Mehmet Bulut

This study investigates the relationship between traditional values and contemporary innovation in top family businesses in Malaysia, Türkiye, and Brunei. This research enhances our comprehension of the progression of heritage-based family businesses toward sustainable and creative business methodologies. Their achievement exemplifies a model for other organizations to tackle common issues encountered by family businesses that relate to institutional adaptation to new trends for emerging markets in the modern economy. The study discussed how small family businesses since the 1950s achieved profitability through networks and passed it to the next generation. Later, it’s either by creating external specialists on the board of directors, establishing a “family council,” or abstaining from assigning certain family members to leadership roles on the board. This article also examines the governance frameworks, succession strategies, and adaptability of technological landscapes through comparison. In Malaysia, regulatory support and diversity have fostered professional management, while Türkiye’s family businesses amalgamate trading traditions with global expansion and institutional governance, leading to enhanced competitiveness and sustainability in their respective markets, particularly by leveraging local cultural values and adapting to international business practices. In the interim, Islamic beliefs and Vision 2035 propel Brunei’s family businesses toward stability and societal benefit. Despite differing economic factors, all three nations exhibit strong cultural foundations of trust, kinship, and religious values that shape entrepreneurial behavior, which can be a role model to many entrepreneurs. Findings reveal that these family businesses achieve competitiveness and resilience by harmonizing heritage with innovative business practices while adhering to ethical and Islamic values. It means heritage fosters resilience, and innovation boosts competitiveness. However, the absence of such principles can compromise long-term performance and intergenerational continuity, leading to potential conflicts within the family and a failure to adapt to changing market conditions. Ethical principles are not discussed much, but they influence both sustained performance and family businesses expanding to the next generation. The study assumes ethical and religious principles are key to sustainable growth, but it does not yet deeply test how these principles interact with modern business practices across all cases. It focuses only on top family businesses in Türkiye, Malaysia, and Brunei, which may not represent smaller or medium-sized family enterprises. The study provides insights for aspiring entrepreneurs and policymakers, though its scope is limited to selected high-performing family businesses and may not generalize to all sectors or regions.

The Indonesian government aims to upsurge the nation’s entrepreneurship rate to 3.1%. At present, around 58.51 million firms operate in Indonesia, of which 53.38 million are newly established business owners. A significant portion of Indonesia’s economic output comes from the entirely privately held businesses that shape the country’s business landscape. The viewpoint of family business ownership accentuates the founder’s role and prescribes the extent of their stake in the venture. The founder’s acquaintance stipulates the company’s ethical and spiritual values. The family’s fundamental convictions primarily inspire firm values, which in turn shape how businesses confront various challenges. Its beliefs, encompassing the founders’ desires, have consequences its governance. Family enterprises typically operate within a narrow geographic context frequently emerge as modest businesses. The aim of the family enterprise will evolve from mere survival to a more expansive perspective, encompassing diversification, professionalization, and globalization, as it navigates this transition during the succession process. In Indonesia, the expansion frequently brings about notable transformations in corporate strategy, local values, and governance. The qualitative inquiry explores the profound principles upheld by proprietors of family-owned enterprises as trailblazers. It draws upon approximately 30 case studies, which have been meticulously examined and distilled in the podcasts “PecahTelur” and “CapCapung.” The recorded interview results, along with data from additional sources, constituted the basis for the document analysis. Thematic analysis is utilized to discern the core values of the respondents. The main purpose of the research is to comprehend the foundational concepts that underpinned the establishment of a family business. Previous research has demonstrated that its beliefs have an impact on the manner in which family businesses succeed throughout the early phases of their expansion. Cultural identity features like as familial ties, consensus- building, and respect for elders tend to coincide with religious tenets, community sharing, and the greatest possible of pluses for others. These attributes are what define the viability of family businesses. A thorough investigation with a wider range of case studies could reinforce the findings in key factors boosting the behavior of Indonesian family-owned firms.

This chapter examines whether hereditary trusteeship functioned as a sustainability mechanism in Ottoman cash waqfs in Greece. Using a newly compiled corpus of 192 cash waqf deeds from Rumelia registers (1544–1912), it codes deed-level governance and benefit provisions to distinguish family involvement in control from family entitlement in distribution. The evidence shows that hereditary trusteeship is widespread, while explicit direct family-benefit clauses are rare. Many deeds also embed succession fail-safe clauses that transfer appointment authority to an external legal actor upon lineage extinction, indicating a layered continuity design rather than unconstrained family capture. The chapter argues that hereditary trusteeship operated primarily as a governance continuity device for maintaining administrative capacity and protecting cash-waqf capital under changing legal and administrative regimes, offering a transferable framework for analyzing succession and resilience in family business sustainability.

This chapter explores the approach of Islamic economic thoüğht toward the concept of süstainable development by ğroündinğ it in its theoretical foündations and analyzes the potential contribütions of the Islamic financial system to süstainability at both institütional and practical levels. Framed within the Maqāṣid al-Sharī’ah, principles süch as jüstice, trüst (amānah), the prohibition of wastefülness (isrāf), and social responsibility demonstrate that Islamic economics conceptüalizes süstainability not merely in environmental terms, büt as a holistic inteğration of moral, social, and economic dimensions. Within this framework, Islamic financial instrüments—süch as zakat, waqf, sukuk, and qard al-hasan—are examined in terms of their potential roles in financinğ development, facilitatinğ resoürce allocation, and fosterinğ social welfare. However, for these contribütions to be fülly realized, cürrent practices müst transcend formalistic Shariah compliance and be restrüctüred throüğh a pürpose-driven and impact-oriented approach. The chapter fürther discüsses how the Islamic financial system can be inteğrated into the ğlobal süstainability ağenda, focüsinğ on challenğes süch as the lack of standardization, ğovernance limitations, and the disconnection between social finance and commercial finance. Finally, a series of policy recommendations are offered, emphasizinğ maqāṣid-based performance measürement, püblic interest–oriented ğovernance reforms, and inteğrated models of Islamic social finance.

Türkiye’de tasarruf sahiplerinin altına dayalı yatırım araçlarına yönelik farkındalığının arttığının ve ön yargılarının zaman içinde değiştiğinin en önemli göstergesi, özellikle son yıllarda altına dayalı yatırım araçlarının gelişmesi ve ilgi görmeye başlamasıdır. Söz konusu bu gelişmelerin temelini oluşturan ve yatırımcıların altına dayalı yatırım enstrümanlarını tercihleri arasına almalarına neden olan faktörleri açıklamayı amaçladığımız çalışmamız, aynı zamanda yatırımcıların eğilimlerindeki ve tercihlerindeki değişimlerin gerekçelerini ortaya koyması bakımından konumuzun önemi ortaya çıkarmaktadır. Çalışmada fiziki altın yatırım araçları ve bunların nitelikleri ile altına dayalı yatırım araçlarına ilişkin literatür taraması ve sektör araştırması yapılarak, yatırım aracı olarak altının kullanım alanları ele alınmıştır. Bu kapsamda, analitik tanımlayıcı yöntem kullanılarak altın sektöründe ve finansal piyasalarda işlem gören bazı altın yatırım araçlarının ve fonlarının yıllar itibariyle endekslenmiş net aktif değerleri, vadeler bazında getirileri, yatırım araçlarının ve fonların büyüklükleri göz önüne alınarak karşılaştırmalı biçimde analizleri yapılmış, altın yatırım fonları ve altına endeksli yatırım enstrümanlarının verimlilikleri değerlendirilmiştir. Bilhassa altın fonlarının varlık dağılımları dikkate alınarak diğer yatırım araçları ve fonlarla karşılaştırmaları yapılmış, altına dayalı yatırım araçlarının ve varlık dağılımında ağırlıklı olarak altın bulunan fonların sundukları faydalar ve fırsatlar gösterilmiştir. Gerçekleştirilen değerlendirme ve analizler sonucunda, altına dayalı yatırım araçlarının verimliliğine ilişkin bulgular ortaya konmuş, söz konusu yatırım araçlarına olan ilginin ve sektörün gelişimine yönelik politika önerilerinde bulunulmuştur. Bu minvalde, özellikle altının kaydi bir yatırım aracı olmasındaki en büyük engeli teşkil eden altın havale ve EFT komisyonlarının sınırlandırılması ve yastık altı altınların ekonomiye kazandırılmasında bankalara vergi teşvikleri sunulması başta olmak üzere, sektörün çeşitlendirilmesine yönelik altına dayalı Sukuk ve tahvillerin ihraç edilebilmesi, fiziki/hurda altınlar karşılığında sertifikalar üretilerek likidite yönetiminde kullanılmasına ilişkin uygulamaların devreye alınması, vadeli altın işlemlerinden elde edilen kazanımlara yönelik vergi avantajlarının sunulması, altına dayalı işlemlerin yapıldığı piyasalarda yatırımcıların ve tasarruf sahiplerinin güvenini zedeleyen manipüle edici davranışların finansal cezalar ve hak sınırlayıcı yaptırımlarla engellenmesine yönelik kapsamlı önerilerde bulunulmuştur. Bu çalışma yazarın “Kıymetli Madenlerin Para ve Sermaye Piyasalarında Kullanılması, Katkıları ve Gelecek Perspektifi: Altın Örneği” başlıklı doktora tezinden üretilmiştir.

This study analyzes the temporal changes in the capital levels of cash waqfs in Southeast European provinces of the Ottoman Empire from the sixteenth century to the early twentieth century. By utilizing cash waqf deeds (waqfiyya), the present study compiles a new dataset and employs it to conduct an analysis through the average capital levels, capital shares of the top 10 percent of cash waqfs, and quartiles of cash waqfs. The findings suggest that there was a downward trend in the capital levels of cash waqfs, despite an increase in numbers of such foundations, from the sixteenth century to the early twentieth century. Furthermore, the analysis indicates that the capital levels of cash waqfs established by men exhibited a similar trend, whereas the pattern of capital levels for women was an approximately inverted U-shape during the same period. The study thus represents one of the first examinations of the trend in cash waqf capital levels by gender, from a long-term perspective.

This chapter explores the evolution of Islamic finance in Türkiye within the context of global economic challenges, highlighting its emergence as a key player in the international Islamic finance community. Türkiye has effectively leveraged its strategic geographical position and historical ties to Islamic culture to strengthen its influence. A robust regulatory framework has been crucial in supporting the growth of Sharia-based financial institutions, ensuring equitable competition between Islamic and conventional finance sectors. The government’s proactive policies have facilitated the development of participation banks and innovative financial products, bolstering Türkiye’s reputation in the global market. Türkiye’s commitment to innovation and product diversification has established it as a hub for advanced Islamic financial products. The country has pioneered the development of Sharia-based instruments, such as sukuk and takaful, catering to a broad spectrum of domestic and international investors. These innovations, coupled with the integration of fintech solutions, have broadened ethical investment options and attracted a diverse clientele seeking alternatives to conventional finance. Furthermore, Türkiye has engaged in strategic international partnerships, collaborating with countries like Malaysia and the United Arab Emirates to enhance its capabilities and incorporate advanced financial practices. These collaborations have amplified Türkiye’s influence in the global market and attracted significant foreign investment. Türkiye’s strategic location and infrastructure facilitate efficient capital flow and expertise exchange between Eastern and Western markets, positioning it as a pivotal link in global financial networks. As the demand for ethical and socially responsible financial products continues to rise globally, Türkiye is well-positioned to lead in developing solutions that meet these evolving investor needs. By maintaining a supportive regulatory environment and fostering international collaboration, Türkiye reinforces its status as a leader in the Islamic finance sector. Its strategic initiatives not only ensure its resilience and sustainability but also contribute significantly to the industry’s growth and diversification on a global scale. This proactive approach underscores Türkiye’s potential to shape the future of Islamic finance, setting benchmarks for innovation and ethical investment practices worldwide.

This study presents a comprehensive examination of the transformative potential of Islamic finance in advancing sustainable development goals (SDGs). It underscores the unique position of Islamic finance, with its ethical and moral foundations, to contribute significantly to environmental sustainability, social equity, and economic development. The paper highlights innovative financial instruments like Zakat, Waqf, and green Sukuk, which not only align with but also actively promote SDGs. Through a multidisciplinary approach, it advocates for a paradigm shift towards integrating sustainability into the core of financial systems. The analysis includes challenges in harmonizing Human Development Indexes (HDIs) with Ecological Footprints (EFs), proposing strategies for sustainable development, ecological conservation, and educational reforms. This study is pivotal for policymakers, financial institutions, and educators, providing a roadmap for leveraging Islamic finance towards achieving a balanced, sustainable, and inclusive global economy.