Prof. Hasan Hacak, a Board Member of Ibn Haldun University’s Center for Applied Research in Islamic Economics and Finance (CIEF), was appointed Chair of the Advisory Committee operating within the Association of Financial Institutions (Finansal Kurumlar Birliği, FKB). Hacak began his new role on July 1, 2026.
The FKB Advisory Committee is one of the new participation finance governance mechanisms established under the Communiqué on Compliance with Participation Principles issued by Türkiye’s Banking Regulation and Supervision Agency (BRSA) on December 19, 2025. Under the Communiqué, participation finance companies as well as leasing, factoring, financing, and asset management companies operating in accordance with participation principles may, subject to the conditions set out in the regulatory framework, obtain advisory committee services from the committee established within FKB.
The Advisory Committee is responsible for issuing decisions on participation principles and their implementation, reviewing the internal regulations of relevant institutions and standard contracts concerning their products and services, and reporting its decisions to the Central Advisory Committee. In this capacity, the Committee plays an important role in strengthening compliance with participation principles and the governance infrastructure of Türkiye’s non-bank financial sector.
Prof. Hacak has extensive academic and professional experience in Islamic law and participation finance. He serves as a faculty member at Ibn Haldun University’s School of Islamic Studies, as a member of the CIEF Board, and as Director of the Savings Financing Application and Research Center (TASFIN). He also previously served as Chair of the Central Advisory Board of the Participation Banks Association of Türkiye.
Prof. Hacak’s new role as Chair of the FKB Advisory Committee represents an important area of responsibility for strengthening the relationship between Islamic jurisprudence and participation finance practices and enhancing the governance and compliance capacity of participation finance across the non-bank financial sector.
CIEF congratulates our Board Member Prof. Hasan Hacak on his new appointment and wishes him continued success in his work.
