Araştırma Makalesi
BibTex RIS Kaynak Göster

Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries

Yıl 2023, Cilt: 6 Sayı: Özel Sayı, 38 - 63, 15.10.2023
https://doi.org/10.52637/kiid.1344609

Öz

Various infrastructure financing methods are being used worldwide, each with its own set of advantages and obstacles. Basically, the advantages and disadvantages of a financing method manifest differently depending on each country's economic system, geographical location, economic dependency, political conditions, cultures, and beliefs. Using a funding strategy in one country may be beneficial under certain situations but harmful in another. As a result, the usefulness and efficacy of financing methods should be studied in light of the countries' circumstances. The Asian Landlocked Developing Countries (LLDC), which share the same fate in terms of geographical constraints and economic reliance, are grappling with severe infrastructural gaps in all sectors. These countries have an emerging economy, are largely dependent on agriculture, have a poor management structure, are unorganised and have weak financial markets, and rely heavily on their neighbours’ transit routes to interact with the global economy. Some of these countries depend upon foreign assistance, and the lack of transparency and binding nature of this funding has had little impact on developing such countries' infrastructure. As a result, in order to finance their infrastructure projects, these countries must select the most acceptable financing option for their circumstances. The national budget constraint, inadequate local financial markets, the risk of foreign credits, and cultural and religious values in these countries are among the obstacles that contemporary financing methods present. Consequently, looking for alternative financing methods for these countries' infrastructure projects is critical. This paper intends to look at infrastructure financing methods and their challenges in Asian landlocked developing countries and evaluate Islamic finance as an alternative to conventional finance. The qualitative research method is used for this study. Furthermore, document analysis has been utilised as a data collection tool. First, the concepts of Islamic finance will be presented before moving on to the definitions and types of infrastructure. Afterwards, the conventional infrastructure financing methods, along with the shortcomings of these methods in Asian landlocked developing countries, will be discussed. Then the development of Islamic finance in Asian LLDCs will be studied. Finally, how Islamic finance addresses the challenges of conventional finance methods will be perused. The study found that the Islamic finance models, which are founded on the principle of shared income or risk sharing, can be implemented as an alternative to conventional finance in infrastructure financing. Public-private partnership (PPP) initiatives can be implemented effectively within the framework of Islamic financing concepts because the elements of the public-private partnership initiatives are congruent with Islamic finance principles. First of all, public-private partnership initiatives allow for risk sharing among project participants, including financiers. In addition, public-private partnership projects allow Islamic financiers to become project participants rather than just lenders. Following that, PPP infrastructure projects are by definition, free of speculation and gambling. Finally, project contracts are frequently well-specified and free of uncertainty. Besides this, creating financial inclusion and risk sharing in the framework of Islamic finance reduces the currency risk and the cost of financing and causes equitable distribution of wealth in society.

Kaynakça

  • Abdulkareem, Ibraheem Alani - Mahmud, Mohd Sadad. “Infrastructure Project Financing Through Sukuk as an Alternative to Conventional Bond Financing.” Journal of Management and Operation Research 1/19 (2019), 1–11.
  • Abdullah, Abdul Aziz et al. “Risk in Funding Infrastructure Projects through Sukuk or Islamic Bonds.” International Review of Management and Business Research 3/2 (2014), 915–928.
  • Aktan, Coşkun Can - Dileyici, Dilek. “Genel Olarak Altyapı Hizmetleri.” Altyapı Ekonomisi: Altyapı Hizmetlerinde Serbestleşme ve Özelleştirme. Ankara: Seçkin Yayınları, 2005.
  • Arsalan, Ahmet Gökhan. Altyapı Yatırımlarının Sermaye Piyasası Araçlarıyla Finansmanı ve Kurumsal Yatırımcılarının Rolü. Gazi Üniversitesi, 2019.
  • Asian Development Bank. “Trends in Asia for Sukūk.” 2017
  • Ayub, Muhammad. “Focusing Project Financing for Growth and Realising the Higher Objectives of Shar¯ı‘Ah.” Journal of Islamic Business and Management (JIBM) 09/02 (2019), 235–247. https://doi.org/10.26501/jibm/2019.0902-001
  • Ayub, Muhammad. Understanding Islamic Finance. West Sussex: John Wiley & Sons, 2007. http://books.google.com/books?id=-3eZcL_kAkMC
  • Bahtiyar, Erhan. Altyapı Yatırımlarının Mevcut Finansman Modelleri Ile Sukuk Finansman Modelinin Mukayeseli Analizi (Doktora Tezi). İstanbul Üniversitesi, 2021.
  • Bakhor, Sharifah Nurul Azlin bt Syed Mohd. Sukuk as a Means of Project Financing (2013).
  • Baskakova, Irina V. - Malafeev, Nikita S. “The Concept of Infrastructure: Definition, Classification and Methodology for Empirical Evaluation.” Известия Уральского Государственного Экономического Университета 3/71 (2017), 29–41.
  • Biancone, Paolo Pietro - Shakhatreh, Mohammad Ziad. “Using Islamic Finance for Infrastructure Projects in Non-Muslim Countries.” European Journal of Islamic Finance 2/2 (2015), 1–8.
  • Buhr, Walter. What Is Infrastructure? Volkswirtschaftliche Diskussionsbeiträge, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht, 2003.
  • Chen, Can - Bartle, John R. Infrastructure Financing: A Guide for Local Government Managers (2017).
  • Chong, Sophia - Poole, Emily. Financing Infrastructure: A Spectrum of Country Approaches, 2013.
  • COMCEC Coordination Office. Infrastructure Financing through Islamic Finance in the Islamic Countries. Ankara, 2019.
  • Conference Index. “International Conference on Islamic Banking, Finance and Commerce ICIBFC on December 13-14, 2023 in Vientiane, Laos.” 2023
  • Creswell, John W. Educational Research: Planning, Conducting, and Evaluating Quantitative and Qualitative Research. Boston, MA: Pearson, 4th Ed., 2012. https://doi.org/10.1017/CBO9781107415324.004
  • Croce, Raffaele Della et al. Infrastructure Financing Instruments and Incentives. Paris, 2015. 69.
  • Diallo, Amadou Thierno - Gundogdu, Ahmet Suayb. Islamic Financial Product Development in the Context of Education and Health, 2021. https://doi.org/10.1007/978-3-030-67094-8_8
  • Eid, Serge Emile. Financing Infrastructure Projects. American University of Beirut, 2008.
  • Frischmann, Brett M. Infrastructure: The Social Value of Shared Resources. Oxford University Press, 2012.
  • Galih, Waskitha W. - Prijadi, Ruslan. “The Choice of Infrastructure Project Financing Strategies: A Case of A Seaport in Indonesia.” Proceedings of the 12th International Conference on Business and Management Research (ICBMR 2018). 116–122. Atlantis Press, 2019. https://doi.org/10.2991/icbmr-18.2019.20
  • Gresh, Geoffrey F. “The Rise of Islamic Banking and Finance in Central Asia.” Al Nakhlah Fall (2007).
  • Halland, Håvard et al. Resource Financed Infrastructure: A Discussion on a New Form of Infrastructure Financing. Washington DC: International Bank for Reconstruction and Development / The World Bank, 2014. https://doi.org/http://dx.doi.org/10.1596/978-1-4648-0239-3
  • ICMA Paris Representative Office. Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. Paris, 2021.
  • Infrastructure Australia. An Assessment of Australia’s Future Infrastructure Needs (2019). 639.
  • Irmak, Erdoğan. Kamu Yatırımları Finansmanı ve Altyapı Yatırımlarının Finansmanında Altyapı Yatırım Ortaklarının Kullanılması ve Değerlendirilmesi (Yüksek Lisans Tezi). Gazi Üniversitesi, 2010.
  • Kalu O., Emenike. “Infrastructure Finance Mechanism and Challenges in Nigeria.” Independent Journal of Management & Production 6/3 (2015), 827–836.
  • Kaplan, Fikri. “Using Islamic Finance for Infrastructure Projects in Turkey: A Study of the Potentials, Challenges and Current Situation.” Finansal Piyasaların Evrimi: Bankacılık, Risk Yönetimi, Piyasa. ed. Buket Altunkeski Kırcı -
  • Mehmet Fatih Buğan. 153–166. Gaziantep: Özgür Yayınları, 2023. https://doi.org/https://doi.org/10.58830/ozgur.pub67 This
  • Kastite, Zouhair. Islamic Finance: Complement or Alternative (2008).
  • Komijani, Akbar - Taghizadeh-Hesary, Farhad. An Overview of Islamic Banking and Finance in Asia (2018).
  • Lohawiboonkij, Sisira. “The Best Project Financing Option for Infrastructure Projects in Developing Nations.” PM World Journal VIII/I (2019).
  • Lone, Naveed Ahmad. “Islamic Finance: An Alternative Approach to Financial Inclusion.” Insight Islamicus 19/ (2019).
  • Nagayev, Ruslan - Jahangir, Rashed. Islamic Finance in Central Asia and Russia. Istanbul, 2022.
  • Nakamura, Hideo et al. Principles of Infrastructure: Case Studies and Best Practices. Tokyo: Asian Development Bank Institute, 1st Ed., 2019.
  • Reddy, Namratha. “Economic Infrastructure – Intro, Types, Significance.” 2018
  • Rostan, Pierre et al. “Challenges of Islamic Banking in Least Developed Countries: The Case of Afghanistan.” Journal of Emerging Economies and Policy 6/ (2021), 5–19.
  • Sadikot, Rishad. “Islamic Project Finance: Shari’a Compliant Financing of Large Scale Infrastructure Projects.” Al Nakhlah: Online Journal on Southwest Asia and Islamic Civilization Spring (2012), 1–9.
  • The Express Tribune. “Islamic Finance Attracts Non-Muslim Countries.” 2017
  • The Public-Private Infrastructure Advisory Facility. Project Finance: Introductory Manual on Project Finance for Managers of PPP Projects (2001).
  • Torrisi, Gianpiero. Public Infrastructure: Definition, Classification and Measurement Issues. Munich, Germany, 2009.
  • Tuna, Mustafa - Bostancı, Sevilay. “Mahalli İdarelerde Altyapı Yatırımlarının Finansman Yöntemleri: Ankara Su ve Kanalizasyon İdaresi (ASKİ) Genel Müdürlüğü Örneği.” Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi 23/4 (2021), 1477–1499.
  • UCLG Committee on Local Finance and Development. UCLG Support Paper on Local Finance (2007).
  • UN-OHRLLS. Landlocked Developing Countries Fact Sheet 2020 (2020).
  • UNCTAD. Economic Diversification in Selected Asian Landlocked Developing Countries (Bhutan, Kazakhstan, Mongolia, and Turkmenistan): Challenges, Policy Options, and the Way Forward. Geneva: United Nations, 2020.
  • United Nations-ESCAP. Infrastructure Financing for Sustainable Development in Asia and the Pacific. Bangkok, Sales No., 2019.
  • United Nations-ESCAP. Infrastructure Financing in Asian Landlocked Developing Countries: Challenges, Opportunities and Modalities. Bangkok, 2020.
  • Vizcaino, Bernardo. Islamic Finance in Afghanistan Growing, Investment Options Limited (2018).
  • Voropaeva, Lyudmila N. - Yurieva, Tatiana V. “Project Finance: Principles and Efficiency.” 8th International Scientific Conference on Project Management in the Baltic Countries. Riga: University of Latvia, 2019.
  • World Bank. What Are The Green Bonds? Washington DC, 2015.
  • World Bank Group et al. Reference Guide: Islamic Finance for Infrastructure PPP Projects. Washington DC, 2019.
  • “Azerbaijan Islamic Banking Finance.” 2023. Accessed August 10, 2023. https://www.shariabanking.com/azerbaijan.html

Asya'nın Karayla Çevrili Gelişmekte Olan Ülkeleri İçin Altyapı Finansmanı Alternatifi Olarak İslami Finans

Yıl 2023, Cilt: 6 Sayı: Özel Sayı, 38 - 63, 15.10.2023
https://doi.org/10.52637/kiid.1344609

Öz

Dünya genelinde, her birinin kendine özgü avantajları ve engelleri olan çeşitli altyapı finansman yöntemleri kullanılmaktadır. Temel olarak, bir finansman yönteminin avantaj ve dezavantajları, her ülkenin ekonomik sistemine, coğrafi konumuna, ekonomik bağımlılığına, siyasi koşullarına, kültür ve inançlarına bağlı olarak farklı şekilde ortaya çıkmaktadır. Bir finansman stratejisini bir ülkede kullanmak belirli koşullar altında faydalı olabilirken başka bir ülkede zararlı olabilir. Sonuç olarak, finansman yöntemlerinin yararlılığı ve etkinliği ülkelerin koşulları altında incelenmelidir. Coğrafi kısıtlamalar ve ekonomik bağımlılık açısından aynı kaderi paylaşan Asya'nın Karayla Çevrili Gelişmekte Olan Ülkeleri (LLDC/KÇGOÜ), tüm sektörlerde ciddi altyapı eksiklikleriyle boğuşmaktadır. Bu ülkeler gelişmekte olan bir ekonomiye sahip, büyük ölçüde tarıma bağımlı, zayıf bir yönetim yapısına sahip, örgütsüz ve zayıf mali piyasaları olan ve küresel ekonomiyle etkileşim için büyük ölçüde komşularının transit yollarına bağımlı olan ülkelerdir. Bu ülkelerden bazıları dış yardıma bağımlıdır ve bu finansmanın şeffaf olmaması ve bağlayıcı olma niteliği, bu ülkelerin altyapısını geliştirmede çok az etkiye sahip olmuştur. Sonuç olarak, altyapı projelerini finanse edebilmek için bu ülkelerin kendi koşullarına en uygun finansman seçeneğini seçmeleri gerekmektedir. Ulusal bütçe kısıdı, yerel finans piyasalarının yetersizliği, dış kredi riski ve bu ülkelerdeki kültürel ve dini değerler, çağdaş finansman yöntemlerinin önündeki engeller arasındadır. Sonuç olarak, bu ülkelerin altyapı projeleri için alternatif finansman yöntemlerinin araştırılması kritik önem taşımaktadır. Bu çalışma, denize kıyısı olmayan gelişmekte olan Asya ülkelerindeki altyapı finansman yöntemlerini ve bunların zorluklarını incelemeyi ve İslami finansın geleneksel finansmana bir alternatif olup olmayacağını değerlendirmeyi amaçlamaktadır. Bu çalışmada, nitel araştırma yöntemine kullanılmıştır. Ayrıca veri toplama aracı olarak doküman analizinden yararlanılmıştır. İlk olarak, altyapı tanımlarına ve türlerine geçmeden önce İslami finans kavramları sunulacaktır. Daha sonra, geleneksel altyapı finansman yöntemleri ve bu yöntemlerin Asya'nın denize kıyısı olmayan gelişmekte olan ülkelerindeki eksiklikleri tartışılacaktır. Daha sonra Asya'daki LLDC/KÇGOÜ'lerde İslami finansın gelişimi incelenecektir. Son olarak, İslami finansın geleneksel finans yöntemlerinin zorluklarını nasıl ele aldığı incelenecektir. Çalışma, gelir ortaklığı veya risk paylaşımı ilkesine dayanan İslami finans modellerinin altyapı finansmanında geleneksel finansa alternatif olarak uygulanabileceğini ortaya koymuştur. Kamu-özel sektör ortaklığı (PPP/KÖO) girişimleri İslami finansman kavramları çerçevesinde etkin bir şekilde uygulanabilir. Çünkü KÖO girişimlerinin unsurlarının İslami finans ilkeleriyle uyumlu olduğu gözlenmektedir. Her şeyden önce, KOÖ girişimleri, finansörler de dahil olmak üzere proje katılımcıları arasında risk paylaşımına izin verir. Buna ek olarak, KÖO projeleri İslami finansörlerin sadece kredi vermek yerine proje katılımcıları haline gelmesine olanak tanımaktadır. Bunu takiben, KÖO altyapı projeleri tanımı gereği spekülasyon ve kumardan uzaktır. Son olarak, proje sözleşmeleri genellikle iyi belirlenmiş ve belirsizlikten uzaktır. Bunun yanı sıra, İslami finans çerçevesinde finansal kapsayıcılık ve risk paylaşımı yaratmak, kur riskini ve finansman maliyetini azaltmakta ve toplumda refahın adil dağılımına neden olmaktadır.

Kaynakça

  • Abdulkareem, Ibraheem Alani - Mahmud, Mohd Sadad. “Infrastructure Project Financing Through Sukuk as an Alternative to Conventional Bond Financing.” Journal of Management and Operation Research 1/19 (2019), 1–11.
  • Abdullah, Abdul Aziz et al. “Risk in Funding Infrastructure Projects through Sukuk or Islamic Bonds.” International Review of Management and Business Research 3/2 (2014), 915–928.
  • Aktan, Coşkun Can - Dileyici, Dilek. “Genel Olarak Altyapı Hizmetleri.” Altyapı Ekonomisi: Altyapı Hizmetlerinde Serbestleşme ve Özelleştirme. Ankara: Seçkin Yayınları, 2005.
  • Arsalan, Ahmet Gökhan. Altyapı Yatırımlarının Sermaye Piyasası Araçlarıyla Finansmanı ve Kurumsal Yatırımcılarının Rolü. Gazi Üniversitesi, 2019.
  • Asian Development Bank. “Trends in Asia for Sukūk.” 2017
  • Ayub, Muhammad. “Focusing Project Financing for Growth and Realising the Higher Objectives of Shar¯ı‘Ah.” Journal of Islamic Business and Management (JIBM) 09/02 (2019), 235–247. https://doi.org/10.26501/jibm/2019.0902-001
  • Ayub, Muhammad. Understanding Islamic Finance. West Sussex: John Wiley & Sons, 2007. http://books.google.com/books?id=-3eZcL_kAkMC
  • Bahtiyar, Erhan. Altyapı Yatırımlarının Mevcut Finansman Modelleri Ile Sukuk Finansman Modelinin Mukayeseli Analizi (Doktora Tezi). İstanbul Üniversitesi, 2021.
  • Bakhor, Sharifah Nurul Azlin bt Syed Mohd. Sukuk as a Means of Project Financing (2013).
  • Baskakova, Irina V. - Malafeev, Nikita S. “The Concept of Infrastructure: Definition, Classification and Methodology for Empirical Evaluation.” Известия Уральского Государственного Экономического Университета 3/71 (2017), 29–41.
  • Biancone, Paolo Pietro - Shakhatreh, Mohammad Ziad. “Using Islamic Finance for Infrastructure Projects in Non-Muslim Countries.” European Journal of Islamic Finance 2/2 (2015), 1–8.
  • Buhr, Walter. What Is Infrastructure? Volkswirtschaftliche Diskussionsbeiträge, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht, 2003.
  • Chen, Can - Bartle, John R. Infrastructure Financing: A Guide for Local Government Managers (2017).
  • Chong, Sophia - Poole, Emily. Financing Infrastructure: A Spectrum of Country Approaches, 2013.
  • COMCEC Coordination Office. Infrastructure Financing through Islamic Finance in the Islamic Countries. Ankara, 2019.
  • Conference Index. “International Conference on Islamic Banking, Finance and Commerce ICIBFC on December 13-14, 2023 in Vientiane, Laos.” 2023
  • Creswell, John W. Educational Research: Planning, Conducting, and Evaluating Quantitative and Qualitative Research. Boston, MA: Pearson, 4th Ed., 2012. https://doi.org/10.1017/CBO9781107415324.004
  • Croce, Raffaele Della et al. Infrastructure Financing Instruments and Incentives. Paris, 2015. 69.
  • Diallo, Amadou Thierno - Gundogdu, Ahmet Suayb. Islamic Financial Product Development in the Context of Education and Health, 2021. https://doi.org/10.1007/978-3-030-67094-8_8
  • Eid, Serge Emile. Financing Infrastructure Projects. American University of Beirut, 2008.
  • Frischmann, Brett M. Infrastructure: The Social Value of Shared Resources. Oxford University Press, 2012.
  • Galih, Waskitha W. - Prijadi, Ruslan. “The Choice of Infrastructure Project Financing Strategies: A Case of A Seaport in Indonesia.” Proceedings of the 12th International Conference on Business and Management Research (ICBMR 2018). 116–122. Atlantis Press, 2019. https://doi.org/10.2991/icbmr-18.2019.20
  • Gresh, Geoffrey F. “The Rise of Islamic Banking and Finance in Central Asia.” Al Nakhlah Fall (2007).
  • Halland, Håvard et al. Resource Financed Infrastructure: A Discussion on a New Form of Infrastructure Financing. Washington DC: International Bank for Reconstruction and Development / The World Bank, 2014. https://doi.org/http://dx.doi.org/10.1596/978-1-4648-0239-3
  • ICMA Paris Representative Office. Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. Paris, 2021.
  • Infrastructure Australia. An Assessment of Australia’s Future Infrastructure Needs (2019). 639.
  • Irmak, Erdoğan. Kamu Yatırımları Finansmanı ve Altyapı Yatırımlarının Finansmanında Altyapı Yatırım Ortaklarının Kullanılması ve Değerlendirilmesi (Yüksek Lisans Tezi). Gazi Üniversitesi, 2010.
  • Kalu O., Emenike. “Infrastructure Finance Mechanism and Challenges in Nigeria.” Independent Journal of Management & Production 6/3 (2015), 827–836.
  • Kaplan, Fikri. “Using Islamic Finance for Infrastructure Projects in Turkey: A Study of the Potentials, Challenges and Current Situation.” Finansal Piyasaların Evrimi: Bankacılık, Risk Yönetimi, Piyasa. ed. Buket Altunkeski Kırcı -
  • Mehmet Fatih Buğan. 153–166. Gaziantep: Özgür Yayınları, 2023. https://doi.org/https://doi.org/10.58830/ozgur.pub67 This
  • Kastite, Zouhair. Islamic Finance: Complement or Alternative (2008).
  • Komijani, Akbar - Taghizadeh-Hesary, Farhad. An Overview of Islamic Banking and Finance in Asia (2018).
  • Lohawiboonkij, Sisira. “The Best Project Financing Option for Infrastructure Projects in Developing Nations.” PM World Journal VIII/I (2019).
  • Lone, Naveed Ahmad. “Islamic Finance: An Alternative Approach to Financial Inclusion.” Insight Islamicus 19/ (2019).
  • Nagayev, Ruslan - Jahangir, Rashed. Islamic Finance in Central Asia and Russia. Istanbul, 2022.
  • Nakamura, Hideo et al. Principles of Infrastructure: Case Studies and Best Practices. Tokyo: Asian Development Bank Institute, 1st Ed., 2019.
  • Reddy, Namratha. “Economic Infrastructure – Intro, Types, Significance.” 2018
  • Rostan, Pierre et al. “Challenges of Islamic Banking in Least Developed Countries: The Case of Afghanistan.” Journal of Emerging Economies and Policy 6/ (2021), 5–19.
  • Sadikot, Rishad. “Islamic Project Finance: Shari’a Compliant Financing of Large Scale Infrastructure Projects.” Al Nakhlah: Online Journal on Southwest Asia and Islamic Civilization Spring (2012), 1–9.
  • The Express Tribune. “Islamic Finance Attracts Non-Muslim Countries.” 2017
  • The Public-Private Infrastructure Advisory Facility. Project Finance: Introductory Manual on Project Finance for Managers of PPP Projects (2001).
  • Torrisi, Gianpiero. Public Infrastructure: Definition, Classification and Measurement Issues. Munich, Germany, 2009.
  • Tuna, Mustafa - Bostancı, Sevilay. “Mahalli İdarelerde Altyapı Yatırımlarının Finansman Yöntemleri: Ankara Su ve Kanalizasyon İdaresi (ASKİ) Genel Müdürlüğü Örneği.” Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi 23/4 (2021), 1477–1499.
  • UCLG Committee on Local Finance and Development. UCLG Support Paper on Local Finance (2007).
  • UN-OHRLLS. Landlocked Developing Countries Fact Sheet 2020 (2020).
  • UNCTAD. Economic Diversification in Selected Asian Landlocked Developing Countries (Bhutan, Kazakhstan, Mongolia, and Turkmenistan): Challenges, Policy Options, and the Way Forward. Geneva: United Nations, 2020.
  • United Nations-ESCAP. Infrastructure Financing for Sustainable Development in Asia and the Pacific. Bangkok, Sales No., 2019.
  • United Nations-ESCAP. Infrastructure Financing in Asian Landlocked Developing Countries: Challenges, Opportunities and Modalities. Bangkok, 2020.
  • Vizcaino, Bernardo. Islamic Finance in Afghanistan Growing, Investment Options Limited (2018).
  • Voropaeva, Lyudmila N. - Yurieva, Tatiana V. “Project Finance: Principles and Efficiency.” 8th International Scientific Conference on Project Management in the Baltic Countries. Riga: University of Latvia, 2019.
  • World Bank. What Are The Green Bonds? Washington DC, 2015.
  • World Bank Group et al. Reference Guide: Islamic Finance for Infrastructure PPP Projects. Washington DC, 2019.
  • “Azerbaijan Islamic Banking Finance.” 2023. Accessed August 10, 2023. https://www.shariabanking.com/azerbaijan.html
Toplam 53 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İslam Finansı
Bölüm Araştırma Makaleleri
Yazarlar

Mohammad Asif Nıaman 0000-0002-3622-0019

Hakan Aslan 0000-0003-2923-6837

Erken Görünüm Tarihi 13 Ekim 2023
Yayımlanma Tarihi 15 Ekim 2023
Gönderilme Tarihi 17 Ağustos 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 6 Sayı: Özel Sayı

Kaynak Göster

APA Nıaman, M. A., & Aslan, H. (2023). Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries. Kocatepe İslami İlimler Dergisi, 6(Özel Sayı), 38-63. https://doi.org/10.52637/kiid.1344609
AMA Nıaman MA, Aslan H. Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries. Kocatepe İslami İlimler Dergisi. Ekim 2023;6(Özel Sayı):38-63. doi:10.52637/kiid.1344609
Chicago Nıaman, Mohammad Asif, ve Hakan Aslan. “Islamic Finance As an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries”. Kocatepe İslami İlimler Dergisi 6, sy. Özel Sayı (Ekim 2023): 38-63. https://doi.org/10.52637/kiid.1344609.
EndNote Nıaman MA, Aslan H (01 Ekim 2023) Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries. Kocatepe İslami İlimler Dergisi 6 Özel Sayı 38–63.
IEEE M. A. Nıaman ve H. Aslan, “Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries”, Kocatepe İslami İlimler Dergisi, c. 6, sy. Özel Sayı, ss. 38–63, 2023, doi: 10.52637/kiid.1344609.
ISNAD Nıaman, Mohammad Asif - Aslan, Hakan. “Islamic Finance As an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries”. Kocatepe İslami İlimler Dergisi 6/Özel Sayı (Ekim 2023), 38-63. https://doi.org/10.52637/kiid.1344609.
JAMA Nıaman MA, Aslan H. Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries. Kocatepe İslami İlimler Dergisi. 2023;6:38–63.
MLA Nıaman, Mohammad Asif ve Hakan Aslan. “Islamic Finance As an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries”. Kocatepe İslami İlimler Dergisi, c. 6, sy. Özel Sayı, 2023, ss. 38-63, doi:10.52637/kiid.1344609.
Vancouver Nıaman MA, Aslan H. Islamic Finance as an Alternative of Infrastructure Financing for Asian Landlocked Developing Countries. Kocatepe İslami İlimler Dergisi. 2023;6(Özel Sayı):38-63.