Chapter

The Political Economy of Islamic Finance in Turkey: The Role of Fethullah Gülen and Asya Finans

Filiz Baskan

in The Politics of Islamic Finance

Published by Edinburgh University Press

Published in print February 2004 | ISBN: 9780748618361
Published online March 2012 | e-ISBN: 9780748653089 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748618361.003.0010
The Political Economy of Islamic Finance in Turkey: The Role of Fethullah Gülen and Asya Finans

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This chapter aims to examine the development of Asya Finans as an example of Islamic banking. Asya Finans is an Islamic bank in two respects: first, it avoids interest-based transactions and relies instead on profit-sharing; and second, it is affiliated to the Islamic Fethullah Gülen Community. The chapter addresses the following questions: 1) what is the difference between Asya Finans and conventional banks?; 2) what is the position of Asya Finans compared to other special finance houses; 3) what are the aims of Asya Finans; 4) does Asya Finans benefit from its association with the Fethullah Gülen Community; and 5) does the latter gain from having its own banking affiliate? Providing answers to these questions highlights the interaction between politics and and the Islamic sub-economy in Turkey.

Keywords: Asya Finans; profit-sharing; Fethullah Gülen Community; conventional banks; Turkey; Islamic sub-economy

Chapter.  10472 words. 

Subjects: Society and Culture

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