Yogyakarta, June 10, 2026 (09.00 AM - Western Indonesian Time) -- The Faculty of Islamic Economics and Business, UIN Sunan Kalijaga Yogyakarta, successfully organized an International Students Lecture as part of the International Distinguished Lecture Series. The program was designed for undergraduate, master's, and doctoral students to broaden their understanding of Islamic finance through the experience of Türkiye. The event was officially opened by Prof. Dr. Misnen Ardiansyah, S.E., M.Si., Ak., CA., ACPA. In his opening remarks, he emphasized the importance of international academic collaboration and encouraged students to learn from the development of Islamic economics and finance in different countries.
The lecture was delivered by Assoc. Prof. Dr. Hakan Aslan, Head of the Department of Islamic Economics and Finance at Sakarya University, Türkiye. The session was moderated by Izra Berakon and focused on the topic "The Turkish Paradigm: Historical Roots and Modern Horizons of Participation Banking." During the lecture, Dr. Hakan explained why Türkiye uses the term Participation Banking instead of Islamic Banking. He described how this approach allowed Islamic finance to develop within Türkiye's secular legal system while continuing to follow Sharia principles. He also explained that participation banks focus on profit sharing and real economic activities rather than interest based transactions.
The presentation also introduced students to the historical development of Islamic finance during the Ottoman Empire. One of the main topics was the Cash Waqf, an innovative system that used cash endowments to finance businesses, support social welfare, and strengthen the local economy. Students also learned how a famous fatwa issued in 1545 helped establish the legal foundation for the development of cash waqf and Islamic finance in Türkiye. Dr. Hakan continued by explaining the journey of participation banking in modern Türkiye. He described several important milestones, including the establishment of Special Finance Houses in 1983, the legal recognition of Participation Banks in 2005, and the establishment of state owned participation banks beginning in 2015. These developments have made participation banking an important part of Türkiye's financial system.
The lecture concluded with an interactive discussion where students asked questions about Islamic banking, waqf, financial innovation, and opportunities for collaboration between Indonesia and Türkiye. The session reflected the students' strong interest in learning from international experiences and expanding their global perspective. This International Students Lecture demonstrates FEBI UIN Sunan Kalijaga's commitment to providing students with international learning opportunities and strengthening academic cooperation with leading universities around the world.