Purpose -The purpose of this paper is inductively identifying the business model of Islamic (participation) banks in Turkey via using bank characteristics, meaning balance sheet ratios.Design/methodology/approach -The methodology starts from bank characteristics and ends with identification of bank business model according to these characteristics under the assumption that there is one single business model (say Model A) for all Turkish Islamic banks. What the author aims to find is the properties of this business model. Regarding the method, seven bank characteristics from liability side and five characteristics from asset side of bank balance sheets were established. While representing these characteristics, the author uses charts and tables. Necessary data are gathered from the Central Bank of Turkey. Time frame of monthly data is from December 2005 to March 2015. In total, there are 1356 observations.Findings -Value proposition of business model of Turkish Islamic banks depends on participation in collecting funds. In terms of customer segmentation, there is dominance of private sector. While using the funds, the main preference is loans, meaning that value proposition depends on loan products, especially murabahah. Thus, revenue streams depend on mark-up. Overall, business model of Turkish Islamic banks seems similar to traditional banking based on intermediation with some peculiarities. There are also some evidences which can be interpreted as signs toward decline in this traditional role like decrease in deposits, increase in funds from financial institutions and decrease in loans.Practical implications -It can be said that original idea of participation banks has been followed on the liability side of Turkish Islamic banks. However, decrease in deposits recently needs detailed investigation to create convenient policies especially by Islamic banks. Similar investigation and policy creation is needed also for the developments of increase in funds from financial institutions and decrease in loans. Furthermore, as the original idea of participation is not followed by business model of Turkish Islamic banks, rethinking and acting is needed in that regard.Originality/value -Main contributions of this paper are as follows: first, it fills a gap in the field where studies regarding business model of Islamic banks are scarce. Second, it fills a gap in literature of Islamic banking in Turkey where most of the studies are about development or jurisprudence of Islamic banks. Third, it provides a decade-long evidence regarding business model of Islamic banks in Turkey. Fourth, the findings provide an initial step for the construction of a business model canvas for Turkish Islamic banks. Fifth, discussion of findings leads to number of important questions which can pave the way for new research studies.

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What is called Islamic finance today focuses on providing financial services in line with Islamic rules and ethos. Within the scope of Islamic finance developed since the 1970s, sukuk plays an essential role in Islamic banking (participation banking). In recent years, sukuk has also gained significant attention in Turkey. Despite its central role in Islamic banking and the increasing importance attached to it, the effects of sukuk on macroeconomic variables such as economic growth have not been studied in the literature extensively. Due to these reasons, this paper aims to conduct an econometric analysis about the effects of sukuk on Turkey's growth for the period of 2010-2019. The quarterly data is gathered from HMB (Treasure and Finance Ministry), TKBB (Participation Banks Association of Turkey), and MKK (Central Securities Depository of Turkey). ARDL bound test is utilized to examine the long-term effects of bonds and sukuk on economic growth. According to the results, both the governmental sukuk and the participation banking-based sukuk outstanding have statistically significant effects on Turkish growth. While the effect is positive for the former type, it is harmful to the latter. Nevertheless, for both types, the impact stays relatively minuscule. It is recommended that the governmental sukuk outstanding can be increased.

Çevre, canlı ve cansız varlıkların içinde yaşadığı ve birbirleriyle ilişki içerisinde oldukları alandır. İnsanlar ve ilişki içerisinde oldukları her şey çevre kapsamında kabul edildiğinden çevrenin korunması tüm canlılar için önem arz etmektedir. İslam'da her şey bir denge üzerine kuruludur. Bu nedenle bireyler bu dengeyi tahrip etmemeli, korumak için çaba göstermelilerdir. Bu çalışma, çevre kirliliğinin bir türü olan hava kirliliği meselesini ele almaktadır. Hava kirliliği, canlıların yaşamını olduğu kadar çevreyi de olumsuz etkilemektedir. Günümüzde çevre konusu bağlamında küresel ısınma ve iklim değişikliği gibi problemlerin çözümüne yönelik birçok teşebbüsün olduğu bilinmektedir. Çalışmanın hareket noktasını oluşturan Kyoto Protokolü çevre problemlerinin çözümü için atılan adımlardan biridir. İslam Hukuku'ndaki mülkiyet anlayışı çerçevesinde Kyoto Protokolü'nde bulunan "emisyon ticareti" meselesini ele alan bu çalışma, protokolün sonuçları doğrultusunda çevre konusunda yapılması gerekenlere dair önerilere yer vermektedir. Bu önerilerden en önemlileri bireyler bazında sorumluluk anlayışının geliştirilmesi, kurumlar bazında ise yasal düzenlemeler yapılmasının gerekliliğidir.

Purpose This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio. Design/methodology/approach This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from their 2017, 2018 and 2019 financial reports. These companies are scored and ranked according to their compatibility with the screening criteria used by Ziraat Katilim index in Turkey. In addition, this paper uses the quantitative screening process to calculate the ranking scores of these companies. Findings The findings show that some companies are highly compatible with the screening criteria, with ranking scores close to 100 points. However, some companies satisfied the criteria on the margin. This may not be a desirable result for some investors. Research limitations/implications Only 20 companies are included in the analysis. Since the conventional accounting system is used in Turkey, it was difficult to get exact information about the companies’ Shari’ah compatibility from the financial results. Practical implications The findings assist investors to determine which company is ethically more responsible than others within the Islamic framework. There are also implications for the companies in question, index providers and Shari’ah scholars. Social implications The findings aim to simplify the decision-making process of investors who have Islamic sensitivities to stock exchange market investment when they constitute their portfolio. Originality/value To the best of the authors’ knowledge, it is one of the first attempts to develop a ranking methodology for Shari’ah-screened stocks in Turkey even though Shari’ah screening has been on the agenda since the late 1990s. This paper also compares 11 indices based on their screening criteria.