COMPARISON BETWEEN CURRENT LEGISLATIVE FRAMEWORKS FOR CROWDFUNDING PLATFORMS IN TURKEY AND UAE

Yıl 2021, Cilt: 7 Sayı: 2, 201 - 228, 31.12.2021

Safa Yıldıran , Monzer Kahf

https://doi.org/10.54863/jief.937563

Cited By: 1

Öz

Small and medium enterprises (SMEs) are crucial for economies in terms of their contributions to gross national product, employment, and innovation. Besides their contribution, the issue of financial inclusion of SMEs has not been solved yet. The unsatisfied needs of SMEs for financing and the improvements in the technological facilities lead to new financial solutions within the scope of financial technologies. Among them, crowdfunding comes into prominence with its enormous growth in the last decade. In this study, the current regulatory framework for the crowdfunding platforms in Turkey launched in 2019 has been analyzed comparatively with the regulation in the United Arab Emirates (UAE), the most benchmarked jurisdiction in the Middle East and North Africa, in terms of the scope of the crowdfunding platforms, Shari’ah-compliance, the conditions for the entrepreneurs and the investors, and secondary markets. Based on the comparison, the findings imply that the legislative framework of the UAE is more flexible and less restrictive compared to that of Turkey. Although both regulations consist of the same type of conditions for the entrepreneurs and the investors, regulators in Turkey specify each condition with specific limits, while the regulators in UAE only define the types of conditions and charge the platforms with setting the limits and other details. It can be said that the second approach leads to a more competitive crowdfunding market in the UAE.

Anahtar Kelimeler

Islamic Financial Technologies, Crowdfunding, Turkey, UAE, Legislation

TÜRKİYE VE BAE’DEKİ KİTLE FONLAMA PLATFORMLARINA YÖNELİK YASAL DÜZENLEMELERİN KARŞILAŞTIRILMASI

Öz

Küçük ve orta ölçekli işletmeler (KOBİ) milli hasılaya, istihdama ve teknolojik gelişmelere katkıları açısından ekonomiler için oldukça önemli bir konumdadır. Söz konusu katkılarına rağmen KOBİ’lerin finansmana erişim meselesi henüz çözüme kavuşturulamamıştır. KOBİ’lerin tam anlamıyla karşılanamayan finansman ihtiyacı ve teknolojik imkanların gelişmesi finansal teknolojiler bağlamında yeni çözümleri beraberinde getirmiştir. Bunlar arasından son on yılda ciddi büyüme kaydeden kitlesel fonlama sektörü ön plana çıkmaktadır. Bu çalışmada kitlesel fonlama platformlarına yönelik 2019 yılında yürürlüğe giren Türkiye’deki yasal düzenlemeler ile bu hususta Orta Doğu ve Kuzey Afrika’da en fazla referans alınan Birleşik Arap Emirlikleri’ndeki (BAE) düzenlemeler kitlesel fonlama platformlarının kapsamı, Şer’i uyumu, girişimci ve yatırımcı olmak için gereken şartlar ve ikincil piyasalar açısından karşılaştırmalı olarak analiz edilmektedir. Karşılaştırmanın neticesinde elde edilen bulgular, BAE’deki yasal çerçevenin Türkiye’dekine kıyasla daha esnek ve daha az sınırlandırıcı olduğuna işaret etmektedir. Her ne kadar iki ülkedeki düzenlemeler girişimciler ve yatırımcılar için benzer koşullar barındırsa da Türkiye’deki düzenleyiciler her bir koşul için belirli sınırlar tayin ederken BAE’deki düzenleyiciler sadece koşulları tanımlamakla yetinerek limitlerin ve diğer detayların belirlenmesi hususunda platformlara sorumluluk yüklemektedir. İkinci yaklaşımın, BAE’de daha rekabetçi bir kitlesel fonlama piyasasına imkan tanıdığı söylenebilir.

Anahtar Kelimeler

İslami Finansal Teknolojiler, Kitlesel Fonlama, Türkiye, BAE, Mevzuat

Kaynakça

• Amuna, Y. M. A. (2019). Crowdfunding Financing Model effect on Entrepreneurship Aspirations. Management Research, 3(1), 53–60.
• Amuna, Y. M. A., & Aburahma, I. A. M. (2019). Enhancing Entrepreneurial Abilities through Various Crowdfunding Models. 3(5), 11–21.
• Amuna, Y. M. A., Shobaki, M. J. A., Naser, S. S. A., & Talla, A. E. (2017). Crowdfunding as One of the Recent Trends in Financing Emerging and Small Projects in the Arab World. 1, 1–16. http://dx.doi.org/10.14257/ijbems.2017.1.1
• Anbar, A. (2020). Girişimcinin Finansmanında Alternatif Bir Yöntem: Kitlesel Fonlama. Muhasebe ve Finansman Dergisi, 88, 237–254. https://doi.org/10.25095/mufad.801477
• Ata, F. İ. (2018). Yeni Nesil Finansman Yöntemi Olarak Kitle Fonlama: Türkiye Potansiyeli. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 16(2), 273–296. https://doi.org/10.18026/cbayarsos.439447
• Batunanggar, S. (2019). Fintech Development and Regulatory Frameworks in Indonesia. Asian Development Bank Institute Working Paper Series, 1014. https://www.adb.org/publications/fintech-development-regulatory-frameworks-indonesia
• Bayraktar, A. (2019). Valuation of Crowdfunding. In Selected Issues on Current International Economics and Macroeconomics (pp. 71–77). Cambridge Scholars Publishing.
• Belleflamme, P., Lambert, T., & Schwienbacher, A. (2013). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 1–45.
• Blancher, N., Appendino, M., Bibolov, A., Fouejieu, A., Li, J., Ndoye, A., Panagiotakopoulou, A., Shi, W., & Sydorenko, T. (2019, February 12). Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia. https://doi.org/10.5089/9781484383124.087.A001
• Canbaz, M. F., & Çonkar, M. K. (2018). Girişimcilere İslami Bir Yöntem: Kitle Fonlaması & An Islamic Method for Entrepreneurs: Crowdfunding. Finansal Araştırmalar ve Çalışmalar Dergisi, 10(18), 37–55. https://doi.org/10.14784/marufacd.460651
• Central Bank of United Arab Emirates. (2020). Crowdfunding—The Official Portal of the UAE Government. Crowdfunding. https://u.ae/en/information-and-services/business/crowdfunding
• CrowdfundingHub. (2016). Current State of Crowdfunding in Europe. CrowdfundingHub.
• Demi̇ray, M., & Burnaz, S. (2019). Positioning of Crowdfunding Platforms: Turkey as an Emerging Market Case. Journal of Management Marketing and Logistics, 6(2), 84–94. https://doi.org/10.17261/Pressacademia.2019.1036
• Doğan, D. U., & Vural, A. (2019). Girişimcilik Finansmanında Yeni Bir Model: Kitle Fonlaması1 (A New Model In Entrepreneurship Financing: Crowdfunding). Journal of Business Research - Turk, 11(1), 88–100. https://doi.org/10.20491/isarder.2019.584
• Dubai Financial Services Authority. (2017). DFSA launches Crowdfunding Framework. DFSA Launches Crowdfunding Framework. https://www.dfsa.ae/news/dfsa-launches-crowdfunding-framework
• The DFSA Rulebook Conduct of Business Module, Crowdfunding. 11 (2020). https://dfsaen.thomsonreuters.com/rulebook/cob-11-crowdfunding
• Elipses. (2019). The Global Islamic Fintech Report. Elipses. www.elipses.co
• Ethis. (2020). Ethis Indonesia | World’s leading ethical investment crowdfunding platform. Ethis Indonesia. https://ethis.co/id/
• Gajda, O. (2017). Review of Crowdfunding Regulation 2017. European Crowdfunding Network AISBL.
• Hemer, J. (2011). A Snapshot on Crowdfunding. Arbeitspapiere Unternehmen Und Region, R2/2011.
• IFN Fintech. (2020). Landscape. Landscape. https://ifnfintech.com/landscape/
• infoDev, & World Bank. (2013). Crowdfunding’s Potential for the Developing World. Finance and Private Sector Development Department.
• Kapital Boost. (2020). Kapital Boost. https://kapitalboost.com/
• Kurt Cihangir, Ç. (2018). Finansal Piyasalar için bir Yenilik Türkiye için bir Fırsat: Kitlesel Fonlama. 157–173.
• Massolution. (2015). The Crowdfunding Industry Report.
• Muradoğlu, C. (2020, March 27). Startupfon’un kuruluş hikayesini yönetici ortaklarından Gülsüm Çıracı anlattı. Webrazzi. https://webrazzi.com/2020/03/27/startupfon-un-kurulus-hikayesini-yonetici-ortaklarindan-gulsum-ciraci-anlatti/
• Nor, A. M., & Ismail, S. (2019). Profit and Loss Sharing (PLS) and Non-PLS Financing in Malaysia: Which One Should Be the One? 14–25. https://doi.org/10.18502/kss.v4i6.6585
• Nusa Kapital. (2020). Nusa Kapital – Shariah-Compliant P2P Platform. https://nusakapital.com.my/
• OECD. (2019). OECD SME and Entrepreneurship Outlook 2019. OECD. https://doi.org/10.1787/34907e9c-en
• P2PMarketData. (2020, May 16). Crowdfunding Statistics Worldwide: Top 30 Countries [updated 2020]. P2PMarketData. https://p2pmarketdata.com/crowdfunding-statistics-worldwide/
• Rau, R. (2018). Law, Trust, and the Development of Crowdfunding. University of Cambridge, 1–67.
• Saiti, B., Musito, M. H., & Yücel, E. (2019). Islamic crowdfunding: Fundamentals, developments and challenges. 469–484.
• Paya Dayalı Kitle Fonlaması Tebliği, 30907 (2019). https://www.mevzuat.gov.tr/mevzuat?MevzuatNo=33836&MevzuatTur=9&MevzuatTertip=5
• STA Law Firm. (2019). Regulatory Insight on Crowdfunding in the UAE. https://www.stalawfirm.com/en/blogs/view/regulatory-insight-of-crowdfunding.html
• Statista. (2020a). Crowdfunding Wordwide. Statista. https://www.statista.com/outlook/335/100/crowdfunding/worldwide
• Statista. (2020b). Leading crowdfunding countries globally 2018. Statista. https://www.statista.com/statistics/1078229/global-crowdfunding-volume-worldwide-by-country/
• Taha, T., & Macias, I. (2014). Crowdfunding and Islamic Finance: A Good Match? In F. M. Atbani & C. Trullols (Eds.), Social Impact Finance (pp. 113–125). Palgrave Macmillan UK. https://doi.org/10.1057/9781137372697_10
• Tom, M. (2020, September 23). 100 Crowdfunding Sites from 40 Countries. Startup Info. https://startup.info/crowdfunding-platforms-for-startups-in-different-parts-of-the-world/
• Wahjono, S., Marina, A., Sezeli, S., & Mahardhika, B. (2019). The Role of Social Awareness over the Success of Crowdfunding Platform. Humanities & Social Sciences Reviews, 7, 534–540. https://doi.org/10.18510/hssr.2019.7379
• World Bank, & Cambridge Centre for Alternative Finance. (2019). Regulating Alternative Finance: Results from a Global Regulator Survey.
• World Bank SME Finance. (2020). World Bank. https://www.worldbank.org/en/topic/smefinance
• Yüksel Akbaş, S. (2019). Girişimciler ve Yatırımcıları Buluşturan Alternatif Bir Finansman Yöntemi: Kitlesel Fonlama [Pamukkale Üniversitesi]. http://acikerisim.pau.edu.tr/xmlui/bitstream/handle/11499/26115/Sereng%c3%bcl%20Y%c3%bcksel%20Akba%c5%9f.pdf?sequence=1&isAllowed=y
• Ziegler, T., Suresh, K., Garvey, K., Rowan, P., Zhang, B. Z., Obijiaku, A., Rui, H., & alqahtani, fatimah. (2018). The 2nd Annual Middle East & Africa Alternative Finance Industry Report. https://www.ssrn.com/abstract=3621284