TUJISE Turkish Journal of

Islamic Economics

Homo Islamicus and the Tendency of Economic

Behavior

Bünyamin Kayalı*
İbrahim Cevizli
Mahmut Bilen
Beyza Nur Aydoğan

Abstract: In this study, Homo Islamicus (Islamic individual) and the economic behavior tendency of the Islamic in-
dividual were analyzed. In this context, participants were asked 22 survey questions originally prepared as a result of
the literature review. The results were analyzed using the Python program. According to the results obtained, it was ob-
served that more than half of the society did not lead a lifestyle according to Islamic traditions. Sensitivity to the distinc-
tion between halal and haram has come to the fore. The issue with the least sensitivity was being a patient person. At the
same time, it was observed that the Islamic individual took care of those in need economically and avoided consuming
haram products by succumbing to its wishes and desires. However, it was observed that they had a low sensitivity when
choosing the interest-free capital system. Likewise, there was a low social attitude towards donating.

Keywords: Homo Islamicus, Homo economicus, Economic Behavior Tendency, Pyhton

JEL Classification: D01, C60

* Corresponding Author

PhD Student, Sakarya University, kayalbunyamin@gmail.com, 0000-0002-0698-3090

Asst. Prof., Bozok Unviversity, ibrahim.cevizli@bozok.edu.tr, 0000-0002-1516-5081
Prof. Dr., Sakarya Unviversity, bilen@sakarya.edu.tr, 0000-0002-8512-5528
Independent Researcher, beyzanur.aydogan@live.co.uk, 0000-0002-6961-0304

© Research Center for Islamic Economics Received: 17.09.2024

DOI: 10.26414/A479 Revised: 24.11.2024
TUJISE, x(x), 2025, xx-xx Accepted: 02.12.2024
tujise.org Online First: 31.01.2025
 Turkish Journal of Islamic Economics (TUJISE)

Introduction
In this study, the concept of economy is expressed as iktisad. Although these two
concepts are used interchangeably in the literature, they differ in origin. The word
economy derives from the Greek words “οἶκος” and “νόμος” and means “household
rules or home management.” The word “iḳtiṣād (‫ ”)اقتصاد‬is of Arabic origin and derives
from the word “kasd.” Kasd refers to “being on the right path, being moderate and fair
in words and deeds, staying away from excess and negligence, avoiding waste and stingi-
ness, being thrifty, being accurate, intending and directing something” (Gül, 2010, pp.
27-78). In this context, economics means “to act with moderation, to stay away from
excess, waste and stinginess, and to be frugal.”
Until the concept of economy emerged in Western Europe, Islam in the Muslim
world was moderate in everything from people’s behavior to their economic activi-
ties. In this context, in economics in general, it was used in a perspective that fol-
lows the middle path, away from waste and excess. It is not used technically like the
word economy, which occurs in Western countries (Hammad, 1996, pp. 160-161).
Ibn Kayyim (751/1350) summarized the word economics as follows. “Economy
is the opposite of stinginess and consists of two good habits, justice and wisdom. The indi-
vidual finds moderation between extravagance and not spending at all. He wisely places
each of these in their appropriate place. Thus, economics occurs in the middle path that
occurs between these two situations.”
The main source of Islam is the Quran. The Quran is closely related to economic life.
It guides people in economic life, as in everything else. At this point, in the Islamic
belief, everything that is correct and accurate is expressed with derivatives of the
word “salâh.” Sâlih is derived from the salâh.. While sâlih can be an adjective for
living and inanimate creatures, it can also be an adjective for people’s words, dee-
ds, behaviors, words and concepts (Zebîdî, 1965, p. 1969). For example, just as a
decent, correct and good condition is expressed with the word sâlih, people who do
their work soundly and their deeds (words and behaviors) correctly are also desc-
ribed with the adjective sâlih. The verse states, “[They are] those who believe in Allah
and the Last Day, who enjoin good and forbid evil, and who compete in good deeds. They
are among the righteous.” It is stated that good deeds, one of the basic foundations
of Islamic Economics, are righteous deeds (Karaman et al., 2016, p. 63).
According to Islamic belief, everyone is responsible towards their own cons-
cience, society, the state, humanity, all living creatures, the environment and
even the universe. After the man was appointed caliph on earth, the things in the

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Homo Islamicus and the Tendency of Economic Behavior

universe were made subject to him. More than all of these, man is responsible to
God. Social activities, such as meeting the basic needs of the poor and preventing
ill-gotten gains fall within the responsibility of society, economic institutions and
the state, as well as individuals. The public should not remain insensitive to such
conscientious situations and act in accordance with the principle of social justice.
This allows the state to produce social policies, plan in this regard, spread the in-
come to the base, use the necessary tools for this purpose, and in short, intervene
in the economic course when necessary. There is no ideal of social justice that can
be achieved with the understanding of “don’t interfere, the world will find its way” in
the “Laissez Faire” capitalism that dominates the Western World, and it also has no
place in Islam (Cevizli, 2022, p. 530). At the same time, maintaining moderation in
the use and distribution of resources has an important place in Islam.
The Quran, the holy book of Islam, makes legitimate demands regarding eco-
nomic life as well as in all areas of life. The verses frequently touch upon issues,
such as earnings, property, debt, interest, waste and cooperation. These directly
constitute economic life itself. All of these constitute areas where Islam and the
Quran intersect with economics. Thus, it is seen that the Quran contributes to Is-
lamic economics in terms of principles and practice. In Christianity, humans are
sinners. Human nature is built on evil. This requires an acceptance that morality
will not change. In fact, the advanced version of this idea appears as secularism.
Thus, while Western enlightenment limited the impact/traces of the sacred on so-
ciety, it also preferred to rationalize and secularize the moral values ​​of social life
in the value scale of modern life, which puts humans at the center of everything.
In Islamic acceptance, a person is innocent from birth. Man is born with a clean
nature. By nature, it is inclined towards both good and evil. The good side of man
can be expressed as his mind, heart and conscience, and the bad side of man can
be expressed as his animal instincts and selfishness. Islam aims to strengthen the
good side of man and to improve the bad side of man, thus aiming at achieving
happiness in both worldly and hereafter life (Aydın, 2013, p. 34). At this point, his
choices constitute the secret of his test.
The concept of Homo economicus (rational economic man), which emerged in
Continental European countries in the 18th century, emerged from the ideology
dominated by selfishness and reason. Later, this ideology was considered the enli-
ghtenment process in Europe and turned into a social project. In this process, the

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ratio1 and selfishness are taken as the basis and other virtues are disabled. Essen-
tially, this development was the crowning of the selfishness that existed before in
orthodox economic thought with reason. This opportunist individual, who sees hu-
mans as a mechanical being, arises from the positivist understanding; Its aim is to
maximize its benefits. However, it has now become clear that the Homo economi-
cus definition of the individual does not reflect reality. Humans are not a one-sided
creature as mainstream economic thought assumes. According to Asutay (2007,
p, 18), humans are not absolutely free. Where its own welfare and the welfare of
society conflict, he/she makes rational choices by considering both worlds. Thus, it
is not possible to shape the behaviors within a certain formulation.
According to Bentham, who put forward the philosophy of “utilitarianism”
in the last quarter of the 18th century, human beings can choose good and evil.
A person’s choices are in the direction of choosing what is beneficial (Bentham,
1781). Likewise, in the understanding of the principle of the “invisible hand,” it has
been suggested that when individuals maximize their own interests, the welfare of
society will be maximized. However, according to Stiglitz (2012), this theoretical
framework has not had an effect in practice that increases the welfare of everyone.
In orthodox economic thought, human beings and reason are taken as basis.
The principles of freedom, individual and rationality were adopted. This view argu-
es that humans are not affected by their environment and aim to maximize their
benefits by acting rationally in their decisions (Eren and Sarfati, 2011). The indivi-
dual is a consistent person who always knows his/her wishes and can analyze the
benefits well. At the same time, they are motivated by competition and are selfish.
If they make a mistake, they learn from it and do not repeat the mistake again
(Kamber, 2018). After the difficulties experienced by the mainstream in explaining
people in real life, a new ground has emerged to explain people better. Thus, in
addition to orthodox views, behavioral approaches based on human behavior have
emerged.
With the heterodox approach, humans are accepted as limited rational in-
dividuals. People are influenced by their environment at decision points (Kü-
çükkalay, 2019). According to Bowles and Gintis (1993), rationality is a very
limited assumption. The definition needs to be expanded and modernized.

1 Rationality derives from “ratio” Ratio is of Latin origin; It means mind, reason.

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Homo Islamicus and the Tendency of Economic Behavior

Simon’s (1955) Behavioral Model of Rational Choices study defines the concept of
limited rationality instead of the rationality approach. Individuals create emotio-
nal, psychological and cognitive pathways when making decisions.
Studies criticizing the homoeconomicus approach are essentially divided into
two. First, it is an approach that reveals that psychological factors can also affe-
ct the individual, saying that it is insufficient to explain the individual only with
benefit maximization. The second is it is the behaviorist view that fundamental-
ly rejects utility maximization and states that individual behavior is psychological
rather than economic (kurtulmuş, 1989). The behavioral economic approach, whi-
ch deals with human behavioral approaches and describes humans as individuals
who are affected by their emotional environment, act with their intuition, and have
complex behaviors, criticizes rationality. At this point, Daniel Kahneman (2004)
emphasizes cognitive limitations and argues that the focus is on the visible points
of events, ignoring the real causes. The human brain cannot act rationally in anal-
yzing uncertainties in the face of changing environmental conditions. Individuals
cannot act rationally when under uncertainty and risk. As a result of his studies,
Kahneman showed that people do not only consider their own interests in their
economic behavior; that is, they do not always act rationally (Can, 2012).
Therefore, for the idea of ​​behavioral economics, behavioral approaches create
models that explain how people make decisions in economic life by analyzing them
in an environment where there is uncertainty and other factors.
At this point, Islamic economics has put forward the concept of Homo Isla-
micus against this definition of the individual by orthodox economic thought.
Homo Islamicus, unlike homo economicus, is not free from moral sense. In fact,
for homo-Islamicus, morality constitutes one of the important facts that guide be-
havior. According to Islamic belief, individuals with a sense of morality have good
intentions. Good behavior comes from well-intentioned people. Good behavior le-
ads the individual to righteous deeds, and righteous deeds lead the individual to
behave unselfishly, that is, to altruism. In addition, the Islamic individual cares
about cooperation and social values ​​rather than merely maximizing its benefits like
the rational individual. According to the dominant economic theory, gaining profit
through non-superstitious means is evaluated in the context of rationality. Thus,
if this path leads to profit maximization, it is considered permissible. On the cont-
rary, in Islamic economics, this situation constitutes one of the biggest obstacles
to prosperity. Because the Islamic individual is subject to a moral dimension in ac-
cordance with Islamic belief at the time of economic decision. This emphasizes that

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one should not act only with financial concerns (Eren, 2013, p. 374). Undoubted-
ly, a person who observes morality and ubka2 has good intentions and does good
deeds. A person’s religious belief has a great impact on the formation of morality.
Morality is the set of behaviors, attitudes and beliefs set by religions. These moral
norms inherent in people of Islamic faith distance them from the homo economi-
cus assumption of orthodox economics. Because the religion of Islam prepares its
individuals for economic life by educating them with God’s commands, prohibiti-
ons and advice. It can be said that the Ottoman Islamic economy is the product
of a practice trained in this way by the Ahi system (Tabakoğlu, 2015). While the
Ottoman Empire preferred irrational ways, the West generally continued its path
by creating a capitalist law and organization. Thus, an independent employer class
was formed in the West, unlike the East. In the East, the employer engaged in trade
not to become a real capitalist but to “find glory, honor and dignity” (Ülgener, 1981,
p. 199). While the capitalist approach motivates individual behavior with material
incentives, Islamic economics aims to raise moral individuals who have adopted
normative Islamic principles.
According to Sebahattin Zaim, who is at the forefront of discussions on the
subject in the literature, homo economicus is harshly criticized. According to Zaim,
since the 19th century, with the view of materialism (materialist approach), the
social order was handled only from an economic perspective, causing problems in
the social structure (e.g., crises and social conflicts) and ruptures from the spiritual
sphere (secularization) (Zaim, 1992, p. 16). In this respect, economic preferences
are a part of social life and purely economic attitudes are insufficient to define a
person. Man needs a more comprehensive definition (Zaim, 1992, p. 161). The fact
that man takes into account the worldly and afterlife consequences of his actions
comes from his evaluation of his relationship with the matter in the context of
“trusteeship.” In this respect, man is not the main owner of all creatures on earth
but a trustee who can use them for a specific purpose. The sole purpose of man’s
relationship with things and other people stems from the aim of being the “Caliph
of the Earth.” This situation gives the person morality and a supreme responsibility.
Man, the caliph of the earth, will work for the welfare of society in this world and
the hereafter. Therefore, people need to consider not only individual benefit but
also social benefit (Zaim, 1992, p. 182). The homo economicus model is a product

2 “ukba,” which is an Ottoman term, means the eternal world, the eternal world, the afterlife.

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Homo Islamicus and the Tendency of Economic Behavior

of man’s scientific accumulation. To put it more clearly, it is a prototype developed

by humans through reason (Zaim, 1992, p. 166). In this respect, it is open to cri-
ticism. The emergence of the Muslim man is based on divine rules and prophetic
examples. It would be a healthier choice for the Creator to define and guide people
instead of defining and guiding people. In this respect, Zaim deals with humans as
‘Homo Islamicus’ in his works (Yenice, 2020, pp. 143-144).
Tabakoğlu, who has produced important works in Islamic economic history and
Islamic economic thought in Türkiye, clearly reveals the mutual interaction betwe-
en humans and economics, starting from the mentality, in his work titled Introdu-
ction to Islamic Economics (Tabakoğlu, 2008). Human beings are defined as beings
who seek absolute truth (truth).Tabakoğlu based the sources of knowledge on the
science of procedure, five senses, reason and faithful news (Quran and Sunnah).
Therefore, he has an understanding of knowledge that includes value judgments
(Tabakoğlu, 2008, p. 55). According to Tabakoğlu, man in Islam is different from
the rational man (homo economicus) who aims for profit in everything that capi-
talism creates. The consciousness of servitude should be at the forefront of peop-
le’s behavior (Sıddıki quoted in Tabakoğlu, 2008, p. 82). Tabakoğlu expresses his
conclusions about humans based on a piece of essence (Islam). It is not a healthy
interpretation to condemn people to rationality that only acts with material con-
cerns and cares about their interests. Therefore, it considers all sciences as a whole
and evaluates them within the framework of the Islamic view of life (Tabakoğlu,
2008, p. 82).
With the idea of ​​political moral economy, Asutay put forward a thesis that op-
poses the idea of ​​expressing human beings only through their economic behavior
(Asutay, 2007a, p. 4). According to him, people do not act only with material con-
cerns (benefit/profit) but also consider morality in their behavior. Stating that Is-
lamic moral economics differs from the traditional economic view at certain points,
Asutay states that moral economics has an understanding of knowledge (epistemo-
logy) based on the Quran and Sunnah (Asutay, 2007b, p. 5). Asutay preferred the
concepts of Homo Islamicus or Tabii/Tebaa instead of homo economicus (Asutay,
2007b, p. 16). Man acts not only according to “material rationality” but also accor-
ding to spiritual rationality. Unlike the freedom of economic man (to the extent
permitted by law), man’s freedom is given to him by God only to be used for “good”
and every behavior has a reward (Asutay, 2007b, p. 8).
Asad Zaman defines Islamic economics as separate from traditional economic
thought and emphasizes that it has different characteristics in terms of knowledge

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and application areas. Zaman expresses Islamic economics as “It is the effort of man
to implement his individual (micro), social (meso) and ummah (macro) economic behavi-
ors in accordance with God’s commands” (Zaman, 2015, p. 4).
According to Zaman, the Western theory of knowledge completed its develop-
ment due to the criticism of Christianity by Enlightenment thinkers. Information
should be independent of value judgments (objective) and reasonable (rational).
Zaman, who criticized the term Homo economicus, preferred Homo Islamicus
instead. However, being aware that homo economicus is more common in soci-
al life, he stated that he could not confirm that this was ideal. It is important to
define the goals a person needs to achieve correctly, and it is more essential to
answer how to work for a solution rather than whether the goals are achievable.
In other words, the absence of Homo Islamicus does not mean that it cannot
be recommended (Zaman, 2015, p. 8). Positivist theory of knowledge divides
information into positive and normative, and considers normative informa-
tion meaningless because it contains value judgments (Zaman, 2008, p. 8).
Western economics, which follows the positivist discourse, debates whether Isla-
mic economics is normative or positive. However, according to Zeiman, Islamic
economics is neither normative nor positive; Islamic economics is transformative.
Islam provides the transformation from the ideal individual to the ideal society
(Zaman, 2015, p. 32).
People basically want to be happy and prosperous in their worldly lives. In this
way, they strive to achieve prosperity and salvation. While achieving prosperity
triggers material associations, achieving salvation goes through spirituality. Capi-
talist logic focuses solely on the materiality of these two. It was believed that indi-
viduals would become prosperous in this way (Zaim, 2005). Since morality is not
sought in the behavior of homo economicus, it has the freedom to make all kinds
of financial choices. This situation is also effective at the time of election, causing
Homo economicus to seek material things. Spirituality is not effective at the time
of choice (Demir, 2013). According to Islam, humans were sent to make the world
more livable. In the Islamic economics approach, an individual with moral values
does not only think about itself but also behaves in accordance with the interests
of the whole society. It is not selfish; it is sharing. It considers the interest and
welfare of society as a matter that must be taken into account in addition to its
own interest.
In this study, the answers received from the survey originally prepared due to
the information obtained from the hadiths and verses on the subject of the Islamic

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Homo Islamicus and the Tendency of Economic Behavior

individual and economic tendency, which were analyzed using the Python prog-
ram. In this context, homo-Islamicus and its economic tendency are defined in the
first chapter. The answers received from the survey applied to 400 people in two
sections were analyzed with Python data analysis.

Homo Islamicus and the Tendency of Economic Behavior

It is seen that the discussions about what a Muslim individual should be like in the
face of the term modern individual started in the 1980s (Islahi, 2010). These dis-
cussions were mainly focused on the concept of homo economicus, which is consi-
dered hedonistic and rational. Thus, the touchstone of the road to homo Islamicus
was laid (Yılmaz, 2022). In contrast to the homo economicus approach that ignores
rational choices and spiritual development, the concept of homo Islamicus, which
behaves by taking into account the individual’s “moral priorities and ukba,” has been
introduced (Zaim, 2005). In the economic-social system of the dominant econo-
mic approach based on exploitation, people’s most important concern has been
economic concern rather than moral-spiritual, aesthetic, political and social values
(Tabakoğlu, 2008, p. 82).
While homo economicus pursues benefit maximization, homo Islamicus prio-
ritizes altruism (Warde, 2010, p. 44). Islamic economics emphasizes that by refor-
ming homo economicus, the greedy and selfish person, to a certain extent, a more
balanced person with altruistic human characteristics will be possible (Zaman,
2015). Islam commands the individual to consider the benefit of society as well as
its own benefit. In this way, spiritual pleasure can be internalized (Kartal, 2016).
Homo Islamicus is also “not expected to prefer immoral products” at the time of
gain and pleasure (Özdire, 2010). Rationality focusing on materiality negatively
affects social welfare by neglecting moral values. This is where the deficiency of a
rational person begins. Knowing the world only through matter and doing things
in this direction shows that he does not take morality into account in his behavior
(Zaim, 1992). While Islam commands to avoid waste and extravagance, it calls the
individual to work and to act fairly in determining prices. In this way, the individu-
al can transform from a selfish and greedy homo economicus to a virtuous homo
Islamicus. At the same time, thanks to these norms, the individual will have many
freedoms and also pass his/her wishes through a moral filter (Kuran, 2002).
The Islamic individual is not an entity evaluated only in terms of economic as-
pects, like homo economicus. It is also seen as a spiritual being in society. Thus, the
Islamic individual attaches importance “to acting fairly and avoiding waste and osten-

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tation” (Kartal, 2016). According to Islamic belief, humans exhibit a two-dimen-

sional behavioral balance between this world and the afterlife (Tabakoğlu, 2008,
p. 80). It acts with moderation and avoids unnecessary expenses and waste. Since
excess consumption will be considered waste, individuals should only meet their
real needs. Thus, the individual who does not spend extra will tend to save. Since
there is no interest on savings, they will turn into investments. Such a sensitive
approach to waste will ensure consumption equality among Islamic individuals, as
they will consider social morality rather than themselves (Karakoç, 2013, p. 52).
Homo Islamicus is a person who does not leave wealth idle by avoiding waste and
luxury in consumption (Temelli, 2015, p. 48). In the 31st verse of the Purgatory
Surah, “O children of Adam! Eat and drink, but do not be wasteful. Because Allah does
not like those who wasteful.”
According to Furgani and Echchabi (2022), Homo Islamicus was created in a
perfect state by the synthesis of two elements: the material body (jasad) and the
spiritual soul (ruh). As a result, their tendencies, potentials and needs consist of
physical, psychological, moral and spiritual needs. Equipped with guidance from
the Quran and Sunnah and internal capacities such as reason (ʿaql), will (ikhti-
yar), abilities (qudrah) and desires (ahwa’), Homo Islamicus exhibits a balanced
attitude when meeting these various tendencies and needs is expected. Homo Is-
lamicus takes on the role of fulfilling the duty of worshiping Allah; He serves Allah
in accordance with the orders and prohibitions (offers) given to him. At the same
time, as God’s caliph (khalifah) on earth, Homo Islamicus bears the responsibi-
lity of implementing God’s purposes, order and provisions in economic activities.
Homo Islamicus is both an individual, social, spiritual and material being. It tries
to maintain relationships by protecting the rights and obligations of the relevant
realities (Allah, nature, individual and society) and aims to comply with the unders-
tanding of piety (God consciousness) in all its actions. The well-being (maslahah)
of Homo Islamicus lies in meeting her material, psychological, moral, social and
spiritual needs from a balanced and holistic perspective. This means being aware
of his own nature (maʿrifat al-nafs), his duty (taklif) as a servant (ʿabd) and caliph
(khalifah), and the ability to develop the earth (taʿmir), establish justice (ʿadl), and
protect the rights and obligations of others. This is possible by being aware that he
is equipped with a trust (amanah) that has given him the responsibility to act with
taqwa (consciousness of Allah).
According to Choudhury (2018, p. 265), today, Islamic economics does not have
a theory and foundation that can be called truly Islamic in terms of systematizing

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Homo Islamicus and the Tendency of Economic Behavior

economic and social learning in a holistic way. Today’s Islamic economics methods
and models ignore the need to internally model Islamic morality and ethics with
material elements. Moreover, in his work, Mahyudi (2015) makes a journey from
the superficiality of homo Islamicus to the unchanging reality of being human.
Thus, in the first part of his work, he presented the real applications of Islamic the-
ories in natural environments. Therefore, he directly adopted the understanding of
realism (Pritchard, 2006). The assumption is that homo Islamicus is the economic
agent represented in both theory and practice. It should also be noted that the eco-
nomic agent is the very foundation of the microfoundations of Islamic economics
(Arif, 1985). As a principle, any observed gap between theory and practice must call
into question the quality of the theory. Because a theory is an abstraction of reality
that can be used to describe, explain and predict a phenomenon. With economists
failing to predict the Great Depression in 2007, the microfoundations of conven-
tional economics have been completely re-analyzed. This situation is expressed as
follows by Bardsley and Sugden (2006): “Only now are economists beginning to consi-
der the limitations of homo economicus as an explanatory model.” While many market
analysts now recognize that these unforeseen events are due to the moral failure
of homo economicus, who has no vision and little concern for others, faith-based
economists are becoming more united in calling for the adoption of homo religio-
sus as the new economic agent for the economy (Klay, 2014; Roberts, 2014; Klien,
2014; Rasmussen, 2014; Clark, 2014). Similarly, if Islamic economics is to be taken
seriously as a valid social science, Islamic economists must make an internal as-
sessment of the true nature of their economic agents. In a sense, this preliminary
consideration allows us to consider this important question: Is its clear statement
that “Islamic writers elevate the altruistic model of the Islamic economy to a completely
utopian level” correct? Farooq’un (2011, p. 54).
After critically reviewing extensive academic studies on Islamic economics,
Mohamedy (2013) ultimately agrees that Islamic Banking and Finance (IBF) has
become a way for the normative assumptions of Islamic economics to find expres-
sion and operationalization. Therefore, the social success of the IBF is associated
with homo islamicus.
This statement now leads us to well-documented criticisms of the IBF’s social
success. Overall, this approach is directly supported by Asutay (2007b), who treats
IBF as the functional side of Islamic economics. It is also supported by Nagaoka
(2012), who sees Islamic finance as an important place in the history of modern Is-
lamic economics. Rightly, this study undertakes a reality check on the social success

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of the IBF and then relates the outcome of these assessments to homo Islamicus.
Asutay (2007b, pp. 171-172) emphasizes that this success stems from the beha-
vioral norms of homo islamicus; he summarized the behavioral norms of homo
Islamicus as follows; Individuals who are socially sensitive and act with a sense
of responsibility towards God, look out for social good while seeking their own
interests. They carry out their economic activities rationally, in accordance with Is-
lamic restrictions regarding the social environment and the afterlife. While trying
to maximize benefits, they also aim to maximize social welfare, taking the afterlife
into consideration.
In other words, despite the claims of Islamic economics advocates that homo
economicus has been replaced by homo Islamicus (Hosseini, 1992), it is clear that the
poor social performance of the modern Islamic institutions examined is due to the
absence of homo Islamicus in today’s conditions. However, if the Quran meant that
these agents are exact copies of homo economicus, it is clearly wrong because in the
case of Islamic economics, these economic agents comply with ethical and legal norms
because they are still bound by the rules of Sharia, unlike homo economicus (Ahmed,
2011). The important questions to be raised critically at this point are: Who are the
Muslim economic agents in the success of Islamic capitalism? Are they non-profits?
Are they interested in property ownership? Do they trust the efficiency of the mar-
ket? Should they set an example in barter practices with their Sharia-based ap-
proach? Within the scope of these questions, Mahyudi says that these agents are
neither fully homo economicus nor homo Islamicus. Moreover, in another study by
Mahuyidi (2015), a real human being, unlike homo Islamicus, carries both the truth
and the elements of reality in external activities. According to him, homo Islamicus
is epistemologically conceptualized as an example of virtues. Thus, the other side
of the truth (the dark side of man) is lost in homo Islamicus. These negative atti-
tudes (laziness, selfishness, greed, corruption and waste) are also included in the
Quran (Furqani, 2012). At this point, Wan Daud (1989) has summarized it aptly.
“Although man has a divine origin and a superior status to other living beings, the Quran
is full of descriptions and declarations that man has not reached his highest potential and
noble purpose (80:23).”
In this context, one of the most important results in Mahudi’s (2015) study
is the substitution of the concept of ‘real human’ instead of homo islamicus as
the micro-foundation for the immature branch of Islamic economics. For this
reason, this original version of the human model of Islamic economics should
be replaced with the concept of a ‘real human being’. At the same time, this

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Homo Islamicus and the Tendency of Economic Behavior

‘real man’ should be the alternative of Islamic economics, corresponding to the

homo economicus of mainstream neoclassical economics. In short, this new
concept of ‘real man’ is neither homo islamicus nor homo economicus. More-
over, he cannot be reduced to mere homo religiosus because the spiritual aspe-
ct is only one aspect of his natural being. However, it is a very important aspe-
ct. Instead, based on the correct Qur’anic perspective, this “real human being”
must be an economic agent living in the world and seeking happiness by conti-
nuing to satisfy his complex physical, emotional, intellectual and spiritual needs.
Since this study aims to focus on the justification of the concept of the ‘real person,’
a more complete conceptualization of this ‘real person’ could be a working agenda
and contribute to further research.
At this point, Sholihin (2021), in his study on measuring consumer intelligence,
suggested that the main difference between Islamic and conventional economic con-
sumption behavior lies in the assumptions. He says Islamic economic consumption
behavior is shaped by Islamic values ​​and moral awareness. In contrast, consumer
behavior in conventional economics is based on the axiom of utility maximization.
In this context, consumption intelligence for Muslim consumers was measured in
the following four basic components. Metacognitive intelligence refers to the abi-
lity of Muslim consumers to control the cognitive domain regarding the rules and
ethics of Islamic consumption. Cognitive intelligence: This relates to the ability of
Muslim consumers to abstract Sharia values ​​regarding consumption. Motivatio-
nal intelligence refers to the ability of Muslim consumers to measure the impact
of consumption of halal and haram products. Behavioral intelligence refers to the
consumption-based intelligence of Muslim consumers with a good appreciation of
Islamic values ​​and objectives.
Another main factor that distinguishes the Islamic individual from the homo
economicus is that the Islamic individual consumes halal goods by observing the
distinction between halal and haram goods (Özdirek, 2010, p. 233). This is valid
in the consumption of goods and in choosing halal when making money or saving
in production. In short, there is a halal-haram approach in all economic decisions
of the individual (Rudnyckyj, 2011). As a result, homo Islamicus, as well as being
altruistic, also takes into account the halal-haram dimension in production and
consumption (Kartal, 2016, p. 308). The main difference that separates Islamic
economics from classical economics is the distinction between halal and haram
(Dilek, Küçük, & Özdirek, 2017).

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Among the characteristics that a homo-Islamicus individual must have is also

the issue of “saving if his/her income is more than his/her needs.” For Muslim indivi-
dual, if his income exceeds his needs, he will save. For the Muslim individual, the
amount saved will not be kept idle both to comply with God’s command and to de-
fend its interests. As a result of this situation, income will be returned to economic
life (Zaim, 1978). As a result, “in case of having wealth, the behavior of contributing to
oneself and society through investment” will emerge. Both saving income and contri-
buting to society by investing the accumulated wealth are among the basic concep-
ts for the homo-Islamicus individual.
The behavior of homo-Islamicus, which originates from the Islamic faith, of “gi-
ving loans without return” constitutes one of the valuable ties established between
the economic structure and social life. In this way, the individual is encouraged to
act honestly (Zaim, 1978, p. 236). In fact, in a study conducted by Ülev (2022), an
increase in the incomes of households that received qarz (interest-free loans) was
observed.
The behavior of homo-Islamicus, which originates from the Islamic faith, of “gi-
ving loans without return” constitutes one of the valuable ties established between
the economic structure and social life. In this way, the individual is encouraged to
act honestly (Zaim, 1978, p. 236). In fact, in a study conducted by Ülev (2022), an
increase in the incomes of households that received qarz (interest-free loans) was
observed. It has also been found that qarz (interest-free loans) has positive effects
on those who receive them. Both as a theoretical concept and a tangible model,
“Qarz-e-Hasan” embodies yet another important characteristic of Homo Islamicus.
An Islamic individual is a person who pursues knowledge throughout their life
and tries to acquire learning and information wherever he is in the world. He/She
is sensitive about interest, avoids taking interest, and bases his/her earnings on
labor and risk factors. It is not right for an Islamic individual to earn money “wit-
hout working and taking risks” (Zaim, 1978). Islam aims for economic and spiritual
prosperity. At the same time, it aims to prevent capital from being superior to labor
and to “share risk and use resources effectively.” Because Islamic finance also means
human finance (Korkut, 2020). In this context, it is said that education, interest
sensitivity and risk sharing are important concepts and behaviors for the homo-Is-
lamic individual.
The Holy Quran, the holy book on which Islamic economics is based, gives the
following advice for the ideal human being. “They believe in the unseen, establish pra-

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Homo Islamicus and the Tendency of Economic Behavior

yer with devotion, and spend in the way of Allah from what We have provided for them.
They believe in what has been revealed to you and in what was revealed before you, and
they are certain of the hereafter. These are the ones who are on a right path from their
Lord, and they are the ones who will achieve success” (Baqara: 2-4). According to this
advice, from an Islamic perspective, individuals should be in “social solidarity.” Ad-
ditionally, the Holy Quran commands us care for our relatives and do good to the
environment. Undoubtedly, the most important commandment in this regard is,
“Indeed, Allah commands justice, doing good, and helping relatives; It also prohibits inde-
cency, evil and excess. Allah gives you advice so that you may reflect” (Nahl: 89).
The phenomenon of justice is again one of the characteristics that must be pre-
sent for the Islamic individual. Homo Islamicus must be “just.” The Holy Quran says
on this subject,“O you who believe! Be people who uphold justice meticulously, bearing
witness to Allah, even if it is against yourself, your parents, and your close relatives”
(Nisâ:135).
The Quran also commands people to be “tolerant” with the verse: “O you who
have believed, be persistently standing firm in justice, witnesses for Allah, even if it be
against yourselves, your parents, or your relatives” (Al-Imran: 159). At the same time,
regarding “generosity” The Quran says, “Whoever does a good deed will receive a better
reward than this.” (Kasas: 84). Regarding “being compassionate”, he said: “Be humb-
le towards them with a sense of compassion. (Take them under your wings of love and
mercy) and say: “My Lord! Have mercy on them, just as they raised me” (İsrâ: 24). For
the behavior of “patience”, “Seek help (from Allah) through patience and prayer. Surely,
it (prayer and seeking help with patience) is a great/heavy burden for those other than
those who are humble” (Baqara: 45).
In addition, the Muslim individual is commanded to perform prayer, fast, pay
alms, and trust in Allah. In the literature review carried out in this context, the
conceptual framework for Homo Islamicus was generally compiled into four cate-
gories (faith and worship, morality and behavior, science and knowledge, and social
responsibility) and presented in Table 1 below.

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 Turkish Journal of Islamic Economics (TUJISE)

Table 1
Homo Islamicus Conceptual Framework

Faith and Science and Social

Morality and Behavior
Worship Knowledge Responsibility
Praying Justice Risk Sharing Help Each Other
Fasting Tolerance Interest-Free Donate
Giving Generosity Payment Contributing to
Zakat Applications Society through
Investment
To trust Patience Taking Care of Those
Mercy in Need
Avoiding Waste and
Luxury
Halal-Haram Goods
Surveillance
Saving Money
Passing Wishes and Desi-
res through a Moral Filter
Altruism
Karzi-Hasen
Being Reliable

Method

Research Method
The data obtained in this study were analyzed using the Python program. Data
analysis becomes more powerful thanks to its advantages, such as a rich library
ecosystem, easy learning curve, versatility, being open source and free, integration
with big data and cloud solutions, and effective data visualization. These advanta-
ges provide significant contributions to the literature, such as dissemination of in-
novative research, reproducibility, open data and code sharing, education and tra-
ining, and bridging industry and academia. Therefore, Python is among the most
widely used languages ​​preferred for data analysis and scientific research. The Pyt-

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 Kayalı, Cevizli, Bilen, Aydoğan
Homo Islamicus and the Tendency of Economic Behavior

hon programming language offers an incredibly powerful open source alternative

to traditional techniques and applications. Exploratory Data Analysis (EDA) is an
approach to summarize data by taking its main features and visualizing them with
appropriate representations. EDA focuses more narrowly on checking assumptions
needed for model fit and hypothesis testing, and handling missing values ​​and per-
forming transformations of variables when necessary. EDA quickly describes the
row/column count of datasets, missing data, data types, and previews. EDA is very
good at visualizing data distributions (e.g., bar charts, histograms, and rate charts)
and calculating correlations between variables (Sahoo et al., 2019).

Research Sample
The application was carried out online in Türkiye. Participants were determined on
a voluntary basis by a random selection method. In this context, 400 people parti-
cipated in the survey. Participants successfully answered all 22 questions obtained
after the literature review.

Data Collection Tools

Qualitative research basic data collection tool, which provides the opportunity to
access information, was used in the study. In this context, the answer forms mar-
ked by the participants were used. Having direct access to documents has increased
their importance in terms of their accuracy and reliability compared to documents
obtained outside the research context (Robson, 2015).
Participants were asked online with 22 questions on homo-Islamicus and economic
behavior tendencies, shown in Table 2, using a 5-point Likert scale.

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Table 2
Questions Asked to Participants
No Questions 1 2 3 4 5
1 How often do you performing salah (pray)?

Never
Rarely
From time to time
Mostly
Always
2 Do you fast during Ramadan?
Do you regularly pay zakat on your wealth that reaches the
3
zakat base?
To trust:After doing our best, we expect the results from
4
God. How do you see yourself in terms of trusting yourself?
Do you think you act fairly in your relationships with the people
5
you come into contact with in your business and daily life?
Do you think you are tolerant in your relationships with the pe-
6
ople you come into cobntact with in your business and daily life?
7 Do you think you are a generous person?
8 Do you think you are a patient person?
9 Do you think you are a mercy person?
10 Are you careful to avoid waste and luxury?
11 Do you think you are a reliable (trustworthy) person?
12 Do you pay attention to halal and haram?
13 Do you save when your income is more than you need?
Even if your wishes and desires encourage you to choose immoral
14
products, how careful can you be to avoid choosing them?
How often do you wish for others the things you wish for
15
yourself?
If needed, would you lend money to your relatives without
16
expecting anything in return?
Would you consider sharing the risk in case of profit and
17
loss sharing?
How often do you prefer interest-free methods and practi-
18
ces in your economic decisions?
19 To what extent do you attach importance to cooperation?
20 Do you think you donate regularly?
Do you act with the truth without resorting to lies in your
21
family life, business life, trade or social life?
22 Do you think you care for those in need?

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Homo Islamicus and the Tendency of Economic Behavior

Data Analysis
The minimum answer value for each question in the application is 1 (I strongly di-
sagree), and the maximum answer value is 5 (I strongly agree). In practice, the fact
that the questions were answered from both extremes shows that the survey had
a randomly distributed participation from all opinions. In this context, the statis-
tical situation of the data obtained from the application is shown in Table 3 below.
Table 3
Statistical Summaries

The mean values in​​ the table show the central tendencies of the data. The color
scale indicates the change of average values ​​from low to high. For example, “Do you
think you are a trustworthy person?” The average value of the 11th question was 4,54
which was the highest score in the scoring. The second column, standard deviation
(std), showed the distance of the data from the mean. A lower standard deviation
indicated that the data were closer to the mean, so the spread was less. If we analy-
ze the 11th question specifically, we see that the standard deviation has the lowest
distribution with 0,78.

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Chart 1: Histogram Chart of Results

When we examine the histogram chart of the obtained results, it is seen that the
data were mostly concentrated in the values ​​between 60 and 100. In particular, the
peak was reached between 80 and 90. In this context, the KDE (Kernel Density Estima-
tion) curve shows that the general tendency of the data was skewed to the right.

Graph 2: Boxplot
When we examine the Boxplot chart, another widely used statistical method,
we see that a left-skewed (negatively skewed) distribution occured. Thus, the me-
dian was closer to the right side of the box. It was seen that extreme values ​​are
found more on the left. Thus, it is possible to talk about an asymmetric distribution
(skewed to the left).

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Homo Islamicus and the Tendency of Economic Behavior

Chart 3: Correlation Matrix

When we analyze the correlation matrix to make it easier to distinguish the
relationship between the variables, it is seen that the warm colors in the heat map
indicate positive correlations and the cold colors indicate negative correlations. For
example, the correlation coefficient in the 5th and 6th questions is 0.64, indicating
a moderately positive relationship between them. In other words, those who think
that they act fairly in human relations in business and daily life also think that they
are tolerant. A similar relationship exists between questions 9 and 19. In other
words, from this result, it can be seen that those who think they are compassionate
are also inclined to help each other.
If we evaluate the correlation matrix through a weak relationship example; We
need to look at questions 1 and 7. There appears to be a very weak positive relations-
hip between these questions. In other words, there is almost no causality between
praying and being a generous person. Likewise, there is a negligible relationship
between questions 7 and 18. Thus, there is no relationship between choosing the
interest-free method and being generous in economic decision-making moments.
When we analyze Homo Islamicus, that is, the Islamic Individual, we need to look at
the Q-plot graph.

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Graph 4: Q-Plot Graph

In the Q-Plot Chart, the red line shows where the data should be in normal
distribution. The blue dots are where there is actual distribution. According to this
result, it is seen that there was no normal distribution. According to the Shapi-
ro-Wilk statistical test, the Null hypothesis was rejected because the p-value was
fewer than 0.05 (p<0.05). From this, it is concluded that the data did not comply
with the normal distribution. Since the data were not normally distributed, the
median was used when calculating the threshold value. In this case, the calculated
threshold value score was 83,64. According to this result, 184 of the participants,
46%, were homo-Islamicus individuals, while 216 (54%) were not homo-Islamicus
individuals.

Chart 5: Frequency Distribution of those with and without Homo Islamicus

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Homo Islamicus and the Tendency of Economic Behavior

When we analyzed the frequency distribution of individuals who were ho-

mo-Islamicus and individuals who were not (blue bars form the score distribution
of non-homo-Islamicus individuals, the bars that form homo-Islamicus individuals
are orange), it was seen that non-homo-Islamicus individuals were concentrated in
the 80 band. Homo-Islamicus individuals were concentrated in the 90 band.
When the questions affecting the Homo Islamicus score were analyzed using
the Random Forest Regressor model, the impact rates of the survey questions on
the score are as in Table 4.
Table 4
Score Impact Rate

In this way, the effects of survey questions on the score can be analyzed.
However, it should not be understood that the problem that affects the sco-
re the most is also the factor that most meets the criterion of being an Isla-
mic Individual. This analysis highlights identifying the questions that statis-

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tically affect the overall score the most among the existing questions. At the
same time, the importance of the features on the target variable can be seen.
These importance values ​​make it easier for us to emphasize which features are im-
portant when estimating the model. Ultimately, features with higher importance
values ​​will have a more significant impact on the target variable (survey score).
In this context, it was seen that the 12th question (sensitivity to paying atten-
tion to halal and haram) had the highest importance value (0,24). In other words,
the variable that attached the highest importance in determining the homo-Isla-
micus individual was the question in question. The second highest value (0,10) was
concentrated in the 19th question (giving importance to cooperation). Although it
was not as important as the 12th question, it should be considered at a level that
will affect the overall score. Besides these, the least important question with 0,01
points was the 8th question (being a patient person). This question appears to be
the question that affects the survey value the least. In this way, it can be determi-
ned what the most effective problem is in analyzing the homo-Islamicus individual.
When the questions of the 46% group who scored as homo-Islamicus after the
application were analyzed in the histogram graph, it was seen that the concentrati-
on was between 84 and 92. The peak occurred at 89. Therefore, a left-skewed graph
was obtained.
The average scores for the economic behavior tendency of the homo-Islamic
individual are given in Table 5.
Table 5
Homo Islamicus Individual’s Economic Behavior Tendency Score

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 Kayalı, Cevizli, Bilen, Aydoğan
Homo Islamicus and the Tendency of Economic Behavior

According to Table 5, it can be seen that the question with the highest average
score among the answers given by Homo-Islamicus individuals to economic questi-
ons is the 14th question (how careful are you not to choose immoral products, even
if your wishes and desires encourage you to do so). It is seen that the average scores
of the responses were generally above 4. The percentages of the answers given to
the questions aimed at determining the economic behavior tendencies of homo-Is-
lamic individuals are shown in Table 6.
Table 6
Percentage Distribution of Responses

In this context, the 1st and 2nd columns in the table show that there was no
sensitivity about the issue, the 3rd column shows that there was neutrality, and the
4th and 5th columns show that there was sensitivity. In this context, the most sen-
sitive behavior of Islamic individuals (98%) was that they would not choose it even
if their wishes and desires encouraged immoral products. In second place, they ap-
pear to be sensitive about looking after those in need, with a rate of 92%. The issue
that Homo-Islamicus individuals were least sensitive about was the preference of
interest-free methods and practices in economic decisions.
In summary, the Homo-Islamicus individual; While it has a high sensitivity in
restraining one’s wishes and desires, taking care of those in need, being a generous
person and giving alms, it is seen that it has a lower sensitivity compared to other
variables in choosing interest-free methods and practices.
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Table 7
Economic Behavior Tendency Score of a Non-Homoislamic Individual

According to Table 7, it can be seen that among the answers given by non-Ho-
mo Islamicus individuals to economic questions, the questions with the lowest ave-
rage scores were questions 18 (How often do you prefer interest-free methods and
practices in your economic decisions?) and question 20 (Do you think you donate
regularly?).
The question with the highest score was question 7 (Do you think you are a
generous person?). It can be seen from here that although non-Homoislamic indi-
viduals think they are generous people, they are less sensitive in donating regularly
than other variables.
In general, the average scores seem to be around 3. The percentages of the
answers given to the questions aimed at determining the economic behavior ten-
dencies of non-Homo-Islamic individuals are shown in Table 8.

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 Kayalı, Cevizli, Bilen, Aydoğan
Homo Islamicus and the Tendency of Economic Behavior

Table 8
Percentage Distribution of Responses of Non-Homoislamic Individuals

In this context, the 1st and 2nd columns in the table show that there was no
sensitivity about the issue, the 3rd column shows that there was neutrality, and
the 4th and 5th columns show that there was sensitivity. In this context, the issue
that non-Islamic individuals were least sensitive about (33%) is the preference for
interest-free methods and practices in economic decisions.
The second least sensitive issue (28%) was the issue of agreeing to share the
risk in case of profit and loss sharing. In other words, non-Homo Islamicus indi-
viduals had a relatively low tendency to approach profit and loss sharing. On the
other hand, the economic issue they were most sensitive about was being thought
of as a generous person (77%).
In summary, it seems that individuals who were not homo-Islamicus have a
high sensitivity about being a generous person and not choosing immoral produ-
cts in their wishes and desires. However, according to the Türkiye Religiosity Sur-
vey Report (2023), 47.6% of the participants state that halal and haram things
should be reviewed according to changing conditions. This study concluded that
the sensitivity regarding halal and haram issues is high, which supports the report
in question.
In addition, it was observed in this study that people are less sensitive in cho-
osing interest-free methods and practices at the time of economic decisions. In the

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 Turkish Journal of Islamic Economics (TUJISE)

2023 Türkiye Religiosity Survey Report, it is seen that only 20.3% of individuals at-
tach importance to choosing Islamic banks. In this context, this study provides re-
sults that are in line with the report in question. According to the results obtained
from this study, it is seen that there is a lower sensitivity in profit-loss sharing, risk
sharing and zakat giving habit than other issues. It seems that the issue that both
homo-Islamicus and non-homo-Islamicus individuals are least sensitive about is
the issue of choosing interest-free methods and practices in their economic decisi-
ons. While both homo-Islamicus and non-homo-Islamicus individuals have a high
sensitivity to not choosing immoral products, their sensitivity to donate is low for
both groups. This shows that there is a lower attitude towards donating in our so-
ciety, regardless of whether one is an Islamic individual or not.

Conclusion
In the study, the Islamic Individual (Homo Islamicus) and the economic behavior
tendency of the Islamic individual were analyzed. According to the general results,
46% of the participants could become Homo Islamicus by displaying behavior in
accordance with the Islamic lifestyle, while 54% became Non-homo Islamicus. Ac-
cording to the results obtained in Turkey, where approximately 95% are Muslims,
it is seen that almost more than half of the society does not behave in accordance
with the Islamic lifestyle.
As a matter of fact, according to the Türkiye Religiosity Survey, 70.1% of in-
dividuals are religious. Additionally, 72.7% of the participants are of the opinion
that religiosity is decreasing in Turkey (Istanbul Policy Center, 2023). Apart from
determining the level of religiosity, there is no study in the literature on the scoring
of the Islamic Individual. In this study, the Islamic individual score is given with the
question set created based on the concepts in the Homo Islamicus literature.
This result constitutes the first important finding of the study. The most sensi-
tive issue regarding Islamic life is paying attention to halal and haram. The second
sensitive issue was the importance attached to cooperation. As a matter of fact,
according to the Global Humanitarian Aid Report (2019) in terms of cooperation,
Turkey ranked first in the world in 2018 in proportion to its Gross National Produ-
ct. Likewise, the mobilization of everyone in Turkey to help each other in natural
disasters such as earthquakes supports this result. The least sensitive issue was be-
ing a patient person. It seems that we, as a society, are in the act of being impatient.

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 Kayalı, Cevizli, Bilen, Aydoğan
Homo Islamicus and the Tendency of Economic Behavior

When the economic behavior tendency of the homoismalicus individual is

analyzed, it is concluded that Islamic individuals are sensitive about not choosing
immoral products even if their wishes and desires encourage them to consume im-
moral products. This rate reached 98% among participants. Thus, 98% of individu-
als living according to Islamic traditions are sensitive about consuming economi-
cally immoral products. Therefore, it seems that they tend not to consume these
products. This situation is followed by caring for those in need with a rate of 92%.
However, it seems that homo-Islamicus individuals avoid choosing interest-free
methods and practices. It is understood that in its economic decisions, it meets its
financing needs with interest from conventional banks. This situation is consis-
tent with the relatively low share of the Islamic finance sector in the total financial
sector. It is considered to be related to the fact that the difference between the
Islamic finance sector and the conventional sector is not well understood. When
the economic behavior tendencies of non-Homoislamic individuals are analyzed; It
is seen that they are not inclined to prefer interest-free methods and practices. In
addition, they avoid accepting to share the risk in case of profit and loss sharing.
As a result of the results obtained, it is seen that society remains insensitive
to the interest-free capital method, which is one of the important issues of Islamic
economy, despite being homo-Islamic. As a matter of fact, the low demand for par-
ticipation banking, which is an alternative to conventional banking systems opera-
ting with interest, confirms this result. As a matter of fact, studies in the literature
showing that the perception towards participation banking is low also support this
result. For example, in a study conducted in 2019 (Turan &amp; Demirci), it was
seen that although participants had negative attitudes towards interest, they did
not have positive attitudes towards Participation Banking. It reveals the importan-
ce of conducting research on the reason for this and creating policies to eliminate
the deficiencies.

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 Turkish Journal of Islamic Economics (TUJISE)

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