KUZEY KIBRIS TÜRK CUMHURİYETİ’NDE ALTERNATİF BİR FİNANSMAN ARACI OLARAK KİTLE FONLAMASI

Abstract

Crowd Funding concept described as funding of an enterprise or a project via contribution form large num-ber of people, initially emerged in Canada formally in 2009. After regulated in US in 2012 as a new concept, it grew rapidly and global crowd funding volume reached up to 305 billion US dollars in 2018. Crowd funding can spread easily in countries where there is no regulation but there is allowance such as China, also in countries like UK where there is a naive regulation or in countries like US where it is strictly regulated. On the other side, new financing models can be introduced in accordance with the aims of Islamic Law “Maqasid Al Shariah” in the field of Islamic finance practices which is currently focused on to Islamic banking with the help of flexibil-ity provided by crowd funding. In this context, Turkish Republic of Northern Cyprus, which became an international center for higher education and tourism, reached an important position due its legal ties with Turkey, EU and UK and availability to qualified human resources. Universities in Northern Cyprus hosts a young pop-ulation with a high of level education and have an easy access to capital especially from countries with Muslim population. In this study, how Cyprus can position itself in crowd funding as a model of Islamic finance to mo-bilize its unique potential by considering EU, UK and Turkey’s regulations is investigated.