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Rethinking the Iltizam system as a financing tool for urban development
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CitationVarlı, Y. (2019). Rethinking the Iltizam system as a financing tool for urban development. 5. Uluslararası İbn Haldun Sempozyumu, 27-28 Nisan 2019, İstanbul, Türkiye.
The rapid increase in population and urbanization in the modern world increases concerns about urban development and financing. The gap between the projects designed for urban development and the financial resources required for these projects have been widening, especially in recent years. In order to meet this financial shortage, local authorities have been working on various public finance innovations and instruments. This study aims to contribute to ongoing research on the development of financing methods in urban economics. In this direction, with a detailed discussion, we introduce an alternative method based on the Iltizam system, which was an institution of traditional tax-farming and appeared in the 15th century in the Ottoman Empire. We offer an updated version of Iltizam, keeping the underlying risk sharing model but customizing it by using today’s finance tools. Finally, the implication options and fields of our proposed method are explored with reference to Ibn Khaldun.