“Islamic economics, a powerful alternative.” That’s what they say about the work at \u0130Z\u00dc \u0130slam Ekonomisi ve Finans\u0131 Ara\u015ft\u0131rma Merkezi.
Welcome to the \u0130Z\u00dc \u0130slam Ekonomisi ve Finans\u0131 Ara\u015ft\u0131rma Merkezi. It is Istanbul Sabahattin Zaim University’s International Research Center for Islamic Economics and Finance. Here, research aims to bolster the growth of Islamic economics.
The center’s foundation was celebrated with a groundbreaking ceremony. This event highlighted Turkey’s Islamic finance sector. At that time it was only five percent of the banking system. The government aimed to increase it to 20 percent.
\u0130Z\u00dc Rector Mehmet Bulut spoke at the ceremony. He noted Turkey’s rich historical background. He emphasized the importance of Ottoman experience. Also important were the traditions from money foundations. Bulut pointed out Islamic finance’s global rise. It stands as a strong alternative to struggling economic systems.
The \u0130Z\u00dc \u0130slam Ekonomisi ve Finans\u0131 Ara\u015ft\u0131rma Merkezi was built with support from Albaraka T\u00fcrk and Kuveyt T\u00fcrk participation banks. It is within Istanbul Sabahattin Zaim University. At the groundbreaking ceremony, key figures were present. These included \u0130Z\u00dc Rector Prof. Dr. Mehmet Bulut. Also present was \u0130Z\u00dc Board of Trustees member Mustafa B\u00fcy\u00fckabac\u0131. Albaraka T\u00fcrk Deputy General Manager Temel Haz\u0131ro\u011flu also attended. Kuveyt T\u00fcrk Corporate Communications Manager Hasan Y\u0131lmaz was there too.
Rector Bulut remarked on Turkey’s late recognition of Islamic finance’s importance. Despite its roots in Turkish tradition, the country lagged. Istanbul Sabahattin Zaim University aimed to bridge this gap. The center was completed in just eight months with financial support. It welcomes leading experts from around the globe.
\u0130Z\u00dc \u0130slam Ekonomisi ve Finans\u0131 Ara\u015ft\u0131rma Merkezi is a pioneering institution in Islamic economics and finance in Turkey. Bulut noted the world’s economic crises. These include the crisis of 1929, the 1970s oil crisis, and the 2008 global crisis. These events exposed the current financial system’s inadequacies. The center seeks solutions to these global economic challenges.
Istanbul Sabahattin Zaim University leads in this field in Turkey. They first launched master’s and doctoral programs in this area. Now, they have a fully equipped research center. This center is built in partnership with Kuveyt T\u00fcrk and Albaraka T\u00fcrk.
The university has a joint master’s program. It is in partnership with Universiti Utara Malaysia. This offers students a unique international experience. Students study in both Turkey and Malaysia. The program is in English, with plans to add Arabic. This complements the existing Turkish master’s and doctoral programs.
Albaraka T\u00fcrk’s Temel Haz\u0131ro\u011flu emphasized their support for academic research. He noted the relative youth of Islamic banking. It is newer than classical banking. More study is needed in this field.
Kuveyt T\u00fcrk’s Hasan Y\u0131lmaz highlighted Islamic banking’s recent growth in Turkey. He stressed the need for trained professionals. Investment in education is crucial for the sector’s future.
\u0130Z\u00dc \u0130slam Ekonomisi ve Finans\u0131 Ara\u015ft\u0131rma Merkezi is dedicated. It aims to advancing Islamic economics and finance through research, education, and global collaboration.