Secularism, Sharia, and the Turkish Financial Markets

The financial markets in Turkey provide a laboratory to help resolve these competing views. Islamic law or Sharia contains a number of proscriptions that directly affect financial practices. The payment and receipt of interest is prohibited; so are most kinds of commercial insurance. These interpretations provided the impetus in the Islamic world for the creation of a class of banks that sought to offer Sharia compliant services. The first Islamic Banks in Turkey began operations in the 1980s. Their entry was initially tepid, in no small part because of secularist principles. Islamic financial institutions could not overtly advertise their religious orientation. The country had no “Islamic” banks, only finance houses. They were not Sharia compliant but “interest-free.” Moreover, the government left them in an uncertain regulatory status and subjected them to restrictions on growth. In this environment, the Islamic banks remained a peripheral part of the financial system. With the election of the AKP in 2002, however, the environment for Islamic banks in Turkey changed. Limitations on branch networks and capital raising were lifted. The government removed restrictions on the issuance of Sharia compliant bonds. Officials from the Islamic banks were appointed to the highest levels of government. This Article does several things. First, it examines principles of Islam that affect banking practices, with a particular emphasis on deposit insurance and credit cards. Second, the Article discusses the emergence of secularism in Turkey and the introduction of Islamic banks into the Turkish financial markets. The Article then examine their evolution, with particular emphasis on the changes implemented by the AKP. Finally, the Article examines the impact of these reforms, and what that impact says about Islamic influence in Turkey.

Symbol for a Community: The Dickens Opera House and Theaters of the American West

This paper reveals the importance of the Dickens Opera House to the local history of Longmont, Colorado. Through an exploration of pioneer history and of architectural patronage and audience accommodation, this paper illustrates how the Dickens Opera House participated in the construction of cultural identity and civic aspirations of the city of Longmont. Using the Tabor Opera House of Leadville and Wright Opera House of Ouray as framing examples to place the Dickens Opera House within its proper architectural and historical context, I approach the building’s inception, construction, and early years as a way to track the early civic identity of a community through a work of architecture. The Dickens Opera House provided a point for the citizens of Longmont to focus their hopes of success and respectability in a newly formed community. An opera house provided a high-class perception of a town that provided a projection of respectability. Such a construction was built from various sources – the architecture of the building, simply calling the building an ‘opera house’, furnishings in the latest fashions and equipment of the latest technology, and extravagant scenery and curtains. In addition to these outward projections, opera houses also provided a place for community events. It was the location in town that brought people together.