Islamic Economics and Finance Forum Broadcast Live on TVNet

Istanbul Sabahattin Zaim University (IZU) hosted a significant gathering in the field of Islamic economics and finance. The "Islamic Economics and Finance Forum", which was broadcast live on TVNet, brought together leading academics and experts in the discpline. 

prominent figures from the world of economics and finance took part in TVNnet's live broadcast of the program "Z Report". Moderated by Semra Karabaş and held in the Historic Building Museum Hall, the forum featured insightful discussions on Islamic economics. Among the participants were IZU Rector Prof. DR. Ahmet Cevat Acar, Prof. Dr. Ruşen Ahmet Albayrak, Prof. Dr. Yusuf Dinç, Prof. Dr. İbrahim Güran Yumuşak, Prof. Dr. Turan Erol, Prof. Dr. Servet Bayındır, and Prof. Dr. Metin Toprak.

Acar: Islamic Economics Offers a More Resilient Model Against Financial Crises
IZU Rector Prof. Dr. Ahmet Cevat Acar emphasized the growing interest in Islamic economics and the interest-free finance model both in Turkey and around the world. Rector Acar stated, "Islamic economics encompasses a framework that includes interest-free finance, participation banking, and takaful (Islamic insurance). This system has been developing globally for nearly 40 years. In Turkey, the structure was first institutionalized in 1983 with the establishment of participation banks under the name 'special finance institutions'."
He continued: "As of today, there are approximately nine active participation banks in Turkey, holding a market share of around 9%. In the field of Islamic insurance (takaful), four different companies are actively operating. Recently, digital participation banking has also become part of the system. As a result, not only traditional participation banks but also digital interest-free financial institutions have entered the market."

Albayrak: We Are Not Pessimistic
Dr. Ruşen Ahmet Albayrak, Deputy General Manager of Commerical and Corporate Banking at Kuveyt Türk, remarked that participation banking is becoming increasingly aligned with global financial system and is gaining strength. Albayrak stated, "There is no need for pessimism. The participation banking ecosystem is now fully integered with global markets. It possesses the intellectual capacity and capital strength to develop its own system, processes, and products. With the recent strong support from the government and the development of capital and insurance markets, we are moving towards designing a remarkable ecosystem."

IZU Academics Convened at the Forum 
Dean of the Faculty of Economics and Administrative Sciences, Prof. Dr. İbrahim Güran Yumuşak, emphasized the importance of public universities supporting this field, stating: “We definitely need to raise awareness in this area.”
Prof. Dr. Servet Bayındır, a faculty member in the Department of Islamic Economics and Finance, added, “If the primary business activity is legitimate, and the financial operations are also legitimate, then we can confidently say, ‘This is a viable investment.’”
Focusing on the perception of wealth and property in Islamic economics, IZU faculty member Prof. Dr. Metin Toprak stated: “Rather than a strict criterion of halal and haram, this system promotes encouragement. Greed for wealth and worldly gain is not praised in any religion. In Islam, those engaged in commercial activity are encouraged to uphold responsibilities towards society and individuals.”

Dinç: Orthodox Economics Is Flawed – There Is No Conflict with Gold
IZU faculty member Prof. Dr. Yusuf Dinç highlighted the significance of gold and commented: “Our primary issue in integrating savings into the financial system is ending the conflict with gold. We are in constant conflict with gold, and I believe this is unnecessary. That is why I criticize proponents of orthodox economics. The institution that ended this conflict in Turkey was Kuveyt Türk Participation Bank. Gold deposit accounts were introduced, and numerous promotional campaigns were launched. Before Kuveyt Türk, no bank had advocated for this.”