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    The Demand for Alternative Finance:
    Evidence from the Turkish Savings Finance Sector

    This project/book explores the Savings Finance model in Turkey, an interest-free financial system grounded in interest-free finance principles that came into being in the 1990s as an ethical alternative to conventional banking. The project examines the operational mechanisms of the model, particularly the collective savings pools for housing, vehicles, and workplaces. These pools circumvent the use of fixed interest rates by employing profit and loss sharing and managed fund pools. The book integrates theoretical analyses of interest-free finance and global models, such as ROSCAs, with empirical data from a nationwide survey of 662 participants. It assesses factors including public trust, theological sensitivities, and demographic influences on financial preferences.
    The project output discusses the sector's legal framework, operational mechanisms (including inflation-protected and lottery-based models), and its socio-economic impact, highlighting challenges like balancing religious norms with cost competitiveness. It also assesses awareness gaps and strategies to enhance institutional credibility. 

    Editor

    Murat UstaoÄŸlu

    Dr. UstaoÄŸlu is a professor of economics at Istanbul University, holding a Ph.D. (2013) and earlier degrees from Ramapo College and City University of New York. A former banker (Bank of New York and JP Morgan), he has held visiting positions at the London School of Economics, City University of New York, and the University of Toronto. His prolific research spans macroeconomics, finance, and AI in economics, with numerous books and journal publications. 

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    Editor

    Ferda Yerdelen TatoÄŸlu

    Dr.TatoÄŸlu is full professor at Istanbul University, specializing in panel data and spatial econometrics. She is the author of seminal works, including Panel Data Econometrics, and has published in leading journals such as Renewable Energy. Her interdisciplinary research spans energy economics, public policy, and health economics. As the founder of Omega Analiz, she bridges academic rigor with innovative applications in global econometric analysis.

    To online access to the project please click here...

    The Palgrave Encyclopedia of Islamic Finance and Economics

    This project covers more than 450 topics within Islamic finance and economics covering financial practices, financial institutions, and figures while also incorporating Islamic theology, history, and philosophy. It presents the historical theoretical framework as well as the modern and contemporary views for those conducting research on different aspects of the practices and products of Islamic finance and the integration of Islamic finance in the global economy. Overall, this two-volume set appeals to both Islamic finance and economics scholars alongside those covering development economics and developing markets.

    Editor

    Murat USTAOÄžLU

    Dr. UstaoÄŸlu is an professor of economics at Istanbul University, Turkey since March 2016. His research interests focus on the field of international economics and politics and Islamic economics and finance. He teaches undergraduate courses related to international and domestic financial markets, international trade policies and politics, trends in international markets, and innovation and developments of markets. 

    Section Editor

    Muhammet Sait BOZİK

    Dr. Bozik earned a Bachelor's degree in Statistics from Çukurova University, a Master's degree from Istanbul University Institute of Social Sciences, and is currently pursuing his doctorate in economics. He has authored numerous articles and book chapters, including "Real interest rate and its impact on income inequality" and "The effects of participation and traditional banking on economic growth: Case of Turkey", "The merchant societies and usury", However, in Ancient Greece, the social costs of interest-bearing debt were a concern. The Assyrians and Babylonians also had a form of interest-bearing debt. 

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    Editor

    Cenap ÇAKMAK

    Dr. Çakmak is a professor of international law at Anadolu University’s Department of International Relations (Faculty of Economics). He was a former visiting researcher at the TMC Asser Institute, The Hague, and a visiting scholar at the Max Planck Institute for Comparative Public Law and International Law, Heidelberg. He received his PhD in global affairs from Rutgers University.

    Section Editor

    BüÅŸra ÇİL

    Ms. Çil, after earning a Bachelor's degree in Industrial Engineering from Yıldız Technical University in 2019, BüÅŸra Çil pursued a Master's degree from Istanbul University's Institute of Social Sciences. She is currently working towards a Doctoral degree at the same institute, with research interests centered around inequality, income distribution, corruption, institutionalization, and economic policy. Some of the author's notable publications include "Evaluation of Theoretical and Empirical Analysis Results in Savings Finance" and "Savings Finance: Historical Origins, Theory, and Practice." 

    To online access to the project please click here...

    Istanbul Institute for Advanced Studies

    Vatan Caddesi Şehit Pilot Mahmut Nedim Sokak No:5 Aksaray, İstanbul, Turkey

    +90 534 378 77 23

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