Legal and Regulatory Framework of Islamic Banks: a Comparison between UK and Turkey

Suna AKTEN ÇÜRÜK

Abstract


Islamic finance that it’s modern practices based on the 1960s provided much faster growth than the traditional financial sector, not only in Islamic countries, but also in the western world, with the resilience and resistance to financial shocks. Especially with the global financial crisis, many countries have aimed to facilitate Islamic banking practices with various legal regulations and to benefit from the potential economic contribution of the sector. In this sense, the tangible steps taken by the UK to become a hub are remarkable. With over thirty years experience in the sector and the size of the economy, Turkey and regulations of the political authorities towards the sector are carefully followed by foreign investors. The purpose of this study is to examine the legal and regulatory framework of Islamic banks in our country from the perspectives of the operations, audit, accounting, tax, etc. in comparison with the UK and to identify the problems that affect the pace of sector development. It is aimed to contribute to benefit of the demand potential in Islamic finance.

References


Aldohni, Abdul Karim (2011), The Legal and Regulatory Aspects of

Islamic Banking, Routledge.

Haron, Sudin and Wan Nursofiza Wan Azmi (2009), Islamic Finance and Banking System: Philosophies, Principles & Practices, Mc Graw Hill.

ERNST&YOUNG, The World Islamic Banking Competitiveness Report 2015-2016.

Çizakca, Murat (2011), Islamic Capitalizm and Finance: Origins, Evolution and the Future, UK ans USA: Edward Elgar.

Ayup, Muhammad (2007), Understanding Islamic Finance, John Wiley and Sons Pub., England.

Abod, Sheikh Ghazali Sheikh, Syed Omar Syed Agil and Aidit Hj. Ghazalı (2005), An Introduction to Islamic Economics & Finance, CERT Pub., Kuala Lumpur.


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