this PDF file - International Journal of Islamic Economics

International Journal
of Islamic Economics and Finance Studies
(Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi)
November / Kasım 2015
Volume / Cilt: 1
Issue / Sayı: 2
p-ISSN: 2149-8393
e-ISSN: 2149-8407
www.ijisef.org
International Journal of Islamic Economics and Finance Studies (IJISEF) is an international,
academic, periodical and peer reviewed journal published by Centre of Political Economical
and Social Research (PESA). The Journal particularly focuses on topics related to Islamic
Economics, Islamic Banking, Islamic Financial Markets, Islamic Management, Fiqh and other
relevant topics. The Journal is dedicated to building a platform for academicians, market and
those who are interested in Islamic economics and finance studies to share, discuss, evaluate
and distribute their works and opinions.
International Journal of Islamic Economics and Finance Studies is published three times a year.
Further information on the International Journal of Islamic Economics and Finance Studies
can be found at: http://www.ijisef.org/
Permission to make digital or hard copies of part or all of the International Journal of Islamic
Economics and Finance Studies for personal or classroom use is granted without fee provided
that copies are not distiributed for profit or directional commercial advantage. No part of this
publication may be reproduced or distributed in any form or by any means, or stored in data
base or retrival system, without the prior written permission of the publisher. Permission may
be requested from the PESA Research and Publication Department.
Copyright © 2015 by PESA
No responsibility for the views expressed by authors and reviews in the International Journal of
Islamic Economics and Finance Studies is assumed by the editors or by the Publisher Center
for Political, Economic and Social Resarch (PESA).
Printed at Gelişim Ofset - Sakarya /TURKEY
Contact Editorial Office
Adress: Arabacı Alanı Mahallesi Mustafa Ocak Sokak No:9 D:2 Serdivan-Sakarya/Türkiye
E-mail: [email protected]
Phone: +90 532 769 5899
Fax: +90 (264) 295 6233
Published by: Center for Political, Economic and Social Research (PESA)
Politik Ekonomik ve Sosyal Araştırmalar Merkezi (PESA)
www.pesar.org
International Journal of Islamic Economics and Finance Studies (IJISEF)
Published by PESA, On Behalf of PESA the Owner is
Fatih YARDIMCIOĞLU
Editor in Chief / Baş Editör
Mehmet ASUTAY
Editors / Editörler
Şakir GÖRMÜŞ
Ömer KARAOĞLU
Editorial Assistants / Editör Yardımcıları
Salih ÜLEV
Hakan ASLAN
Mücahit ÖZDEMİR
INTERNATIONAL ADVISORY BOARD / DANIŞMA KURULU
Habib Ahmed, Durham University, UK
Lokman Gündüz, Central Bank of the Republic of Turkey
Haider Ala Hamoudi, University of Pittsburgh, USA
M. Kabir Hassan, University of New Orleans, USA
Mohammad Hudaib, University of Glasgow, Scotland, UK
Zamir Iqbal, World Bank, USA
Abdul Ghafar Ismail, IRTI, Islamic Development Bank, Saudi Arabia
Rifki Ismal, Bank Indonesia, Indonesia
Hylmun Izhar, IRTI, Islamic Development Bank, Saudi Arabia
Yusuf Karbhari, Cardiff Business School, UK
Necmettin Kızılkaya, University of Istanbul, Turkey
Dian Masyita, University of Padjadjaran, Indonesia
Shehab Marzban, Hamad bin Khalifa University, Qatar
Shinsuke Nagaoka, Kyoto University, Japan
Saduman Okumus, Istanbul Commerce University, Turkey
Mehmet Sarac, University of Istanbul, Turkey
Zurina Shafii, Universiti Sains Islam Malaysia, Malaysia
Fatih Savaşan – Sakarya University, Turkey
Noor Zahirah Mohd Sidek, Universiti Teknologi MARA, Malaysia
Olivia Orozco de la Torre, Casa Árabe, Spain
Abdullah Turkistani, King Abdul Aziz University, Saudi Arabia
Rodney J. Wilson, Durham University, UK & INCEIF, Malaysia
Abstracting/Indexing: ASOS Index, Index Islamicus Google Scholar,
BASE, CiteFactor, ESJI, Research Bible, Scientific Index, JournalTOC
www.ijisef.org
CONTENT / İÇİNDEKİLER
Efficiency in Islamic Banking: Evidence from MENA Region
5
Mouna Moualhi
İslami Bankalarda Likidite Riski Yönetimi: Türkiye’de Katılım Bankacılığı
Üzerine Ampirik Bir Uygulama
23
Liquidity Risk Management in Islamic Banking: An Empirical Analysis
on the Turkish Participation Banking
Gökhan Işıl and Nasıf Özkan
Credit-Related Practices of Islamic Banks in Comparison with Theory:
Case Study of Turkey
39
Z. Hafsa Orhan Aström
Bir Yoksullukla Mücadele Aracı Olarak İslami Mikrofinans ve Türkiye’de
Uygulanabilirliği
Islamic Microfinance as a Tool for Powerty Reduction and Feasibility in
Turkey
61
Raif Parlakkaya and Suna Akten Çürük
The Chicago Plan from the Lenses of Islamic Finance: Implications for
Financial Stability and Indebtedness
87
Tarık Akın and Muhammed Habib Dolgun
Faizsiz Finansal Kuruluşlarda Zekât, Zekât Fonu ve Zekât Muhasebesi
Zakah, Zakah Fund and Accounting for Zakah in Interest Free Financial
Institutions
113
Ayhan Yatbaz
Tüketicilerin Helal Tüketim Davranışlarının Belirleyicileri: Planlı Davranış
Teorisi Çerçevesinde Bir Araştırma
Determinants of Halal Consumption Behavior of Consumers’: A Study with
the Theory of Planned Behavior
141
Abdülkadir Öztürk, Sima Nart and Remzi Altunışık
İslam İktisadı İnsanlık için bir İhtiyaç mı?
Does Mankind Need Islamic Economics?
161
Şakir Görmüş
Özgün İslami Finansal Kurumlar İnşa Etmek
Building Genuine Islamic Financial Institutions
Asad Zaman (Çeviren: Mustafa Kenan Erkan)
171
Preface
Dear Colleague,
With the developments have been witnessed in the Islamic finance industry,
specialized academic research, education and training in the field has demonstrated a
surge; and consequently a large number of academic institutions in different parts of
the world including in the West have commenced to offer opportunities for research,
education and training in various aspects of Islamic economics, banking and finance.
In last two years with an additional incentive and motivation a number of universities
in Turkey commenced to engage in and develop Islamic moral economy/Islamic
economics and finance related studies. Sakarya University is one of such universities,
which aims to contribute to the development of this (sub)discipline and financial
practice in the region and the country but also globally and hence their international
conference in Islamic finance in October 2015 is a result of such an attempt.
It should be noted that the nascent (sub)discipline of Islamic (moral) economics and
finance seems to take in root in academia all over the world (and beyond the Muslim
countries) being covered even by leading economics and finance focused academic
journals. Thus, from the initial emergence of the (sub)discipline we have now been
witnessing the creation and dissemination of research-led output finding spaces in
various forms including leading journals. Considering that as early as in 1990s, BBC
called Islamic economics and finance in one of its report as ‘voodoo economy’, I am
sure you will join me in acknowledging the achievement so far demonstrated by the
Islamic finance sector and also by the specialised academia.
While academic research is still in the process of taking off and gaining maturity, the
available outlets for publication has to increase and also has to progress towards
maturity by ensuring quality. It is encouraging to see Islamic economics and finance
related publications are moving away from prescriptive notion of ‘in Islam’
terminology to theoretical, conceptual and empirical studies. However, the dominance
of empirical studies should alert some caution; as conceptual and theoretical studies
are terribly limited in the bourgeoning research. While empirical research is important
for us to understand the behaviours of individuals, organisations and markets, we need
to develop the necessary frame (Islamic moral economy and finance frame) to locate
the empirical studies in furthering meaning making and contribute to the knowledge
development and not only the dissemination of knowledge. It is, indeed, difficult to
undertake theoretical and conceptual studies, which require huge intellectual acumen
beyond skills; however, the comfort of empirical studies should not wither away
theoretical and conceptual studies as the sustained and robust development of Islamic
finance within ‘its promise’ and beyond financialisation and capitalization can only be
possible by establishing its foundation and frame.
It is with such hopes that we offer International Journal of Islamic Economics and
Finance Studies so that it can be a new voice in encouraging theoretical, conceptual
and empirical studies to develop the Islamic moral economy/Islamic economics and
finance related discourse and model. In creating this journal, the realities of locality
are also considered, and therefore the journal is offered a bi-lingual in Turkispace for
publication.
We hope that this local attempt will be able to find an opportunity space for itself in
the global academic world and also will render an opportunity space for colleagues
specialising in Islamic moral economy/Islamic economics and finance related studies.
Your support in the form of publishing your contributions and also disseminating
information about its existence will help in developing this jou