Bloomberg News

Turkey Bank Appoints Islam Economist, Credit Expert to Board

November 04, 2011

(Updates with biographical details in third and fourth paragraphs.)

Nov. 4 (Bloomberg) -- Turkey’s central bank elected credit expert Ahmet Faruk Aysan and Sabri Orman, a specialist in Islamic economics, as members to the bank’s board, in a meeting held yesterday.

Aysan and Orman filled two empty seats on the board, the central bank in Ankara said in an e-mailed statement today. The board is composed of the governor and six members and makes decisions on monetary policy and sets forth regulations, according to the bank’s website.

Orman has served as the rector of Istanbul Commerce University, the central bank said. He was a research scholar at the London School of Economics and worked at the International Islamic University and the Islamic Thought and Civilization University in Malaysia, it said. He has published papers and contributions on the origins of Islamic economic thought, Ottoman economic thought and the economic principles of Islamic theologian and jurist Abu Hamid al-Ghazali, according to a biography on the Istanbul university’s website. Published works include “Money, Interest and Islam” (the Foundation for Islamic Research, 1987.)

Aysan has a doctorate from the University of Maryland College Park, the bank said. He was previously an adviser to the World Bank, the central bank and works as a lecturer at Istanbul’s Bosporus University, it said. Aysan has published work on the credit markets in Turkey. He has also written about determinants of Turkish exports, interbank funds, non-price competition in credit cards, and net interest rate margins during the global crisis.

--Editors: Mark Bentley, Aydan Eksin

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at

To contact the editor responsible for this story: Gavin Serkin at

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