Proceedings of The 5th International Conference on Opportunities and Challenges in Management, Economics and Accounting
Participation Banking System: The Case Of Turkey
Haldun SOYDAL and Tuba ÇÖLLÜ, Lecturer
Turkey’s Accession defined as banking but in the world of Islamic banking or today called free banking on the basis of the emergence of alternative financial system of the global economy and recently experienced economic vicious cycle for both religious reason lies. Although the world has begun to hear its name frequently in recent times, the history of Islamic banking dates back to the 1940s and 50s.
The first pioneer of the system, whose foundations were laid in the 1940s, was the Islamic bank, Mit-Ghamr, established in Egypt in 1963. Particularly, the continuous price increases that began to occur in oil prices in the world in 1974 are among the important factors triggering the spread of the system. Since the oil is mostly extracted in Islamic geography, the price increases of the capital holders along with the growing foreign exchange reserves increase the appetite of all oil importing countries, as well as the developing countries like us, which cannot allocate sufficient budget for development, and attracting various alternatives to attract this resource. It was studied.
Today, the Islamic economic model attracts great attention not only in Muslim countries but also in the west and has a considerable share in the sector. So much so that Britain has become the most important Islamic Finance Center in the West.
Definition Participation Banking aims of our study of the historical development of the situation in Turkey and in the world is given to the selected sample Banking aims Participation in the light of this information and will be compared with samples in the world.
Keywords: Banking system, conventional banking, Paticipation banking system, İslamic finance system, interest free banking system.