The workshop “Institutionalisation of Qard al-Hasan in Turkey” was held by Sakarya University Research Center For Islamic Economics and Finance (RECISEF) and Albaraka Türk on the ninth of May, at the Theology Faculty Conference Hall.
During the opening speech of the workshop, the Director of ISEFAM Assoc. Prof. Süleyman Kaya pointed out the process of organizing the workshop and thanked everyone who participated in the program. In addition, Sakarya University Vice Rector Prof. Musa Eken said that he closely followed the activities of ISEFAM and appreciated these activities. Dean of the Faculty of Theology, who hosts the workshop Prof. Ahmet Bostanci stated that they saw ISEFAM as a sister center within the university and thanked the participants.
In the first session that held under the chairmanship of Prof. Orhan Çeker was discussed jurisprudence of qard al-hasan, and applications in the world and Turkey. In this context, the legislation on associations and funds in Turkey were expressed as suitable for institutionalization and discussed concrete steps that need to be taken to institutionalization. Next session held under the chairmanship of Rıfat Oral who is a member of the Higher Council of the Religious Affairs. Yusuf Üstün who is a chief expert at Ministry of Custom and Trade discussed the advantages of implementation of qard al-hasan in the cooperative structure. Ali Can Yenice, one of ISEFAM researcher, assessed qard al-hasan in the household debt behavior. Yenice stated that financialization affect the household debt behavior and they tend to borrow above their financial adequacy. Yenice, who is proposing the establishment of qard institutions according to its field of activity, also stated that it is necessary to have a legal mechanism to ensure the repayment of debt. Bekir Sami Nalbantoğlu who is the chair of qard al-hasan fund of MUSIAD talked about establishment and operation process of the fund. Referring to the necessity of establishing trust among the individuals within the society, Nalbantoğlu stated that everybody has a responsibility to make interest-free loans in the social groups they are in. In the panel held at the last session of the workshop, the model proposals for the qard al-hasan was discussed. The director of ISEFAM Assoc. Prof. Süleyman Kaya proposed a foundation based on the experience of the money foundations. Mücahit Özdemir, ISEFAM research assistant, offered a model for low-income groups. In addition, Osman Çelebi, Strategic Planning Manager of Albaraka Türk Islamic Bank, presented a model for Islamic banks and qard al-hasan. Muhammed Fatih Canbaz from Afyon Kocatepe University, proposed to establish qard al-hasan funds within Islamic banks. The workshop end up with the assessments of the Prof. Hacı Mehmet Günay.
