Browsing by Author Cizakca, Murat

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  • critical_assessment_of_the_waqf_law_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • There is a huge need in the Islamic world to revitalize the waqf system. The currently dilapidated state of waqfs in most countries should actually be considered as an opportunity to design a thorough reform taking into consideration not only the classical Islamic waqf law but also the latest practices and norms in the west. It is to be hoped that such a synthesis of the classical Islamic and modern western practices and norms in conformity with the Shariah will lead to an ideal waqf law that can be of vital importance for the restoration of this institution

  • critical_assessment_of_the_waqf_law_being_prepared_by_IDB_IRTI_and_Quwait_foundation_murat.pdf.jpg
  • Academic Proceeding


  • Authors: Cizakca, Murat (2013)

  • There is a huge need in the Islamic world to revitalize the waqf system. The currently dilapidated state of waqfs in most countries should actually be considered as an opportunity to design a thorough reform taking into consideration not only the classical Islamic waqf law but also the latest practices and norms in the west. It is to be hoped that such a synthesis of the classical Islamic and modern western practices and norms in conformity with the Shariah will lead to an ideal waqf law that can be of vital importance for the restoration of this institution.

  • ahlaki_kapitalizm_cover.jpg.jpg
  • Book


  • Authors: Cizakca, Murat (2012)

  • Available in physical copy only (Call Number: HB 501 C582)

  • arab_spring_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • Although "Arab Spring" is the name given to the latest events in the Middle East, I am of the opinion that the Arab world has just entered into a winter. Dictators are falling like leaves but it will take a while for the spring to blossom. Moreover, unlike in nature, the transition is not an automatic process. Spring will come only if certain pre-conditions are fulfilled.

  • awqaf_in_history_and_its_implications.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • This paper aims at analysing the relevance of the historical awqaf system for modern Islamic economies. The main argument focuses on the fact that the awqaf system has provided throughout Islamic history all the essential services at no cost to the state. Thus, a successful modernisation of the system implies a significant cut in government expenditure and all the associated benefits; including downsizing the state sector and a reduction and even an eventual elimination of riba. As far as the modernisation of the system is concerned, historical evidence indicates that the real exiting potential lies in the cash awqaf. It is envisaged here that two powerful Islamic financial institutio...

  • long_divergence_islamic_law_held_back_middle_east_timur_kuran_murat.pdf.jpg
  • Journal Article


  • Authors: Cizakca, Murat (2011)

  • Timur Kuran is an avid reader of Islamic economic and legal history and an immensely well informed scholar. This latest work not only combines his earlier arguments but also provides some new perspectives. The gist of Kuran's arguments is the following (p. 281) - 1. In its early centuries Islam developed a law of contracts that was sophisticated for the time; 2. This law allowed passive investors to shield their personal assets while … however, active partners carried full liability; 3. The death of a partner terminated the partnership automatically; 4. Due to the Islamic inheritance law and polygamy the numbers of heirs could be large; 5. The partnership termination rule, like the la...

  • charity and finance in the world of islam.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2010)

  • Muslims, for centuries, have fulfilled their social responsibilities and served their societies with an institution called waqf. Thus, waqfs have constituted the most important NGOs and civil society institutions in the Islamic world. Wealthy Muslims establish waqfs based upon a statement of Prophet Muhammad known as "sawab ba'd al wafat". The Prophet is reported to have said tge following: "When a person dies all his deeds come to an end and his account book, daftar al amal, is closed, except for three: Knowledge, from which people can benefit, ongoing charity, a pious offspring". Waqf is the institution which allows Muslims to fulfil all these three tasks, often simultaneously, and...

  • item.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2006)

  • The tragic events in our post 9/11 world disguise the fact that Islam and the West have actually been in a symbiotic relationship over the very long period. Cross-cultural institutional borrowing has constituted a major component of this symbiosis. I intend to focus in this paper on the way these civilizations borrowed important economic institutions from each other. The paper will start with a brief theoretical model explaining the process of cross-cultural institutional borrowing. This will then be followed by an account of the economic institutions actually borrowed.

  • democracy_economic_development_maqasid.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • The statistics shows that of the richest top 20 countries in 2003, 19 were capitalist democracies. This article, thus, attempts to assess the potential association between economic development/ capitalism and democracy. In arguing for a positive nexus between the two, it also aims to locate the historical roots of this relationship. In doing so, the paper argues that Western capitalism historically evolved from market economy and capitalism developed under Islamic civilizations, which preceded the modern nature of Western capitalism by at least six hundreds years. It also argues that fundamental principles of modern democracy can be traced back to political structure of the initial Is...

  • developments_islamic_capital_markets_cizakca_2013.pdf.jpg
  • Industry Article


  • Authors: Cizakca, Murat (2013)

  • The growth of Islamic capital markets is a direct effect of the growth of the Islamic banking industry. The need for liquidity management for Islamic banks and takaful operators drove a number of countries such as Malaysia, Kuwait and Bahrain to introduce sukuk to facilitate management of assets by Islamic financial institutions. Growth is also attributed to growing awareness of, and demand for investing in accordance with Shari'a principles. In more recent times, growth is attributed to the globally low interest rates, the weakening US Dollar over the past 25 years, and the sub-prime mortgage crisis in the west prompting investors to seek alternative investments.

  • finance and development in islam_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2013)

  • Islamic finance is generally considered to be a new discioline which by implication also makes its impact on economic development a new phenomenon not yet fully understood. This way of thinking begs a huge unaswered question: if Islamic finance is, indeed, a relatively new discipline, how have Muslims managed their financial affairs from the time of the Prophet until the present?

  • Financing the development of old waqf properties.pdf.jpg
  • Book


  • Authors: Ismail Abdel Mohsin, Magda; Dafterdar, Hisham; Cizakca, Murat; Alhabshi, Syed Othman; Shaikh Abdul Razak, Shaikh Hamzah; Sadr, Seyed Kazem; Anwar, Thamina; Obaidullah, Mohammed (2016)

  • This book presents successful case studies in Muslim and Muslim minority countries that have revolutionized the redevelopment of idle waqf properties into productive land trusts. The revival of this institution over the last two decades shows the growing optimism in galvanizing the socioeconomic role of waqf by adopting its flexible shariah measures. Innovative ways of financing redevelopment allow Muslims to extend these roles to include new beneficiaries. New uses for these properties include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the masses, providing health care, and sheltering the poor and needy.

  • gercekten_de_suclu_seriat_miydi_cizakca_2013.pdf.jpg
  • Industry Article


  • Authors: Cizakca, Murat (2013)

  • Over the centuries, there is no doubt that the leading civilization of the world of Islam. It is well-known achievements in science and philosophy. Islam 's effective economic / financial. The success of Medieval and on how to establish institutions to borrow taken by these institutions in the West it is now well documented. But this is to create a clear contrast to the early success, is considered one of the most underdeveloped regions of the world still in the Islamic world. Timur Kuran , the tough stance of the Islamic inheritance law, and Muslim legal scholar, is an obstacle to the development of the company form and the company founded by the Muslims as a result of it is bound to...

  • history of islamic public finance.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2012)

  • Gharar is usually examined in the literature from the perspective of modern Islamic private finance. In this article, I will focus on public finance and try to explain how this important concept found and application in history. It is a concept that has a long history, and was embedded in Islamic jurist work over centuries of commnets and interpretations.

  • introduction_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2010)

  • There are two basic approaches to Islamic economics and finance: Shari' ah compliant and Shari'ah based. The former is relatively easy and therefore dominates. It involves looking at the West for viable economic or financial institutions and instruments. After identifying these, it reverses engineering and dismantles them into their essential components. This is followed by the introduction of additional transactions, trying to make each component comply with the Shari'ah. It can then claim to have invented a new instrument that is Shari'ah compliant.

  • islam_challenges_western_capitalism_cover.jpg.jpg
  • Book


  • Authors: Cizakca, Murat (2014)

  • This unique book brings together some of the finest minds in comparative economic / financial history and modern Islamic finance to discuss the rise, the decline and the contemporary efforts to regenerate Islamic capitalism. The collection features articles on the contribution of classical Muslim scholars to the history of economic thought, the institutions that translated these ideas into everyday life and whether these thoughts and institutions constitute a clash or a symbiosis of civilizations. The efforts of contemporary Muslim thinkers to design a modern Islamic economy are also carefully scrutinized. Available in physical copy only (Call Number: HB 501 I82)

  • islamic_capitalism_finance_origins_evolution_future_cover.jpg.jpg
  • Book


  • Authors: Cizakca, Murat (2011)

  • This book explores key issues within Islamic capitalism and finance, shedding light on whether the Islamic system can indeed be called 'capitalist', the principles on which the system was built, the institutions that were consequently developed, how they function and have evolved, and, perhaps, most importantly, whether they can be modernized to meet today's needs. Against the backdrop of rapid change in the Middle East, this book gives a solid background to the economic systems that will emerge in the world of Islam.

  • islamic capitalism and the west.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2010)

  • The relationship between Islam and capitalism has long fascinated social scientists. There is strong evidence that Islam had developed its own capitalism. Consider, for instance, that the bulk of the Shariah, Islamic jurisprudence, was written down by men most of whom were merchants. More importntly, even the Prophet Mohammad (S.A.w) himself was a merchant, who firmly believed in free markets and refused to interfere in prices. Moreover, of the four righteous Caliphs, Abu Bakr was a cloth merchant and Uthman was an importer of cereals.

Browsing by Author Cizakca, Murat

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 1 to 20 of 32
  • critical_assessment_of_the_waqf_law_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • There is a huge need in the Islamic world to revitalize the waqf system. The currently dilapidated state of waqfs in most countries should actually be considered as an opportunity to design a thorough reform taking into consideration not only the classical Islamic waqf law but also the latest practices and norms in the west. It is to be hoped that such a synthesis of the classical Islamic and modern western practices and norms in conformity with the Shariah will lead to an ideal waqf law that can be of vital importance for the restoration of this institution

  • critical_assessment_of_the_waqf_law_being_prepared_by_IDB_IRTI_and_Quwait_foundation_murat.pdf.jpg
  • Academic Proceeding


  • Authors: Cizakca, Murat (2013)

  • There is a huge need in the Islamic world to revitalize the waqf system. The currently dilapidated state of waqfs in most countries should actually be considered as an opportunity to design a thorough reform taking into consideration not only the classical Islamic waqf law but also the latest practices and norms in the west. It is to be hoped that such a synthesis of the classical Islamic and modern western practices and norms in conformity with the Shariah will lead to an ideal waqf law that can be of vital importance for the restoration of this institution.

  • ahlaki_kapitalizm_cover.jpg.jpg
  • Book


  • Authors: Cizakca, Murat (2012)

  • Available in physical copy only (Call Number: HB 501 C582)

  • arab_spring_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • Although "Arab Spring" is the name given to the latest events in the Middle East, I am of the opinion that the Arab world has just entered into a winter. Dictators are falling like leaves but it will take a while for the spring to blossom. Moreover, unlike in nature, the transition is not an automatic process. Spring will come only if certain pre-conditions are fulfilled.

  • awqaf_in_history_and_its_implications.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • This paper aims at analysing the relevance of the historical awqaf system for modern Islamic economies. The main argument focuses on the fact that the awqaf system has provided throughout Islamic history all the essential services at no cost to the state. Thus, a successful modernisation of the system implies a significant cut in government expenditure and all the associated benefits; including downsizing the state sector and a reduction and even an eventual elimination of riba. As far as the modernisation of the system is concerned, historical evidence indicates that the real exiting potential lies in the cash awqaf. It is envisaged here that two powerful Islamic financial institutio...

  • long_divergence_islamic_law_held_back_middle_east_timur_kuran_murat.pdf.jpg
  • Journal Article


  • Authors: Cizakca, Murat (2011)

  • Timur Kuran is an avid reader of Islamic economic and legal history and an immensely well informed scholar. This latest work not only combines his earlier arguments but also provides some new perspectives. The gist of Kuran's arguments is the following (p. 281) - 1. In its early centuries Islam developed a law of contracts that was sophisticated for the time; 2. This law allowed passive investors to shield their personal assets while … however, active partners carried full liability; 3. The death of a partner terminated the partnership automatically; 4. Due to the Islamic inheritance law and polygamy the numbers of heirs could be large; 5. The partnership termination rule, like the la...

  • charity and finance in the world of islam.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2010)

  • Muslims, for centuries, have fulfilled their social responsibilities and served their societies with an institution called waqf. Thus, waqfs have constituted the most important NGOs and civil society institutions in the Islamic world. Wealthy Muslims establish waqfs based upon a statement of Prophet Muhammad known as "sawab ba'd al wafat". The Prophet is reported to have said tge following: "When a person dies all his deeds come to an end and his account book, daftar al amal, is closed, except for three: Knowledge, from which people can benefit, ongoing charity, a pious offspring". Waqf is the institution which allows Muslims to fulfil all these three tasks, often simultaneously, and...

  • item.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2006)

  • The tragic events in our post 9/11 world disguise the fact that Islam and the West have actually been in a symbiotic relationship over the very long period. Cross-cultural institutional borrowing has constituted a major component of this symbiosis. I intend to focus in this paper on the way these civilizations borrowed important economic institutions from each other. The paper will start with a brief theoretical model explaining the process of cross-cultural institutional borrowing. This will then be followed by an account of the economic institutions actually borrowed.

  • democracy_economic_development_maqasid.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2014)

  • The statistics shows that of the richest top 20 countries in 2003, 19 were capitalist democracies. This article, thus, attempts to assess the potential association between economic development/ capitalism and democracy. In arguing for a positive nexus between the two, it also aims to locate the historical roots of this relationship. In doing so, the paper argues that Western capitalism historically evolved from market economy and capitalism developed under Islamic civilizations, which preceded the modern nature of Western capitalism by at least six hundreds years. It also argues that fundamental principles of modern democracy can be traced back to political structure of the initial Is...

  • developments_islamic_capital_markets_cizakca_2013.pdf.jpg
  • Industry Article


  • Authors: Cizakca, Murat (2013)

  • The growth of Islamic capital markets is a direct effect of the growth of the Islamic banking industry. The need for liquidity management for Islamic banks and takaful operators drove a number of countries such as Malaysia, Kuwait and Bahrain to introduce sukuk to facilitate management of assets by Islamic financial institutions. Growth is also attributed to growing awareness of, and demand for investing in accordance with Shari'a principles. In more recent times, growth is attributed to the globally low interest rates, the weakening US Dollar over the past 25 years, and the sub-prime mortgage crisis in the west prompting investors to seek alternative investments.

  • finance and development in islam_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2013)

  • Islamic finance is generally considered to be a new discioline which by implication also makes its impact on economic development a new phenomenon not yet fully understood. This way of thinking begs a huge unaswered question: if Islamic finance is, indeed, a relatively new discipline, how have Muslims managed their financial affairs from the time of the Prophet until the present?

  • Financing the development of old waqf properties.pdf.jpg
  • Book


  • Authors: Ismail Abdel Mohsin, Magda; Dafterdar, Hisham; Cizakca, Murat; Alhabshi, Syed Othman; Shaikh Abdul Razak, Shaikh Hamzah; Sadr, Seyed Kazem; Anwar, Thamina; Obaidullah, Mohammed (2016)

  • This book presents successful case studies in Muslim and Muslim minority countries that have revolutionized the redevelopment of idle waqf properties into productive land trusts. The revival of this institution over the last two decades shows the growing optimism in galvanizing the socioeconomic role of waqf by adopting its flexible shariah measures. Innovative ways of financing redevelopment allow Muslims to extend these roles to include new beneficiaries. New uses for these properties include providing services to the community, opening jobs for the majority of people, funding small entrepreneurs, educating the masses, providing health care, and sheltering the poor and needy.

  • gercekten_de_suclu_seriat_miydi_cizakca_2013.pdf.jpg
  • Industry Article


  • Authors: Cizakca, Murat (2013)

  • Over the centuries, there is no doubt that the leading civilization of the world of Islam. It is well-known achievements in science and philosophy. Islam 's effective economic / financial. The success of Medieval and on how to establish institutions to borrow taken by these institutions in the West it is now well documented. But this is to create a clear contrast to the early success, is considered one of the most underdeveloped regions of the world still in the Islamic world. Timur Kuran , the tough stance of the Islamic inheritance law, and Muslim legal scholar, is an obstacle to the development of the company form and the company founded by the Muslims as a result of it is bound to...

  • history of islamic public finance.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2012)

  • Gharar is usually examined in the literature from the perspective of modern Islamic private finance. In this article, I will focus on public finance and try to explain how this important concept found and application in history. It is a concept that has a long history, and was embedded in Islamic jurist work over centuries of commnets and interpretations.

  • introduction_murat.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2010)

  • There are two basic approaches to Islamic economics and finance: Shari' ah compliant and Shari'ah based. The former is relatively easy and therefore dominates. It involves looking at the West for viable economic or financial institutions and instruments. After identifying these, it reverses engineering and dismantles them into their essential components. This is followed by the introduction of additional transactions, trying to make each component comply with the Shari'ah. It can then claim to have invented a new instrument that is Shari'ah compliant.

  • islam_challenges_western_capitalism_cover.jpg.jpg
  • Book


  • Authors: Cizakca, Murat (2014)

  • This unique book brings together some of the finest minds in comparative economic / financial history and modern Islamic finance to discuss the rise, the decline and the contemporary efforts to regenerate Islamic capitalism. The collection features articles on the contribution of classical Muslim scholars to the history of economic thought, the institutions that translated these ideas into everyday life and whether these thoughts and institutions constitute a clash or a symbiosis of civilizations. The efforts of contemporary Muslim thinkers to design a modern Islamic economy are also carefully scrutinized. Available in physical copy only (Call Number: HB 501 I82)

  • islamic_capitalism_finance_origins_evolution_future_cover.jpg.jpg
  • Book


  • Authors: Cizakca, Murat (2011)

  • This book explores key issues within Islamic capitalism and finance, shedding light on whether the Islamic system can indeed be called 'capitalist', the principles on which the system was built, the institutions that were consequently developed, how they function and have evolved, and, perhaps, most importantly, whether they can be modernized to meet today's needs. Against the backdrop of rapid change in the Middle East, this book gives a solid background to the economic systems that will emerge in the world of Islam.

  • islamic capitalism and the west.pdf.jpg
  • Chapter in Book


  • Authors: Cizakca, Murat (2010)

  • The relationship between Islam and capitalism has long fascinated social scientists. There is strong evidence that Islam had developed its own capitalism. Consider, for instance, that the bulk of the Shariah, Islamic jurisprudence, was written down by men most of whom were merchants. More importntly, even the Prophet Mohammad (S.A.w) himself was a merchant, who firmly believed in free markets and refused to interfere in prices. Moreover, of the four righteous Caliphs, Abu Bakr was a cloth merchant and Uthman was an importer of cereals.