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

Year 2021, Volume: 7 Issue: 2, 201 - 228, 31.12.2021

Safa Yıldıran , Monzer Kahf

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

Cited By: 1

Abstract

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.

Keywords

Islamic Financial Technologies, Crowdfunding, Turkey, UAE, Legislation

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

Abstract

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.

Keywords

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

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