A PROPOSAL FOR CONSTRUCTING AN ISLAMIC MONEY MARKET FUND FOR THE TURKISH MARKET

Sinan OKUMUŞ
1.211 332

Öz


Islamic finance is widely considered to be underutilized in Turkey. One of the reasons is the lack of
proper investment vehicles to cater the need of investors with interest sensitivity. Participation banks only
offer time deposit accounts with more than 30 days maturity. Investors with shorter term liquidity are
facing with leaving their money in demand deposit accounts and losing alternative return or moving to the
conventional investment vehicles. In this article, we propose to construct an Islamic money market fund
in order to protect capital and provide some return for the corporate and individual investors with interest
sensitivity. In this context we expect that Islamic money market fund would also help the growth of Islamic
finance in Turkey.

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DOI: http://dx.doi.org/10.14784/jfrs.80933