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The Politics of Islamic Finance$
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Clement Henry and Rodney Wilson

Print publication date: 2004

Print ISBN-13: 9780748618361

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748618361.001.0001

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

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

Chapter:
(p.216) 10 The Political Economy of Islamic Finance in Turkey: The Role of Fethullah Gülen and Asya Finans
Source:
The Politics of Islamic Finance
Author(s):

Filiz Baskan

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9780748618361.003.0010

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

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