“Interest-Free Finance Based on Saving” Workshop was organized by Sakarya University Institute of Social Sciences.
SAU Director of Social Sciences Institute Professor Fatih Savaşan and Board Member of Banking Regulation and Supervision Agency (BDDK) Olcay Turan made opening speeches in the activity which was organized at SAÜ Culture and Congress Center.
Professor Fatih Savaşan gave informations about the developments in financial savings and said: “Turkey is experiencing now belatedness in the area of interest-free finance. But proud works are also done. Especially since 2008, we see very serious work being done. Some public institutions started to take steps in this area, but as it seems, the BDDK took the fastest steps. BDDK is one of the institutions that make the most important contribution to the field both in terms of technical and knowledge.”
BDDK (Banking Regulation and Supervision Agency) Member Olcay Turan mentioned the process of financial savings from past to present and he said: “After the financial crisis that we experienced in 2001, our country put into practice important structural reforms with success and took important steps towards providing macroeconomic stability. However, the sustainability of economic growth is still one of the most important problems. Insufficient saving rates are the leading barrier in front of sustainable economy and growth. Since 2001 we have seen a steady decline in our savings rates. Ultimately, the high saving deficit has caused a deterioration in the current account balance.”
The workshop continued with panels on “The Process of Interest-Free Finance System Based on Saving (TDFFS)”, “TDFFS and Interest-Free Finance Principles”, “TDFFS and Application of Idle Funds”, “TDFFS and Contracts”, “Evaluation of TDFFS from the Point of Interest-Free Finance Principles.”
