Araştırma Makalesi
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A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey

Yıl 2018, Cilt: 68 Sayı: 1, 45 - 92, 27.06.2018

Öz

 

Kaynakça

  • Aktaş, M. (2013). Stability of the participation banking sector against the economic crisis in Turkey. International Journal of Economics and Financial Issues, 3(1), 180–189.
  • Al-Oqool, M. A., Okab, R., & Bashayreh, M. (2014). Financial Islamic banking development and economic growth: A case study of Jordan. International Journal of Economics and Finance, 6(3), 72–79.
  • Asarkaya, Y., & Özcan, S. (2007). Determinants of capital structure in financial institutions: The case of Turkey. Bankacılık ve Finansal Piyasalar Dergisi, 1, 91–109.
  • Asutay, M. (2012). Conceptualising and locating the social failure of Islamic finance: Aspirations of Islamic moral economy vs the realities of Islamic finance. Asian and African Area Studies, 11(2), 93–113.
  • Asutay, M., & Harningtyas, A. F. (2015). Developing maqasiad al-shari’ah index to evaluate social performance of Islamic banks: A Conceptual and empirical attempt. Journal of Islamic Economics, Banking and Finance, 1(1), 5–64.
  • Ata, H. A., & Buğan, M. F. (2016). Factors affecting the efficiency of Islamic and conventional banks in Turkey. Journal of Islamic Economics, Banking and Finance, 12(1), 90–95.
  • Ateş, H., & Bektaş, M. (2016). İslam ekonomisi ve finansı, İslam ve kalkınma: İnançsal, tarihsel ve teorik temeller üzerine bir değerlendirme. İstanbul, Turkey: Umuttepe Yayıncılık.
  • Aysan, A. F., Dişli, M., & Öztürk, H. (2015). Bank lending channel in Turkey: Evidence from Islamic and conventional banks. Ankara, Turkey, Türkiye Cumhuriyeti Merkez Bankası.
  • Bashir, A. M. (1999). Risk and profitability measures in Islamic banks; The case of two Sudanese banks. Islamic Economic Studies, 6(2), 1–24.
  • Bashir, A. M. (2003). Assessing the Performance of Islamic banks: Some evidence from Middle East. Islamic Economic Studies, 11(1), 32–57.
  • Bateman, M. (2014). The rise and fall of Muhammad Yunus and the microcredit model. International Development Studies, 1, 1–36.
  • Bayraktar, M., Tatar, B., Arkan, A., Bekiryazıcı, E., & Köroğlu, B. (2016). İslam düşünce tarihi. Eskişehir, Turkey: Anadolu Üniversitesi.
  • Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2010). Islamic vs. Conventional banking business model, efficiency and stability. Journal of Banking and Finance, 37(2), 433–447.
  • Boyd, J. H., Levine, R., & Smith, B. D. (2001). The Impact of inflation on financial sector performance. Journal of Monetary Economics, 47(2), 221–248.
  • CIBAFI. (2016). Global Islamic Bankers’ Survey, Confidence, Risk and Responsible Business Practices, Bahrain: CIBAFI.
  • Cinci, S., & Tarım, A. (2000). Türk banka sisteminde performans ölçümü DEA-Malquist TFP Endeksi uygulaması. Türkiye Bankalar Birliği, Araştırma Tebliğleri Serisi, 1, 1–34.
  • Civan, M. (2015, Ekim). Yapay sinir aği ile katilim bankalarinda kar payinin tahmin edilmesi: Türkiye uygulaması. 19. Finans Sempozyumu'nda sunulan bildiri. Çorum, Turkey.
  • Çetin, A. (2013). Türkiye’de teminat mektupları: Uygulamalar ve hukuki sorunlar [Letter of guarantees in Turkey: Applications and legal problems]. Finansal Araştırmalar ve Çalışmalar Dergisi, 5(9), 67–92.
  • Er, B., & Uysal, M. (2012). Türkiye'deki ticari bankalar ve katılım bankalarının karşılaştırmalı etkinlik analizi: 2005-2010 dönemi değerlendirmesi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 26(3–4), 365–384.
  • Hardy, L. (2012). The evolution of participation banking in Turkey. Al Nakhlah Online Journal on Southwest Asia and Islamic Civilization. Winter, 1–15.
  • Haron, S. (2004). Determinants of Islamic bank profitability. Global Journal of Finance and Economics, 1(1), 11–33.
  • Hassan, K. H., & Bashir, A. M. (2003). Determinants of Islamic banking profitability. Islamic Economic Studiesi, 11(1), 31 –57.
  • Hassan, K. M. (2006). The X-efficiency in Islamic banks. Islamic Economic Studies, 13(2), 50–78.
  • İnan, E. A. (2000). Banka etkinliğinin ölçülmesi ve düşük enflasyon sürecinde bankacilikta etkinlik. Türkiye Bankacılar Birliği Bankacılar Dergisi, 34, 82–96.
  • Jill, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks, 2004–2009. Journal of Economic Behavior & Organization, 103, 93–107.
  • Kassim, S. H., Majid, M. S. A., & Yusof, R. M. (2009). İmpact of monetary policy on the conventional and Islamic banks in a dual banking system: Evidence from Malaysia. Journal of Economic Cooperation and Development, 30(1), 41–58.
  • Kaya, Y. T. (2001). Türk bankacilik sisteminde net faiz marjinin modellenmesi, çalişma raporlari. Mali Sektör Politikaları Dairesi. Retrieved from https://www.bddk.org.tr/Websitesi/turkce/Raporlar/Calisma_Raporlari/12672001-4.pdf
  • Khan, M. S. & Mirakhor, A. (1992). Theotetical studies in Islamic banking and finance. Iran: İslamic Publications Iternational.
  • Koç, İ. (2018). Interest rate risk in interest-free banks an empirical research on Turkish participation banks. Turkish Journal of Islamic Economics, 5(1), 89–117.
  • Kumar, D. (2016). Weighted Bootstrap Approach for the Variance Ratio Test. Theoretical Economics Letters, 6, 426-431.
  • Kwon, H. D. (2014). Simulation and risk analysis. New York, NY: The McGraw Hill Companies.
  • Malcıoğlu, G., & Aydın, M. (2016). Borsa İstanbul’da piyasa etkinliğinin analizi: Harvey Doğrusallık Testi [Analysis of market efficiency at Borsa İstanbul: Harvey Linearity Test]. Journal of Accounting, Finance and Auditing Studies, 2(1), 112–123.
  • Mercan, M., & Yolalan, R. (2000). The effect of scale and mode of ownership on the Turkish banking sector financial performance. The ISE Review, 4(15), 1–25.
  • Moukahal, W. (Summer 2011). The bank industry in the UAE. A Middle East Point of View, 16–19.
  • Omar, M. A., Rahman, A. R. A.Yusof, R. M., Majid, M. S. A., & Rasid, M. (2006). Efficiency of Commercial Banks in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 2(2), 19–42.
  • Özgür, E. (2007). Katılım bankalarının finansal etkinliği ve mevduat bankaları ile rekabet edebilirliği. (Doktora Tezi). Afyon Kocatepe Üniversitesi Sosyal Bilimler Enstitüsü, Afyonkarahisar.
  • Parlakkaya, R., & Curuk, S. A. (2011). Using financial ratios to distinguish between participation and conventional banks: A case study of Turkey. Ege Academic Review, 11(3), 397–405.
  • Samad, A. (2004). Performance of interest-free Islamic banks vis-a-vis interested-based conventional banks of Bahrain. IIUM Journal of Economics and Management, 12(2), 1–15.
  • Saraç, M., & Zeren, F. (2015). The dependency of Islamic bank rates on conventional bank interest rates: Furder evidence from Turkey. Applied Economics, 47(7), 669–679.
  • Tunay, K. B., & Silpar, M. (2006). Türkiye ticari bankacılık sektöründe karlılığa dayalı performans analizi. İstanbul, Turkey: Türkiye Bankalar Birliği.

A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey

Yıl 2018, Cilt: 68 Sayı: 1, 45 - 92, 27.06.2018

Öz

This dissertation analyses the efficiency of the Turkish banking sector by comparing the benefits obtained by deposit banks and participation banks operating from deposits/participation funds and loans (interest or profit rates) using econometric models. 


Firstly we comparatively examine average interest rates and profit shares by deposit banks and Islamic banks, respectively, using monthly data for the period January 2005-December 2015 using Monte Carlo Simulation. This analysis reveals that deposit banks paid a 0.49 point higher rate of interest for deposits than the profit rates paid by Islamic banks. This difference is statistically significant at conventional significant levels. Secondly, we compare interest and profit rates for the mortgage loans of  the two groups of banks for the period June 2010-December 2015 using Monte Carlo simulation. We find that conventional banks offered these loans at a rate of 0.92 points lower than Islamic banks. This difference is also statistically significant at conventional significance levels. For the same period we find that, on average, Islamic banks offered commercial loans at a significantly 0.72 basis points lower rate statistically  in comparison to deposit banks. Finally, we compare these groups of banks across return on assets, return on equity and net interest/profit margin using regression analysis for the period January 2005-December 2015. This analysis employs macroeconomic indicators, liquidity indicators, operational expenses, money supply indicators, asset quality indicators as explanatory variables. We find no statistically significant difference in these measures between  the two groups of banks. 

Kaynakça

  • Aktaş, M. (2013). Stability of the participation banking sector against the economic crisis in Turkey. International Journal of Economics and Financial Issues, 3(1), 180–189.
  • Al-Oqool, M. A., Okab, R., & Bashayreh, M. (2014). Financial Islamic banking development and economic growth: A case study of Jordan. International Journal of Economics and Finance, 6(3), 72–79.
  • Asarkaya, Y., & Özcan, S. (2007). Determinants of capital structure in financial institutions: The case of Turkey. Bankacılık ve Finansal Piyasalar Dergisi, 1, 91–109.
  • Asutay, M. (2012). Conceptualising and locating the social failure of Islamic finance: Aspirations of Islamic moral economy vs the realities of Islamic finance. Asian and African Area Studies, 11(2), 93–113.
  • Asutay, M., & Harningtyas, A. F. (2015). Developing maqasiad al-shari’ah index to evaluate social performance of Islamic banks: A Conceptual and empirical attempt. Journal of Islamic Economics, Banking and Finance, 1(1), 5–64.
  • Ata, H. A., & Buğan, M. F. (2016). Factors affecting the efficiency of Islamic and conventional banks in Turkey. Journal of Islamic Economics, Banking and Finance, 12(1), 90–95.
  • Ateş, H., & Bektaş, M. (2016). İslam ekonomisi ve finansı, İslam ve kalkınma: İnançsal, tarihsel ve teorik temeller üzerine bir değerlendirme. İstanbul, Turkey: Umuttepe Yayıncılık.
  • Aysan, A. F., Dişli, M., & Öztürk, H. (2015). Bank lending channel in Turkey: Evidence from Islamic and conventional banks. Ankara, Turkey, Türkiye Cumhuriyeti Merkez Bankası.
  • Bashir, A. M. (1999). Risk and profitability measures in Islamic banks; The case of two Sudanese banks. Islamic Economic Studies, 6(2), 1–24.
  • Bashir, A. M. (2003). Assessing the Performance of Islamic banks: Some evidence from Middle East. Islamic Economic Studies, 11(1), 32–57.
  • Bateman, M. (2014). The rise and fall of Muhammad Yunus and the microcredit model. International Development Studies, 1, 1–36.
  • Bayraktar, M., Tatar, B., Arkan, A., Bekiryazıcı, E., & Köroğlu, B. (2016). İslam düşünce tarihi. Eskişehir, Turkey: Anadolu Üniversitesi.
  • Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2010). Islamic vs. Conventional banking business model, efficiency and stability. Journal of Banking and Finance, 37(2), 433–447.
  • Boyd, J. H., Levine, R., & Smith, B. D. (2001). The Impact of inflation on financial sector performance. Journal of Monetary Economics, 47(2), 221–248.
  • CIBAFI. (2016). Global Islamic Bankers’ Survey, Confidence, Risk and Responsible Business Practices, Bahrain: CIBAFI.
  • Cinci, S., & Tarım, A. (2000). Türk banka sisteminde performans ölçümü DEA-Malquist TFP Endeksi uygulaması. Türkiye Bankalar Birliği, Araştırma Tebliğleri Serisi, 1, 1–34.
  • Civan, M. (2015, Ekim). Yapay sinir aği ile katilim bankalarinda kar payinin tahmin edilmesi: Türkiye uygulaması. 19. Finans Sempozyumu'nda sunulan bildiri. Çorum, Turkey.
  • Çetin, A. (2013). Türkiye’de teminat mektupları: Uygulamalar ve hukuki sorunlar [Letter of guarantees in Turkey: Applications and legal problems]. Finansal Araştırmalar ve Çalışmalar Dergisi, 5(9), 67–92.
  • Er, B., & Uysal, M. (2012). Türkiye'deki ticari bankalar ve katılım bankalarının karşılaştırmalı etkinlik analizi: 2005-2010 dönemi değerlendirmesi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 26(3–4), 365–384.
  • Hardy, L. (2012). The evolution of participation banking in Turkey. Al Nakhlah Online Journal on Southwest Asia and Islamic Civilization. Winter, 1–15.
  • Haron, S. (2004). Determinants of Islamic bank profitability. Global Journal of Finance and Economics, 1(1), 11–33.
  • Hassan, K. H., & Bashir, A. M. (2003). Determinants of Islamic banking profitability. Islamic Economic Studiesi, 11(1), 31 –57.
  • Hassan, K. M. (2006). The X-efficiency in Islamic banks. Islamic Economic Studies, 13(2), 50–78.
  • İnan, E. A. (2000). Banka etkinliğinin ölçülmesi ve düşük enflasyon sürecinde bankacilikta etkinlik. Türkiye Bankacılar Birliği Bankacılar Dergisi, 34, 82–96.
  • Jill, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks, 2004–2009. Journal of Economic Behavior & Organization, 103, 93–107.
  • Kassim, S. H., Majid, M. S. A., & Yusof, R. M. (2009). İmpact of monetary policy on the conventional and Islamic banks in a dual banking system: Evidence from Malaysia. Journal of Economic Cooperation and Development, 30(1), 41–58.
  • Kaya, Y. T. (2001). Türk bankacilik sisteminde net faiz marjinin modellenmesi, çalişma raporlari. Mali Sektör Politikaları Dairesi. Retrieved from https://www.bddk.org.tr/Websitesi/turkce/Raporlar/Calisma_Raporlari/12672001-4.pdf
  • Khan, M. S. & Mirakhor, A. (1992). Theotetical studies in Islamic banking and finance. Iran: İslamic Publications Iternational.
  • Koç, İ. (2018). Interest rate risk in interest-free banks an empirical research on Turkish participation banks. Turkish Journal of Islamic Economics, 5(1), 89–117.
  • Kumar, D. (2016). Weighted Bootstrap Approach for the Variance Ratio Test. Theoretical Economics Letters, 6, 426-431.
  • Kwon, H. D. (2014). Simulation and risk analysis. New York, NY: The McGraw Hill Companies.
  • Malcıoğlu, G., & Aydın, M. (2016). Borsa İstanbul’da piyasa etkinliğinin analizi: Harvey Doğrusallık Testi [Analysis of market efficiency at Borsa İstanbul: Harvey Linearity Test]. Journal of Accounting, Finance and Auditing Studies, 2(1), 112–123.
  • Mercan, M., & Yolalan, R. (2000). The effect of scale and mode of ownership on the Turkish banking sector financial performance. The ISE Review, 4(15), 1–25.
  • Moukahal, W. (Summer 2011). The bank industry in the UAE. A Middle East Point of View, 16–19.
  • Omar, M. A., Rahman, A. R. A.Yusof, R. M., Majid, M. S. A., & Rasid, M. (2006). Efficiency of Commercial Banks in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 2(2), 19–42.
  • Özgür, E. (2007). Katılım bankalarının finansal etkinliği ve mevduat bankaları ile rekabet edebilirliği. (Doktora Tezi). Afyon Kocatepe Üniversitesi Sosyal Bilimler Enstitüsü, Afyonkarahisar.
  • Parlakkaya, R., & Curuk, S. A. (2011). Using financial ratios to distinguish between participation and conventional banks: A case study of Turkey. Ege Academic Review, 11(3), 397–405.
  • Samad, A. (2004). Performance of interest-free Islamic banks vis-a-vis interested-based conventional banks of Bahrain. IIUM Journal of Economics and Management, 12(2), 1–15.
  • Saraç, M., & Zeren, F. (2015). The dependency of Islamic bank rates on conventional bank interest rates: Furder evidence from Turkey. Applied Economics, 47(7), 669–679.
  • Tunay, K. B., & Silpar, M. (2006). Türkiye ticari bankacılık sektöründe karlılığa dayalı performans analizi. İstanbul, Turkey: Türkiye Bankalar Birliği.
Toplam 40 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Erişah Arıcan

Abdurrahman Çetin Bu kişi benim

Yayımlanma Tarihi 27 Haziran 2018
Gönderilme Tarihi 12 Nisan 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 68 Sayı: 1

Kaynak Göster

APA Arıcan, E., & Çetin, A. (2018). A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey. İstanbul İktisat Dergisi, 68(1), 45-92.
AMA Arıcan E, Çetin A. A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey. İstanbul İktisat Dergisi. Haziran 2018;68(1):45-92.
Chicago Arıcan, Erişah, ve Abdurrahman Çetin. “A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey”. İstanbul İktisat Dergisi 68, sy. 1 (Haziran 2018): 45-92.
EndNote Arıcan E, Çetin A (01 Haziran 2018) A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey. İstanbul İktisat Dergisi 68 1 45–92.
IEEE E. Arıcan ve A. Çetin, “A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey”, İstanbul İktisat Dergisi, c. 68, sy. 1, ss. 45–92, 2018.
ISNAD Arıcan, Erişah - Çetin, Abdurrahman. “A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey”. İstanbul İktisat Dergisi 68/1 (Haziran 2018), 45-92.
JAMA Arıcan E, Çetin A. A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey. İstanbul İktisat Dergisi. 2018;68:45–92.
MLA Arıcan, Erişah ve Abdurrahman Çetin. “A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey”. İstanbul İktisat Dergisi, c. 68, sy. 1, 2018, ss. 45-92.
Vancouver Arıcan E, Çetin A. A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey. İstanbul İktisat Dergisi. 2018;68(1):45-92.