QISMUT Ülkelerindeki İslami Bankaların Finansal Etkinlik Analizi

Year 2017, Volume: 3 Issue: 2, 187 - 216, 29.12.2017

İsmail Yıldırım

Abstract

Hızlı
büyüyen altı ülke (kısaltması 6 ülkenin baş harflerinden oluşan QISMUT
ülkeleri-Katar, Endonezya, Suudi Arabistan, Malezya, Birleşik Arap Emirlikleri,
Türkiye) İslami bankacılık sektörünün küreselleşmesinde önemli bir rol
oynayacaklardır. Halen sektörde geniş entelektüel sermaye ve fon havuzlarına sahip
olan bu ülkeler mevcut ve yeni pazarlardaki büyüme dalgasının lokomotifi olabileceklerdir.
Dünya genelindeki yaklaşık 38 milyon İslami banka müşterisinin üçte ikisi halen
QISMUT ülkelerinde yaşamaktadır.

 

Bu
çalışmada; QISMUT ülkelerinde faaliyet gösteren İslami bankalardan oluşan 55
bankanın mali tablo verilerinden oluşturulmuş göstergeler seti kullanılarak
ölçek etkinliği karşılaştırılması yapılmıştır. 2012-2016 dönemi için, Katar’da
faaliyet gösteren 6, Endonezya’da faaliyet gösteren 15, Suudi Arabistan’da
faaliyet gösteren 11, Malezya’da faaliyet gösteren 13, Birleşik Arap
emirliklerinde faaliyet gösteren 7 ve Türkiye’de faaliyet gösteren 3 İslami
banka analize dâhil edilmiştir. Etkinliğin ölçülmesinde Veri Zarflama Analizi;
etkinlik değişimleri ve toplam faktör verimlilik değişimi ölçümünde ise
Malmquist Toplam Faktör Verimlilik Endeksi kullanılmıştır. QISMUT İslami
bankaların yarısı teknik etkinlik (CCR) değerine sahiptir. Yani QISMUT İslami
bankalarının yarısı sahip oldukları Toplam Varlıklar ile Toplam Özkaynaklarını
etkin olarak kullanamamaktadır. QISMUT ülkelerini bir bütün olarak
değerlendirdiğimizde hiçbir dönem Teknik Etkinlikteki Değişim (EFFCH) 1’in
üzerinde değer almamıştır. QISMUT ülkelerindeki İslami Bankaların üretim
sınırını yakalama etkisinin düşük olduğu görülmektedir. 

Keywords

İslami Bankacılık, Veri Zarflama Analizi, Ölçek Etkinliği, Malmquist Toplam Faktör Verimlilik Endeksi

Financial Efficiency Analysis of Islamic Banks in the QISMUT Countries

Abstract

Six rapid growth
markets (QISMUT as abbreviated from Qatar, Indonesia, Saudi Arabia, Malaysia,
UAE and Turkey) will play an important role in the globalization of the Islamic
banking industry. Two thirds of the 38 million Islamic bank customers in the
world reside in QISMUT countries. Having a wide pool of intellectual capital
and funds, these countries may well be the drivers of a growth wave in current
and new markets.

 

This study compares the
scale efficiency using a set of indicators generated from the financial
statements of 55 Islamic banks operating in QISMUT countries. 6 Islamic banks
operating in Qatar, 15 in Indonesia, 11 in Saudi Arabia, 13 in Malaysia, 7 in
UAE, and 3 in Turkey were included in the analysis involving the period between
2012 and 2016. Data Envelopment Analysis (DEA) was used in the efficiency
measurements while the Malmquist Total Factor Productivity Index was used to
measure the total factor productivity change. Half of these QISMUT Islamic
banks meet the technical productivity (CCR) value. In other words, half of
these QISMUT Islamic banks are able to use their Total Assets and Total
Equities efficiently. When QISMUT countries are considered as a whole, it was
found that Technical Efficiency Change (EFFCH) value was never recorded above 1
for any time period. It was found that the Islamic Banks of QISMUT countries
are unlikely to reach their production limit. 

Keywords

Islamic Banking, Data Envelopment Analysis, Scale Efficiency, Malmquist Total Factor Productivity Index

References

• Abdul Rahim Abdul Rahman and Romzie Rosman (2013) Efficiency of Islamic Banks: A Comparative Analysis of MENA and Asian Countries, Journal of Economic Cooperation and Development, 34, 1, 63-92
• Abdull-Majid, M., Saal, D., Battisti, G., (2010) Efficiency in Islamic and Conventional Banking: An International Comparison. Journal of Productivity Analysis 34, 25–43.
• Ada, A. A., Dalkılıç, N. (2014), Efficiency Analysis in Islamic Banks: A Study for Malaysia and Turkey, BDDK Bankacılık ve Finansal Piyasalar, Cilt: 8, Sayı: 1.
• Ahmad Mokhtar, H. S., Abdullah, N. & Alhabshi, S.M. (2006), “Efficiency of Islamic Banking in Malaysia: A Stochastic Frontier Approach”, Journal of Economic Corporation, 22 (2), 37-30.
• Ahmad Mokhtar, H. S., Abdullah, N. & Alhabshi, S.M. (2008), “Efficiency and Competition of Islamic Banking in Malaysia”, Humanomics, 24(1), 28-48.
• Ahmad, N.H., Noor, M.A.N.M. (2011) The Determinants Efficiency and Profitability of World Islamic Banks, E-BUSINESS, MANAGEMENT AND ECONOMICS Book Series: International Proceedings of Economics Development and Research Volume: 3 Pages: 228-233.
• Ahmad, S., Abdul-Rahman, A.R., 2012. The efficiency of Islamic and conventional commercial banks in Malaysia. Int. J. Islam. Middle East. Finance Manage. 5 (3), 241–263.
• Aldohni, A. K. (2015) The Quest for a Better Legal and Regulatory Framework for Islamic Banking, Ecclesiastical Law Journal / Volume 17 / Issue 01 / pp 15 – 35.
• Al-Khasawneh, J.A., Bassedat, K., Aktan, B., Thapa, P.D.P., 2012. Efficiency of Islamic banks: case of North African Arab countries. Qual. Res. Financ. Mark. 4 (2/3), 228–239.
• Al-Maghaireh, (2005) A. Comparative Financial Performance of Islamic Banks vis-à-vis Conventional Banks
• Ariff, M. (2014) Whither Islamic Banking? The World Economy, Volume 37, Issue 6, pages 733–746.
• Angelidis, D. ve Lyroudi, K. (2005) “The Magnitude of off Balance Sheet Activities for The Evaluation of Banking Productivity” International Conference on Finance, September 2-4, Copenhagen, Denmark.
• Bader, M.K.I., Mohamad, S., Ariff, M. and Hassan, T. (2008) Cost, Revenue, and Profit Efficiency of Islamic Versus Conventional Banks: International Evidence Using Data Envelopment Analysis. Islamic Economic Studies, 15(2) , 23-76.
• Beck, T., Demirgüç, Kunt, A. and Merrouche, O. (2013) Islamic vs. Conventional Banking: Business Model, Efficiency and Stability. Journal of Banking & Finance, 37 (2), 433-447.
• Bellalah, M., Ellouz S. (2004). Islamic finance, interest rates and Islamic banking: A Survey of the literature. Finance India: special issue, 18, 533-546.
• Brown, M. & Skully, K. (2003). A Cross-Country Analysis of Islamic Bank Performance. Paper presented at the International Banking Conference 2003 “From Money Lender to Banker: Evolutions of Islamic Banking in Relation to Judeo-Christian and Oriental Traditions, Prato, Italy.
• Canhoto, A., Dermine, J., (2003). A note on banking efficiency in Portugal: new vs. old banks. J. Bank. Finance 27 (11), 2087–2098.
• Caves, D.W., L.R. Christensen ve W.E. Diewert, (1982) "The economic theory of index numbers and the measurement of input, output and productivity," Econometrica, Vol.50, pp.1393-1414.
• Caves, D.W., L.R. Christensen ve W.E. Diewert, (1982a) "Multilateral comparisons of output, input, and productivity using superlative index numbers," Economic Journal, Vol.92, pp.73-86.
• Charnes, A. ve W.W. Cooper, "Programming with linear fractional functionals," Naval Research Logistics Quarterly, Vol.9, 1962, pp.3-4.
• Charnes, A., Cooper, W., Rhodes, E., (1981), “Evaluating Program and Managerial Efficiency: An Application of Data Envelopment Analysis to Program Follow Through”, Management Science, Vol. 27, No: 6, 668 - 697.
• Charnes, A., W.W. Cooper, A.Y. Lewin ve L.M. Seiford, Data Envelopment Analysis: Theory, Methodology and Applications, Kluwer Academic Publishers: Boston, 1995.
• Coelli, T., D.S.P. Rao ve G.E. Battese, An Introduction to Efficiency and Productivity Analysis, Kluwer Academic Publishers: Boston, 1998.
• Ernst and Young; World Islamic Banking Competitiveness Report 2016, www.ey.com
• Farrell, M. J. (1957) The measure of productive efficiency, Journal of the Royal Statistical Society, Series A, General, Vol.120, 1957, pp.253-281.
• Fare, R., S. Grosskopf ve C. A. K. Lovell, Production Funtions, Cambridge University Press, 1994.
• Fare, R., S. Grosskopf ve P. Roos, (1997) "Malmquist productivity indexes: A survey of theory and practice," Index Numbers: Essays in Honour of Sten Malmquist, Ed.:R. Fare, S. Grosskopf, R.R. Russell, Kluwer Academic Publishers: Boston.
• Fare, R., S. Grosskopf, M. Norris, Z. Zhang, (1994) "Productivity growth, technical progress, and efficiency changes in industrialised countries," American Economic Review, Vol.84, pp.66-83.
• Fried, H.O., C.A.K. Lovell ve S.S. Schmidt, The Measurement of Productive Efficiency: Techniques and Applications, Oxford University Press: New York, 1993.
• Ganley, J.A. ve J.S. Cubbin, Public Sector Efficiency Measurement: Applications of Data Envelopment Analysis, Elsevier Science Publishers: Amsterdam, 1992.
• Gishkoru, M.A., Ullah, N. (2013) Technical Efficiency of Islamic and Commercial Banks: Evidence from Pakistan Using DEA Model (2007-2011), Journal of Business and Management, Volume 7, Issue 4, PP 68-76
• Grigorian D, Manole V (2005) A cross country non parametric analysis of Bahrain’s banking system. International Monetary Fund, working paper 117.
• Hassan, M. K. (2006), “The X-Efficiency in Islamic Banks”, Islamic Economic Studies, 13 (2), 49 – 78.
• Hassan, T., Mohamad, S., Bader, M.K.I. (2009). Efficiency of conventional versus Islamic banks: evidence from the Middle East. Int. J. Islam. Middle East. Finance Manage. 2 (1), 46–65.
• Hussein, K.A. (2003) Operational Efficiency in Islamic Banking: The Sudanese Experience. Islamic Research and Training Institute (IRTI) Working Paper, No. 1, Islamic Development Bank, Saudi Arabia.
• Kablan, S., Yousfi, O. (2011) Efficiency of Islamic and conventional banks in countries with Islamic banking, MPRA Paper No. 32951, posted 23. Online at http://mpra.ub.uni-muenchen.de/32951/
• Kamaruddin, B.H., Safa, M.S., and Mohd, R. (2008). Assessing production efficiency of Islamic banks and conventional bank Islamic windows in Malaysia, International Journal of Business and Management Research, 1 (1) pp. 31-48.
• Keh, H. T., Chu, S., Xu, J. (2006), “Efficiency, Effectiveness and Productivity of Marketing in Services”, European Journal of Operational Research, Vol: 170, Issue: 1, pp. 265-276.
• Kim J.,(2000), “A Comparative Study on Productive Efficiency: Japan and United States Non-Life Insurance Industries”, Doctorial Thesis of Philosophy, Temple University,
• Lackmann Bedi Gunter (2014) “The Six Key Countries Driving Global Islamic Finance Growth, Nomura Journal of Capital Markets, Vol. 6, No:2.
• Majid, M.A., Saal, D.S, Battisti, S.G. (2010) Efficiency in Islamic and conventional banking: an international comparison, Journal of Productivity Analysis, Volume 34, Issue 1, pp 25-43.
• Mallin, C., Faraga, H., Yonga, K. (2014) Corporate social responsibility and financial performance in Islamic banks, Journal of Economic Behavior & Organization 103, S21–S38.
• Malmquist, S., (1953) "Index numbers and indifference curves," Trabajos de Estatistica, Vol.4, pp.209-242.
• Mghaieth, A., Mehdi, I.K.E. (2014) The determinants of cost/profit efficiency of Islamic banks before, during and after the crisis of 2007-2008 using SFA approach, IPAG working papers, http://www.ipag.fr/fr/accueil/la-recherche/publications-WP.html Moktar, H.S., N. Abdullah And S.M. Al-Habshi (2006), “Efficiency of Islamic Banks in Malaysia: A Stochastic Frontier Approach,” Journal of Economic Cooperation among Islamic Countries 27 (2), 37–70.
• Nazim, A. Bellens, J. (2014) World Islamic Banking Competitiveness Report 2013–14, www.ey.com
• Norbaizura, K., Rosmanira, I. W., Mohd, M.A. (2014) Assessing Efficiency and Effectiveness of Malaysian Islamic Banks: A Two Stage DEA Analysis, Proceedings Of The 3rd International Conference On Mathematical Sciences Book Series: Aip Conference Proceedings Volume: 1602 Pages: 934-938.
• Olson, D., Zoubi, T.A. (2011) Efficiency and bank profitability in MENA countries, Emerging Markets Review 12, 94–110
• Raphael, G.. (2013). A DEA- Based Malmquist Productivity Index Approach in Assessing Performance of Commercial Banks: Evidence From Tanzania. European Journal of Business and Management, 5 (6), 25-34.
• Rosman, R., Wahab, N.A., Zainol Z. (2014) Efficiency of Islamic banks during the financial crisis: An analysis of Middle Eastern and Asian countries, Pacific-Basin Finance Journal 28, 76–90
• Said, A. (2012) Efficiency in Islamic Banking during a Financial Crisis-an Empirical Analysis of Forty-Seven Banks, Journal of Applied Finance & Banking, vol.2, no.3, 2012, 163-197
• Said, A. (2013) Risks and Efficiency in the Islamic Banking Systems: The Case of Selected Islamic Banks in Mena Region. International Journal of Economics and Financial Issues, 3 (1), 66-73.
• Said, J., Rachida, B.J., Azza, Z. (2011) “Efficiency and effectiveness comparison of Islamic and conventional banking: case of Indonesia” Online at http://mpra.ub.uni-muenchen.de/57551/ MPRA Paper No. 57551 posted 24.
• Seiford, L.M. ve R.M. Thrall, "Recent developments in DEA: The mathematical approach to frontier analysis," Journal of Econometrics, Vol.46, 1990, pp.7-38.
• Siraj, K.K. and Sudarsanan Pillai, P. (2012) Comparative Study on Performance of Islamic Banks and Conventional Banks in GCC Region. Journal of Applied Finance & Banking, 2 (3), 123-161.
• Smola, E. and Mirakhor, A. (2010), “The Global Financial Crisis and Its Implications for the Islamic Financial Industry”, International Journal of Islamic and Middle Eastern Finance and Management, 3, (4), 372-385.
• Srairi, S.A. (2010) Cost and profit efficiency of conventional and Islamic banks in GCC countries, Journal of Productivity Analysis Volume: 34 Issue: 1 Pages: 45-62 Published: AUG 2010
• Sufian, F. (2007) The Efficiency of Islamıc Banking Industry: A Non-Parametric Analysis with Non-Discretionary Input Variable. Islamic Economic Studies, 14(1& 2) , 53-87.
• Sufian, F., Mohamad, A.M.N., and Muhamed-Zulkhibri, A.M. (2008). The efficiency of Islamic banks: empirical evidence from the MENA and Asian countries Islamic banking sectors, The Middle East Business and Economic Review, Vol. 20, No. 1.
• Sufian, F., Noor, M.A.N.M. (2009) The determinants of Islamic bank's efficiency changes: empirical evidence from MENA and Asian banking sectors. Int. J. Islam. Middle East. Finance Manage. 2 (1), 120–138.
• Sufian, S., Farman, A., Baber, A., Muhammad, H. (2013) Examining Efficiency of Islamic and Conventional Banks in Pakistan: Using Data Envelopment Analysis, Global Journal of Management and Business Research Volume 13 Issue 10.
• Tahir, M.I., Haron, S. (2010) Cost and profit efficiency of Islamic banks: international evidence using the stochastic frontier approach, Banks and Bank Systems, Volume 5, Issue 4.
• Viverita, K.M. and Skully, M. (2007) Efficiency Analysis of Islamic Banks in Africa, Asia and The Middle East. Review of Islamic Economics, 11(2), 5-16.
• YU, M. M. ve LEE, B. C. (2009), "Efficiency and Effectiveness of Service Business: Evidence from International Tourist Hotels in Taiwan", Tourism Management, 30, 571-580. Yudistra, D. (2004). Efficiency of Islamic Banks: An Empirical Analysis of Eighteen Banks. Islamic Economic Studies, 12(1), 1-19.