this PDF file - International Journal of Islamic Economics
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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: ijisef@gmail.com 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