. (2020). Islamic finance making strides in Canada. Gulf Times. https://www.gulf-times.com/story/655595/Islamic-finance-making-strides-in-Canada
  • Masiukiewicz, P. (2017). Expansion of Islamic finance in Europe. Journal of Intercultural Management, 9(2), 31–51. Öz, S., & Işik, M. A. (2019). İslami finans alanında tekaful sigortası: Türkiye İngiltere karşılaştırması. TURAN: Stratejik Arastirmalar Merkezi, 11(42), 415–425.
  • S&P Global. (2021). Islamic Finance Outlook: 2021 Edition. In S&P Global Ratings. https://www.spglobal.com/_assets/documents/ratings/research/islamic-finance-book-2021-edition.pdf
  • TheCityUK. (2019). Global Trends in Islamic Finance and the UK Market. TheCityUK; Throwers & Hamlins. https://www.thecityuk.com/research/global-trends-in-islamic-finance-and-the-uk-market-2019/
  • TheCityUK. (2020). Key Facts About the UK as an International Financial Centre 2020. TheCityUK. https://www.thecityuk.com/research/key-facts-about-the-uk-as-an-international-financial-centre-2020/
  • TKBB. (2020). Katılım Bankaları Sukuk İhraçları (2010-2019). https://tkbb.org.tr/Documents/Yonetmelikler/Katilim-Bankalari-2019.pdf
  • Wilson, R. (2008). Innovation in the structuring of Islamic sukuk securities. Humanomics. https://doi.org/10.1108/08288660810899340
  • Zaman, H. (2020). Historical origins of sukuk. International Journal of Sukuk and Waqf Research, 1(1), 27–29.
  • CIIF. (2021). Global Islamic Finance Report 2021. Cambridge Institute of Islamic Finance (CIIF) & Ajman University. http://www.gifr.net/
  • Collier, P. (2008). The Bottom Billion:Why the Poorest Countries are Failing and What Can be Done About it. Oxford University Press.
  • IFSB. (2021). Islamic Financial Services Industry Stability Report 2021. Islamic Financial Services Board. https://www.ifsb.org/sec03.php
  • İşte Finans. (2012). HSBC Uleması Türk Sukukunu Tescilledi. http://www.istefinans.com/haber/HSBC-ulemasi-Turk-sukukunu-tescilledi/123436
  • Öz, S., & Işik, M. A. (2019). İslami finans alanında tekaful sigortası: Türkiye İngiltere karşılaştırması. TURAN: Stratejik Arastirmalar Merkezi, 11(42), 415–425.
There are 29 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Article
Authors

Dilşad Tülgen Çetin 0000-0001-9321-6991

Publication Date October 30, 2022
Acceptance Date July 19, 2022
Published in Issue Year 2022 Volume: 5 Issue: 2

Cite

APA Çetin, D. T. (2022). İslami Finansın Gayrimüslim Ülkelerde Gelişimi, Karşılaşılan Zorluklar ve Öneriler. Bucak İşletme Fakültesi Dergisi, 5(2), 319-340. https://doi.org/10.38057/bifd.1128903