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.

Third-party complaints and firm performance: an application in Spanish banking

This article focuses on the impact of third-party complaints on firm performance. We propose two research hypotheses, which are developed from the literature of dissatisfaction, emotions, and economics. The methodology is based on an event study to estimate variation in firm share returns in the stock market due to the publication of the Annual Complaints Service Report by the Bank of Spain; as well as a regression analysis to examine the impact of the number of complaints per branch on the variation obtained. The empirical focus is on a sample of eleven banks to which complaints were made and which were quoted on the Spanish Stock Exchange between 1992 and 2001. The results show a negative impact of the publication of these annual complaint reports on the share returns of the banks concerned. Additionally, these returns have a negative relationship with the number of complaints per branch.

Tectono-sedimentary evolution of the ’Numidian Formation’ and Lateral Facies (southern branch of the western Tethys): constraints for central-western Mediterranean geodynamics

The origin of the Numidian Formation (latest Oligocene to middle Miocene), characterized by ultra-mature quartzose arenites with abundant well-rounded frosted quartz grains, remains controversial. This formation, sedimented in the external domain of the Maghrebian Flysch Basin, displays three characteristic stratigraphic members with marked longitudinal (proximal–distal) and transverse (along-chain) variations with palaeogeographical importance. The origin of the Numidian supply is related to the outward tectogenetic propagation when a forebulge evolved in the African foreland, leading to the erosion of African cratonic areas rich in quartzose arenites (Nubian Sandstone-like). The ages of the Numidian Formation checked by Betic, Maghrebian and Southern Apennine data suggest a timing for the accretionary orogenic wedge, earlier in the Betic-Rifian Arc (after middle Burdigalian), later in the Algerian-Tunisian Tell (after late Burdigalian) and afterwards in Sicily and the Southern Apennines (after Langhian). A geodynamic evolutionary model for the central-western Mediterranean is proposed.

Explaining transactions in time banks in economic crisis

This article studies the services exchanged in a particular Spanish time bank. Using data from users and transactions, we analyse the users’ profile as well as the determinants of providing and receiving different services. Our results show that the representative user is a Spanish female, not married, middle aged, highly educated and unemployed. We also find differences in the personal characteristics driving the supply and demand of services.

£ taken by Branch Scholars from December 1, 1798-1800

Two-page document containing financial calculations related to Croswell's day and evening students.

spotlight europe #2012/07 — Dezember 2012: Die Union gegen die Banken = The Union against the banks

No abstract.

eu spotlight 2012/07, December 2012: At long last, the EU takes on its banks

The agreement on establishing a common banking authority is paving the way for a banking union. The decision was reached by the finance ministers only hours before last December’s EU summit. After making headway on sovereign debt by deciding on a fiscal union one year beforehand in December 2011, the EU is by now also addressing the banking crisis and we know at least who is going to supervise who and what.