Balancing Islamic and Conventional Banking for Economic Growth Empir
This Palgrave Pivot empirically analyzes the role of conventional and interest-free Islamic banking in the growth process of developing Islamic nations. After explaining the theoretical background of this dual banking system structure, the book then empir
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Edited by Murat Ustaoğlu Ahmet İncekara
Balancing Islamic and Conventional Banking for Economic Growth
Murat Ustaoğlu · Ahmet İncekara Editors
Balancing Islamic and Conventional Banking for Economic Growth Empirical Evidence from Emerging Economies
Editors Murat Ustaoğlu Istanbul University Istanbul, Turkey
Ahmet İncekara Istanbul University Istanbul, Turkey
ISBN 978-3-319-59553-5 ISBN 978-3-319-59554-2 (eBook) DOI 10.1007/978-3-319-59554-2 Library of Congress Control Number:2017944098 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: © saulgranda/Getty Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Spread wheat on mountains so that people would not speculate that birds starve in the lands of Muslims. Umar ibn Al-Khattāb, The Second Khalif
To my mentor Muharrem Balcı, Esq
Preface
The regulation and institutionalization of the borrowing transactions has been done only a few centuries ago. The sector that first emerged in the West has spread all over the world in a way to meet the financial needs of the real sectors, also contributing to the development and growth. A small margin in the growth rate leads to dramatic gaps between the welfares of the nations. For this reason, growth is extremely crucial for a society to keep its prosperity. Economists focusing on this issue have investigated the dynamics to analyse the impact of technological developments upon growth. It is unrealistic to expect that an economy where technology fails to provide sufficient contribution will attain stability in the long run. Technological development depends upon promotion of new investments
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