ILKE Islamic Economics Research Center (IKAM) organizes the 5th Islamic Economics Workshop in 1-2 April 2017 in Sakarya. The topic of this year’s workshop is “Interest from the Perspective of Islamic Economics”. The workshop will be organized in association of ILKE Association for Science Culture and Education, Scientific Studies Association (ILEM), Turkish Entrepreneurship and Business Ethics Association (IGIAD) and Islamic Economics and Finance Application and Research Centre (ISEFAM)

In defining and deciding the role of interest in economic affairs, various debates have taken place from ancient Greek philosophy to modern economics thought. And in today’s modern economical system, a serious range of debates are still being conducted. In the context of these debates, a compromise among scholars is yet to come. After the economic crisis in 2008, policies of central banks to decrease interest rates and initiation of negative interest policies in some central banks caused the debates in economics literature to be aggravated. There are some who defend the regulatory role of interest in capitalist economic system, while there are also other parties who claim that interest causes social problems such as unjust distribution of income and inequality. However, seen from a bird’s eye view, it can be observed that interest became a part of economic activity beyond academic debates – both on an individual and institutional level. Although it seems like an indivisible part of economic system, interest is actually a prohibited practice in Islam, Christianity and Judaism. Interest/riba is a totally and openly prohibited practice in the Qur’an; and the questions of how to handle with this issue within the Islamic Economics framework and how to shape a new system accordingly are significant both for Muslims and for those who seek for an alternative to the current system.

Today, it is observed that some institutionalized banks under the names of Participation Banks or Islamic Finance Institutions are endeavoring to compensate for debt money by using interest-free methods. It is not for certain if these institutions are enough to fill the gap in this field. What is certain and more important is the fact that researches in the field should be varied and some alternative systems should be developed. In addition, starting with the problem of interest, there is a need to conduct theoretical and applied researches in order to build a holistic system and also to deal with the issues both from macroeconomics and microeconomics perspectives.

In the fifth Islamic Economics Workshop, this year’s aim is to deal with the issue of interest from an Islamic Economics perspective. To this end, academics from Turkey and abroad who carry out research in this subject will be invited, the economic, political and social problems that are caused by the current interest system will be discussed and potential solutions will be offered accordingly.

For the last five years Islamic Economics Workshop has gathered many experts from various countries throughout the globe and they shared ideas about many different branches of Islamic Economics. In order for this valuable accumulation and outcome to become permanent and thus to contribute to other researches and debates in the field, presented articles are collected in an edited volume. In this framework, Turkish and English edited volumes after the respective workshops are published: İslam İktisadını Yeniden Düşünmek, İslam İktisadı ve Piyasa, İslam İktisadı ve Emek ve İslam İktisadı ve Sosyal Adalet, Islamic Economics: Basic Concepts, New Thinking and Future Directions (Cambridge Scholar Publishing) and Labor in an Islamic Setting: Theory and Practice (Gower Publishing). In the fifth workshop too, articles that are successfully presented in the workshop will be published.

Islamic Economics Workshop has an authentic and interdisciplinary approach which encourages new perspectives, focuses both on theory and practice and deals with methodological issues closely. It cordially invites researchers and experts to collaborate in this effort.

  • Fatih Savaşan, Sakarya Üniversitesi
  • Fatih Yardımcıoğlu, Sakarya Üniversitesi
  • Lütfi Sunar, İstanbul Üniversitesi
  • Necmettin Kızılkaya, İstanbul Üniversitesi
  • Murat Şentürk, Istanbul Üniversitesi
  • Ozan Maraşlı, İstanbul Sebahattin Zaim Üniversitesi
  • Ömer Bedrettin Çiçek, İGİAD
  • Süleyman Güder, İlmi Etüdler Derneği
  • Süleyman Kaya, Sakarya Üniversitesi
  • Taha Eğri, İstanbul Üniversitesi
  • Abdulazeem Abozaid, Emirates Islamic Bank
  • Abdullah Durmuş, Istanbul University
  • Adem Esen, Istanbul University
  • Ahmet Faruk Aysan, Boğaziçi University
  • Asad Zaman, International Islamic University
  • Burhanettin Can, İGİAD
  • Cengiz Kallek, İstanbul Şehir University
  • Erkan Erdemir, İstanbul Şehir University
  • Fahim Khan, Riphah Center of Islamic Business
  • Fatih Savaşan, Milli Savunma University
  • Feridun Yılmaz, Uludag University
  • Gülfettin Çelik, Istanbul Medeniyet University
  • Haluk Songür, Süleyman Demirel University
  • Lütfi Sunar, Istanbul University
  • Mahmut Bilen, Sakarya University
  • Masudul Alam Choudhury, Sultan Qaboos University
  • Mehmet Babacan, Istanbul Medipol University
  • Mehmet Saraç, Istanbul University
  • Murat Şentürk, Istanbul University
  • Murat Taşdemir, Medeniyet University
  • Murteza Bedir, İstanbul University
  • Necdet Şensoy, TCMB
  • Necmettin Kızılkaya, İstanbul University
  • Nihat Erdoğmuş, İstanbul Şehir University
  • Nurullah Gür, Medipol University
  • Sabri Orman, TCMB
  • Servet Bayındır, İstanbul University
  • Şakir Görmüş, Sakarya Üniversitesi
  • Yusuf Alpaydın, Marmara University

Inaugural Session

31 March 2017, 17.30 – 20.00
İSAM Conference Hall, İstanbul

Opening Speeches

Dr. Lütfi Sunar, Düzenleme Heyeti Başkanı
Prof. Dr. Muzaffer Elmas, Sakarya Üniversitesi Rektörü

Keynote Address
M. Fahim Khan
An Islamic Perspective on Market Failure and a Lesson for Eliminating Interest from Economy

Opening Panel: Current Interest Problem and Islamic Economics Solutions
Chair: Necmettin Kızılkaya, İstanbul University
Ahmet Tabakoğlu, Marmara University
Mehmet Ali Akben, BDDK
Mabid Ali al-Jarhi, INCEIF University, Malezya
Ayhan Karahan, İGİAD

1 NİSAN 2017 Saturday

First Session 09.00-10.40
Chair: Mehmet Saraç, İstanbul University
Finance Based on the Rate of Interest: As a Source of Economic Inefficiency
Mabid Ali al-Jarhi, INCEIF University, Malesia
Discussant: Şakir Görmüş, Sakarya University, Türkiye

Interest, Market, Philanthropy and Efficiency: An Islamic Approach
Toseef, Azid, Prof., Qassim University
Osamah Al Rewashedah, Assist Prof., Qassim University
Discussant: Taha Eğri, İstanbul University

Second Session 11.00-12.40
Chair: Hakan Sarıbaş, Bülent Ecevit University
Klasik ve Modern Dönem Faiz Tanımlarının Günümüz Tartışmalarına Etkileri
Servet Bayındır, İstanbul Üniversitesi
Discussant: Abdullah Kahraman, Kocaeli University

An Islamic Critique of Rival Economic Systems’ Theories of Interest
Muhammad Iqbal Anjum, International Islamic University Islamabad
Discussant: Hafsa Orhan, İstanbul Sebahattin Zaim University

Third Session 14.00-15.40

Chair: Mahmut Bilen, Sakarya University
Monetary transmission through debt financing channel of Islamic banks: Does PSIA play a role?
Hichem Hamza, King Abdulaziz University
Zied Saadaoui, University of Manouba
Discussant: Fatih Savaşan, Savunma University

Interest-free financing, financial inclusion, Pakistan, Sweden, Akhuwat, JAK
Muhammad Azeem Qureshi, Oslo Business School
Discussant: Serhan Yıldırım,

Fourth Session 16.15-18.00
Chair: Raif Parlakkaya, Necmetin Erbakan University
Faizli Bir Bankanın Faizsiz Bankaya Dönüştürülmesi Meselesinin İslam Hukuku Açısından Tahlîli
Abdullah Durmuş, İstanbul Üniversitesi
Discussant: Necmeddin Güney, Necmetin Erbakan University

Diyanet Personelinin Faiz Hassasiyeti Üzerine Bir Araştırma
Kadir Kızıltepe, Sakarya University
Fatih Yardımcıoğlu, Sakarya University
Discussant: Adem Esen, İstanbul University


Fifth Session: 09.00-10.40
Chair:Osman Güman, Sakarya University
Yatırımcılara Faizle Borçlanmaya Alternatif İslami Bir Yöntem: Kitle Fonlaması
Muhammet Fatih Canbaz, Afyon Kocatepe University
M. Kemalettin Çonkar, Afyon Kocatepe University
Discussant: Necdet Şensoy, TCMB

The Role of the State in an Interest-Free Economic System
Yenny Kornitasari, Universitas Brawijaya
Discussant: Ozan Maraşlı, İstanbul Sebahattin Zaim University

Sixth Session 11.00-12.00

Chair: İbrahim Güran Yumuşak, İstanbul Sebahattin Zaim University
Faizsiz Finans Yöntemlerinden Murabahanın Faizle İlişkisi
Hacı Mehmet Günay, Sakarya University
Discussant: İsmail Cebeci, Mamara University

Special Session 12.00-12.30
Faiz ile Refahın Dağılımı Arasındaki İlişki
Nurullah Gür, İstanbul Medipol University


Necmettin Kızılkaya, Süleyman Kaya, Hichem Hamza, Toseef Azid, Hakan Sarıbaş, Mabid Ali al-Jarhi