Are Islamic Banks More Effective than Conventional Banks for Turkey’s Development?

Are Islamic Banks More Effective than Conventional Banks for Turkey’s Development?

ÇIFÇI, Gönül
PAKSOY, Sadettin

Islamic banks are so popular nowadays, while many people had preferred to stay far in the past. Even to World’s first and foremost conventional banks have new departments related to Islamic banking. Essentially, Islamic banking is similar to conventional banking in many areas but all rules about transactions, services but interest is pivot of conventional banking. That is why some Muslims had hesitation to make investments in banking systems. In that perspective, Islamic banking fulfilled many people’s investment desire. Are Islamic banks more effective than conventional banks for development with Islamic bank’s remarkable performance and ability to generate high volume in Islam countries like Indonesia and Malaysia? Or that success is just a coincidence? We will seek that questions’ answer by examining Islamic and conventional banks in Turkey. Key Words: Islamic Banking, Conventional Banking, Turkey, Development.

Article
PeerReviewed

ISSN 2303-4564

International Burch University

2014-04-24

2496