Standardization in Interest-Free Finance: Importance, Challenges and Future Perspectives

Authors : Zeynep Şimşek Bingöl, Bünyamin Er

Pages : 615-649

Doi:10.53683/gifad.1658821

View : 60 | Download : 92

Publication Date : 2025-07-15

Article Type : Research Paper

Abstract :Standardization is a process aimed at increasing harmony, quality, and efficiency by establishing common rules, criteria, and methods within a specific field. Applied across a broad spectrum from manufacturing to the service sector, technology to healthcare standardization plays a vital role in ensuring reliability, minimizing errors, and strengthening international competitiveness. As a foundational building block in the economic and technological development of societies, this process contributes to the creation of a sustainable and orderly system by facilitating global cooperation. Interest-free finance, a system designed in compliance with Sharia principles, often encounters varied practices across different countries and institutional frameworks. This diversity complicates the establishment of a standardized framework for accounting and auditing mechanisms, creating uncertainties in terms of transparency and compliance. The lack of unified regulations in the sector undermines investor confidence, hindering the global adoption of interest-free financial products. In this context, the standardization process holds significant importance for facilitating the international integration of interest-free finance, ensuring market stability, and supporting the sector’s sustainable growth. This study comprehensively examines the standardization process within the interest-free financial system, the importance of standardization, and its impacts on the sector, all within the historical evolution of standardization.
Keywords : Standardizasyon, Faizsiz Finans, AAOIFI, IFSB, IIFM.

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