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The evolution of Islamic Finance. The case of Turkey

The structure of the research will develop as follow.
The first chapter will consider the evolution of politics, economy and society in Turkey; how the most important Associations or leaders have been the protagonists of the resurrection of Turkey since 1990s. As has already been mentioned the external and internal influence on the Turkish economy had came from both the Europe and the Middle East, indeed, even if the Turkish economy follows the typical Western principles, on the other hand, the rising “Islamic economy” has been, for Turkey, a good opportunity to increase its own macro regional influence and to increase the society’s welfare.
The second chapter is dedicated to the Turkish banking system and its development after the 2001. Even though the liberalization process started, in the 1980s, when the Turkish democratization process had also begun. From that time institutions, banks and government changed actors, “free trade” helped the society to increase its wealth and privates citizens to have profitable investments. Foreigners also have contributed investing sums of conspicuous capital in Turkey. A paragraph will be dedicated to Turkish political economy with some attention to projects in cooperation between Turkey and International Organizations such as the World Trade Organization or the World Bank.
The third chapter will focus on the Islamic banking and financial model: the theories behind this model and individual participation in a joint project; the main religious impediments, the common banking and the two main islamic banking transactions. Recently, Takaful, the Islamic insurance; and sukuk, the Islamic bond, have driven Islamic finance closer and closer to the West. From an international perspective, the case of the Islamic Development Bank will show the islamic financial dynamism, as evidenced by its involvement with the London and Luxembourg Stock Exchanges.
Finally the fourth chapter will introduce the theory in practice. Several different kinds of examples will be given to show the real application of Islamic regulation in the economy with the intent of finding a connection between the Islamic and the capitalistic system.
As history teaches, after all, the economy is the only possible network between two different cultures which have made the history of the world.

Mostra/Nascondi contenuto.
12 1.2 Turkey and the European Union Since the association agreement signed by Turkey and Europe in 1963, EU economic relations with Turkey have improved systematically, and today, the country appears much more integrated with main European trade and economic networks. On a superficial level, the analysis of E.U. politicians about Turkish membership is still divided between those who are sceptical and those who are in favour. Religious beliefs and geographical position are the main points against the membership, while economic and trade considerations are the main points in favour. In any case circumstances are much more complex than they might appear. In December 2004 the European Council decided unanimously to start accession negotiations with Turkey, “407 votes were in favour and 262 against" 8 . "The growing scepticism is reflected by the new negotiating framework formally agreed by the Luxemburg European Council and endorsed by the European Parliament in 2006. While accession is defined as the 'shared objective of the negotiations, the negotiations are defined as an open-ended process, the outcome of which cannot be guaranteed beforehand" 9 . One of the clearest examples of the functional opposition to Turkish membership is represented by those raising concern about shifting EU structural funds to Turkey, and the massive influence that a Turkish membership would have within European institutions. "too big, too poor [Turkey] to join the Union" stated a report of Germany’s European Parliament’s Christian-Democratic Party,. A document drafted in December 2012 by the European Commission agrees with the Luxembourg European Council conclusions of December 1997. However it was the Helsinki European Council which once and for all granted Turkey the status of candidate. The application would entail fulfilling various requirements in areas of common interests: “political reforms, alignment with acquis ⃰, dialogue of foreign policy, visas, mobility and migration, trade, energy, counter terrorism and participation in community programs" 10 . Especially in the field of energy, with a view to Turkey's development as a potential energy hub, the EU and Turkey started their cooperation with a number of important energy issues. Moreover, since 1995 Turkey and EU have formed a Customs Union, continuing to boost bilateral trade which totalled € 120 billion only in the 2011. “Turkey is the EU's sixth biggest trading partner, while the EU is Turkey's biggest. A bit less than half of Turkey's total trade is with the EU and almost 75% of the foreign investment that flows into Turkey with a strong high technology component comes from the EU" 11 . However Turkey decided not to implement the Customs Union leaving several trade issues unresolved, such as the abolition of technical barriers for trade, or restrictions on: import goods from third countries, state aid, enforcement of intellectual property rights, 8 Stefano Braghiroli, “An empirical assessment of MPE's voting behaviour on Turkey and Turkish membership”, Centre of the study of political change (CIRCAP), University of Siena, 2010. Osservatorio sui Balcani website. 9 European Commission 2005. 10 European Commission, Turkey 2012 progress report (October 2011-september 2012), Brussels 2012. p. 4. 11 Ibid. p. 5.

Tesi di Laurea Magistrale

Facoltà: Relazioni Internazionali

Autore: Gabriele Mammì Contatta »

Composta da 104 pagine.


Questa tesi ha raggiunto 126 click dal 12/04/2018.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.