Istanbul Sabahattin Zaim University, Turkey
October 30-31, 2020
Saving is a fundamental economic concept with significant impact on economy, economic growth, and development.Throughout history, households, groups, communities, firms, and governments have practiced saving for better financial management, resulting in serious impacts on various decisions related to retirement, investment, employment, social and physical infrastructure etc.
Economics of Savings-Based Finance (SBF) is a cooperative model of financial free interest based on solidarity and joint fulfilment of common needs. Due to indebtedness, difficult access to formal financing, and a substantial rise in interest rates, SBF is practiced among a group of people, who based on mutual solidarity and collaboration agree to contribute a specific amount of money in order to meet their targeted financing needs. SBF continues to play a crucial role in various informal financial and community sectors, especially in African and Asian communities. Individuals tend to rely on alternative rotating savings and credit association whilst utilizing their domestic savings to improve their micro status
There is a growing body of literature that recognizes the importance of savingsbased finance (SBF) as an alternative interest-free financing model. SBF has become a global phenomenon for its institutional Rotating Credit and Savings Association (ROSCA) services all while increasing market shares in the retail credit market economy. The SBF model is appropriate for both retail and corporate finance. Through this model, SBF companies convert the fiscal power of participants to their financial power through organizing groups of participants based on their platforms and clearing transfers between positive and negative savings. Largely accepted as an alternative Islamic finance concept, SBF companies offer individualized saving plans for participants based on their personal saving capacities and disburse the total agreed amounts to them within specified periods as pre-agreed in the contract. Participants are simply guided by their savings plan throughout the period. In Turkey, there is a notable presence of savings-based finance with a significant growth in saving-based finance (SBF) companies which continue to play a role in the Turkish economy.
This Symposium and its subsequent series seek to create an awareness on financial sustainability and creative management of financial assets; in particular, to promote sustainable financing models in Turkey and abroad. We are pleased to announce that Istanbul Sabahattin Zaim University, we will virtually host the 2nd International Savings Symposium on World Savings Day (October 31st, 2020) with introductory sessions on the previous day both virtually and in person. The symposium will proudly host a number of esteemed guests, national and international executives as well as numerous distinguished scholars. Your participation in this symposium will be greatly honored.