Funding the refugee crisis in Turkey: a case for social impact sukuk
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The 20th century has generated a gradually intensifying refugee crisis that has amplified into an ongoing social crisis, especially since the Cold War in 1989. Civil wars, the internal conflict of countries, mass famine, and many faltering economic, political, and social institutions (US Mission to UN, Global Humanitarian Emergency 1995) contributed to this intensification. The host countries that receive these refugees bear the cost of managing the refugees at the expense of the country's economy (Mandel, 1997). Consequently, when countries face an impossible task of efficient control and maintenance of the livelihood of these refugees on a sustainable basis, they will impose restrictions on the refugee inflow, which has recently created a global crisis. Turkey is one good example of a country with a refugee crisis due to conflicts in Syria. By December 2019, the official number of Syrian refugees in Turkey reached 3,571,000, with an estimation of more than half a million unregistered refugees (Multeciler Dernegi, 2020). Almost every major city in Turkey is experiencing a refugee problem, and in some cities like Kilis, refugees comprise as high as 81% of the city's population. The refugee problem in Turkey is a good example of a long-standing social problem that the Turkish people have experienced at the expense of their economy and politics.
Refugees , Turkey , Islamic finance , Sukuk , Social impact
Mahomed, Z., Unal, I. M., & Ramadili Mohd, S. M. (2021). Funding the refugee crisis in Turkey: a case for social impact sukuk. In M. K. Hassan, A. Muneeza, A. M. Sarea (Eds.), COVID-19 and Islamic social finance (pp. 148-163). Abingdon, Oxon: Routledge.