Marmara University

Institute of Islamic Economics and Finance

(MUISEF)

In parallel with the global historical and political developments since the beginning of the 20th century, the Muslim world found itself in search of an identity in every field. A reflection of this quest has been in the field of economics and finance. This search, which started in the form of small scientific writings at the beginning, has internationally reached important dimensions in both theory and practice. Because of the injustice and the continuously increasing gap between rich and poor that the globally dominant economic orders caused, the search for an alternative economic system that proposed sharing the wealth based on justice and equity instead of its accumulation in the hands of certain individuals has accelerated.

Similarly, the global financial crises have led to the questioning of the conventional banking system, and the emergence of studies on alternative financial systems. The partnership-based participation banking model, based on the principle of interest-free banking has emerged as an important alternative to conventional banking. To research this alternative model in our country, universities have established centers as well as undergraduate and graduate programs.

Marmara University Institute of Islamic Economics and Finance (MUISEF) (established by the presidential decision of no. 967, published in the official gazette dated april 17, 2019 and numbered 30749) aims to carry out studies in the fields of economics and finance to contribute to the development and implementation of an economic system in accordance with the principles and values stipulated by Islam.

MUISEF will conduct coordinated activities with the finance office of the Presidency of Turkey, following the protocol signed between the two institutions. The institute bears the distinction of being the first institution established in this field in Turkey. Since its establishment in 1883 under the name of hamidiye trade school, our university has the most suitable academic facilities and conditions for Islamic economics and finance studies with its competence in the field of theology, finance, and banking. It has also strengthened its qualification of being one of the most deep-rooted academic institutions of our country with the establishment of this institute.

Objectives

The most important aim of MUISEF is to cultivate scientists who will internationally have a voice by offering master’s and doctoral programs in the field of Islamic economics and finance. For this purpose, the institute will organize its graduate programs in turkish, arabic and english languages. We aim to provide the students with a high level of Islamic economics and finance formation through interdisciplinary studies in the fields of economics, finance, history, and Islamic law. In parallel to this, we aspire to ensure that the students in the graduate programs have a good command of english and arabic languages, as it has become a necessity in the field of Islamic economics and finance.

MUISEF will carry out academic studies for determining and solving current problems of Islamic economy and finance, conduct research on institutions and historical experiences in Muslim societies, and present the results obtained from these studies to the public. Within this framework, MUISEF will carry out activities for the following objectives:

1. Conducting studies on Islamic economics and finance, financial institutions of Islamic civilization, history of Islamic economics, the law of almsgiving (zakat) and endowment (waqf), Islamic public finance, participation banking, and insurance;
2. Producing new knowledge and developing application models in these areas with an interdisciplinary approach;
3. Raising national and international awareness on Islamic economics and finance, and helping researchers acquire knowledge and skills;
4. Developing cooperation with public, the private sector, and non-governmental and international organizations in the field of Islamic economics and finance;
5. Investigating systems that were developed as an alternative to conventional banking and finance systems worldwide, conducting research on these and contributing to the creation of new products;
6. Providing consultancy and information support to public and private institutions on research topics of interest to the institute.

Areas of Interest

MUISEF aims to create social consciousness and awareness in the field of Islamic economics and finance, and to prepare a suitable academic environment in order to produce solutions based on Islamic principles to economic and financial social problems. In addition to graduate education activities, the institute, in cooperation with stakeholder institutions and organizations, particularly the presidential finance office, will conduct national and international seminars, meetings, workshops, conferences and trainings; prepare projects; organize certificate programs; publish relevant works. On the one hand, such activities will provide students with the theoretical level; on the other hand, it aims to support theoretical knowledge with practical applications.

One of the most important activities of the institute will be to determine the Islamic finance standards, which is one of the most important issues that will support Turkey’s aim to become an Islamic financial center. In this context, it is aimed to prepare interest-free financial standards which have not yet come to the surface in Turkey and contribute to the studies in this field with the studies to be carried out on various standards in the world by taking into consideration the economic-financial sciences and Islamic law under the leadership of academicians and business people who are experts in their fields.

Academic Staff

Marmara university has differen academic units like economics, business, faculty of theology, and institute of banking and insurance. Graduate programs to be supported by academics in these departments will significantly contribute to the interdisciplinary academic discipline of graduating students in MUISEF.

Educational staff of Marmara University will be enriched by introducing leading academicians who are specialized in their fields both in Turkey and abroad. Thus, students will be given the opportunity to recognize the national and international academic background in the field.

In addition, the theoretical knowledge of the students will be supported by applications from experienced and professional instructors in various sectors related to Islamic economics and finance.

Target Students

MUISEF will accept students with high level of success from Turkey and abroad with the support and assistance of official programs like turkiye scholarships (which is given by presidency for turks abroad and related communities) and international ilahiyat programs. Scholarship opportunities will be provided for the students who have these characteristics to continue their academic activities independently.

In conclusion, MUISEF aims to become a leading institution providing education at international standards in the field of Islamic economics and finance, and to become an authority for research and applications in this field internationally with its academic activities. In this way, our institute has set itself the vision of being a pioneer in realizing the aim of being a central country in the field of Islamic economy and finance in the regional and international arena.

This vision, on the one hand, includes the critical theoretical and practical experience of Islamic economics and finance in order to identify the problems in this field and to carry out the necessary studies to propose original solutions. On the other hand, it aims to the detection of distortions, grievances and social problems caused by the current economic and financial system on a national and international scale includes providing comprehensive solutions and keeping international awareness on these issues at the highest levelIn Conclusion,

Marmara University Institute of Islamic Economics and Finance (MUISEF) is a new istitution recently established under Marmara University which is one of the oldest and leading universities in Turkey. This report has been prepared to give some information about Marmara University in general and MUISEF in particular. MUISEF aims to contribute to scholarly community not only by training qualified individuals but also publishing high quality scholarly books.

In pursuit of this aim, MUISEF first will start publishing books translated from other languages, e.g. English and Arabic, into Turkish. In this regard, it has already signed agreement with ISRA to render some of its publications into Turkish. In accordance with this agreement, initially two of ISRA’s publications have been agreed to be translated into Turkish:

1. ISLAMIC FINANCIAL SYSTEM: PRINCIPLES AND OPERATION (2ND EDITION) (IFS)
2. SHARIAH AND OPERATIONAL STANDARDS (SOS)

The translation of the latter has already been finished and its final editing process has started. As for the former, its draft translation has been completed and the initial editing process is expected to be finished within the next two months.

After the completion of the above mentioned two books, MUISEF would like to continue its publication works by translating other books published by ISRA. As can be seen from the information given above, MUISEF has a very strong background and human resources to conclude scholarly works. Thanks to this background, the Institue also aims to publish original works in Turkish and English in near future. Such works will be valuable contribution to the scholarly accumulation in the flourisihing field of Islamic economics and finance.

 

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