Türkiye’deki Kira Sertifikası (Sukuk) İhraçlarının Büyüme Üzerindeki Etkisine Dair Ampirik Bir Analiz: 2010-2019
Abstract
Dünyada İslâmî finans olarak anılan alan, İslâm’ın ilke ve etiğine uygun finansal hizmetler sunulmasına dayanmaktadır. Bu amaçla 1970’lerin sonundan itibaren geliştirilen bu yapı içerisinde bugün için en öne çıkan unsur, Türkiye’de katılım bankacılığı olarak bilinen İslâmî bankalardır. Bunu takiben ise yine Türkiye’de kira sertifikası olarak geçen, yurtdışında ise daha geniş anlamda sukuk olarak bilinen yapı gelmektedir. Kira sertifikası, Türkiye için de önemi giderek artan bir görünüm arz etmektedir. Fakat bu artan önemine rağmen kira sertifikalarının büyüme için ne derece önemli olduğuna dair gerek yabancı gerekse Türkçe literatürde fazla bir çalışma yapılmamıştır. Bunlardan hareketle bu makalenin amacı, İslâmî finans alanının giderek daha fazla öne çıkan bir unsuru olan kira sertifikası (sukuk) ihraçlarının büyüme üzerindeki etkisini 2010-2019 arası dönemde Türkiye için ekonometrik analize tabi tutmaktır. Çeyrek dönemlik veriler için Hazine ve Maliye Bakanlığı (HMB), Türkiye Katılım Bankaları Birliği (TKBB) ve Merkezi Kayıt Kuruluşu’ndan (MKK) faydalanılmıştır. Kira sertifikası ihraçlarının yanı sıra tahvillerin de karşılaştırmalı olarak ekonomik büyüme üzerindeki uzun dönemli ilişkisini incelemek için ARDL sınır testinden yararlanılmıştır. Analizden elde edilen sonuçlara göre hem devlet hem de katılım bankaları tarafından ihraç edilen sukukların büyüme üzerindeki etkisi anlamlı bulunmuştur fakat bunlardan ilkinin etkisi pozitif iken ikincisininki negatiftir. Her iki etki de rakamsal olarak ufak kalmıştır. Sonuçlardan hareketle özellikle devlet tarafından ihraç edilen kira sertifikalarına ağırlık verilmesi önerilebilir.
Keywords
References
- AAOIFI (2018), “Investment in Sukuk, Shares and Similar Investments”, Finansal Muhasebe Standardı, No. 1/2018, <http://aaoifi.com/fas-25-investments-in-sukuk-shares-and-similar-instruments/?lang=en>, 23.02.2020.
- Ahmad, N. & S.N.M. Daud & Z. Kefeli (2012), “Economic Factors and the Sukuk Market”, Procedia-Social and Behavioral Sciences, (65), 127-133.
- Aktepe, İ.E. (2013), Sorularla Katılım Bankacılığı, İstanbul: TKBB.
- Al-Kharusi, S. & M.S. Ada (2018), “External Debt and Economic Growth: The Case of Emerging Economy”, Journal of Economic Integration, 33(1), 1141-1157.
- Alkhawaja, M.I. (2019), “Sukuk: Measuring the Role of Sukuk as an Economic Growth Enhancer in Turkey”, Australian Journal of Basic and Applied Sciences, 13(2), 95-99.
- Al-Raeai, A.M. & Z. Zainol & A.K.B. Abdul Rahim (2018), “The Role of Macroeconomic Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries”, International Journal of Economics and Financial Issues, 8(3), 333-339.
- Bashir, M.S. (2010), “Islamic Finance and Its Contribution to Solving the Current Financial Crisis”, International Journal of Knowledge Management Studies, 1(17), 85-99.
- Bayındır, S. (2015), Fıkhi ve İktisadi Açıdan İslâmî Finans, İstanbul: Süleymaniye Vakfı Yay. Çil, N. (2018), Finansal Ekonometri, İstanbul: Der Yay.
- Dar, A. & S. Amirkhalklali (2014), “On the Impact of Public Debt on Economic Growth”, Applied Econometrics and International Development, 14(1), 21-32.
- Dede, K. (2017), Katılım Bankalarında Hazine Ürünleri ve Sermaye Piyasası Uygulamaları, İstanbul: TKBB Yay.
- Echchabi, A. & H. Abd.Aziz & U. Idriss (2016), “Does Sukuk Financing Promote Economic Growth? An Emphasis on the Major Issuing Countries”, Turkish Journal of Islamic Economics, 3(2), 63-73.
- Enders, W. (1995), Applied Econometric Time Series, New York: Wiley John Wiley & Sons, Inc.
- Fahrian, D. & C. Seftarita (2016), “The Effects of Sukuk (Islamic Bonds) in the Economy”, Proceedings of the 6th Annuual International Conference Syiah Kuala University (AIC Unsyiah) in conjunction with The 12th International Conference on Mathematics, Statistics and Its Application (ICMSA) 2016, October 4-6, 2016, Banda Aceh, Indonesia.
- Hussain, H.A.B.N. & A. Abideen & E.R. Adawiah (2018), “Factors Influencing Issuer’s Sukuk Structure Preference: The Case Study of KSA Banks”, Journal of Islamic Finance, 7(1), 51-57.
- IFSB (2019), “Islamic Financial Services”, Industry Stability Report, Kuala Lumpur: IFSB.
- Kantarcı, H.B. & T. Eren (2018), “The Emergence of Sukuk Market and Economic Effects”, Global Journal of Emerging Trends in e-Business, Marketing and Consumer Psychology (GJETeMCP), 4(1), 595-601.
- Malikov, A. (2017), “How Do Sovereign Sukuk Impact on the Economic Growth of Developing Countries? An Analysis of the Infrastructure Sector”, içinde: V. Efendić vd. (eds.), Critical Issues and Challenges in Islamic Economics and Finance Development, Springer International Publ.
- Matiti, C. (2013), “The Relationship between Public Debt and Economic Growth in Kenya”, International Journal of Social Sciences and Project Planning Management, 1(1), 1-21.
- Mitsaliyandito, R.Q. & T. Arundina & R.A. Kasri (2017), “Impact of Sukuk Market Development on Indonesian Economic Growth”, International Journal of Applied Business and Economic Research, 15(3), 1-13.
- Moshenskyi, S. (2008), History of the Weksel: Bill of Exchange and Promissory Note, Xlibris Corporation.
- Onagun, A.I. (2016), “The Impact of Sukuk in Developing UAE Economy”, Journal of Islamic Banking and Finance, 2016(Oct-Dec), 71-85.
- Pesaran, M.H. & Y. Shin & R. Smith (2001), “Bounds Testing Approaches to the Analysis of Level Relationship”, Journal of Applied Econometrics, 16(3), 289-326.
- Pesaran, M.H. & Y. Shin (1999), “An autoregressive distributed-lag modelling approach to cointegration analysis”, Econometric Society Monographs, 31(7), 371-413.
- Smaoui, H. & S. Nechi (2017), “Does Sukuk Market Development Spur Economic Growth?”, Research in International Business and Finance, (41), 136-147.
- T.C. Hazine ve Maliye Bakanlığı (HMB), Kamu Finansmanı İstatistikleri, <https://www.hmb.gov.tr/kamu-finansmani-istatistikleri>, 02.03.2020.
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- Türkiye İstatistik Kurumu (TÜİK) Merkezi Dağıtım Sistemi, Dönemsel Hesaplar, <https://biruni.tuik.gov.tr/medas/?kn=88&locale=tr>, 02.03.2020.
- Türkiye İstatistik Kurumu (TÜİK), Tüketici Fiyat Endeksi (2003=100), <http://www.tuik.gov.tr/UstMenu.do?metod=temelist>, 02.03.2020.
- Türkiye Katılım Bankaları Birliği (TKBB), Sukuk İhraçları, <https://www.tkbb.org.tr/diger-istatistikler>, 02.03.2020.
- Wanjiru, K.M. (2015), “The Impact of Treasury Bond Market Development on Economic Growth in Kenya”, Basılmamış Yüksek Lisans Tezi, Nairobi Üniversitesi.
- Yıldırım, S. & D.C. Yıldırım & P. Diboglu (2020), “Does Sukuk market development promote economic grwoth?”, PSU Research Review, https://doi.org/10.1108/PRR-03-2020-0011, 02.03.2020.
Abstract
What is called Islamic finance today focuses on providing financial services in line with Islamic rules and ethos. Within the scope of Islamic finance developed since the 1970s, sukuk plays an essential role in Islamic banking (participation banking). In recent years, sukuk has also gained significant attention in Turkey. Despite its central role in Islamic banking and the increasing importance attached to it, the effects of sukuk on macroeconomic variables such as economic growth have not been studied in the literature extensively. Due to these reasons, this paper aims to conduct an econometric analysis about the effects of sukuk on Turkey's growth for the period of 2010-2019. The quarterly data is gathered from HMB (Treasure and Finance Ministry), TKBB (Participation Banks Association of Turkey), and MKK (Central Securities Depository of Turkey). ARDL bound test is utilized to examine the long-term effects of bonds and sukuk on economic growth. According to the results, both the governmental sukuk and the participation banking-based sukuk outstanding have statistically significant effects on Turkish growth. While the effect is positive for the former type, it is harmful to the latter. Nevertheless, for both types, the impact stays relatively minuscule. It is recommended that the governmental sukuk outstanding can be increased.
Keywords
References
- AAOIFI (2018), “Investment in Sukuk, Shares and Similar Investments”, Finansal Muhasebe Standardı, No. 1/2018, <http://aaoifi.com/fas-25-investments-in-sukuk-shares-and-similar-instruments/?lang=en>, 23.02.2020.
- Ahmad, N. & S.N.M. Daud & Z. Kefeli (2012), “Economic Factors and the Sukuk Market”, Procedia-Social and Behavioral Sciences, (65), 127-133.
- Aktepe, İ.E. (2013), Sorularla Katılım Bankacılığı, İstanbul: TKBB.
- Al-Kharusi, S. & M.S. Ada (2018), “External Debt and Economic Growth: The Case of Emerging Economy”, Journal of Economic Integration, 33(1), 1141-1157.
- Alkhawaja, M.I. (2019), “Sukuk: Measuring the Role of Sukuk as an Economic Growth Enhancer in Turkey”, Australian Journal of Basic and Applied Sciences, 13(2), 95-99.
- Al-Raeai, A.M. & Z. Zainol & A.K.B. Abdul Rahim (2018), “The Role of Macroeconomic Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries”, International Journal of Economics and Financial Issues, 8(3), 333-339.
- Bashir, M.S. (2010), “Islamic Finance and Its Contribution to Solving the Current Financial Crisis”, International Journal of Knowledge Management Studies, 1(17), 85-99.
- Bayındır, S. (2015), Fıkhi ve İktisadi Açıdan İslâmî Finans, İstanbul: Süleymaniye Vakfı Yay. Çil, N. (2018), Finansal Ekonometri, İstanbul: Der Yay.
- Dar, A. & S. Amirkhalklali (2014), “On the Impact of Public Debt on Economic Growth”, Applied Econometrics and International Development, 14(1), 21-32.
- Dede, K. (2017), Katılım Bankalarında Hazine Ürünleri ve Sermaye Piyasası Uygulamaları, İstanbul: TKBB Yay.
- Echchabi, A. & H. Abd.Aziz & U. Idriss (2016), “Does Sukuk Financing Promote Economic Growth? An Emphasis on the Major Issuing Countries”, Turkish Journal of Islamic Economics, 3(2), 63-73.
- Enders, W. (1995), Applied Econometric Time Series, New York: Wiley John Wiley & Sons, Inc.
- Fahrian, D. & C. Seftarita (2016), “The Effects of Sukuk (Islamic Bonds) in the Economy”, Proceedings of the 6th Annuual International Conference Syiah Kuala University (AIC Unsyiah) in conjunction with The 12th International Conference on Mathematics, Statistics and Its Application (ICMSA) 2016, October 4-6, 2016, Banda Aceh, Indonesia.
- Hussain, H.A.B.N. & A. Abideen & E.R. Adawiah (2018), “Factors Influencing Issuer’s Sukuk Structure Preference: The Case Study of KSA Banks”, Journal of Islamic Finance, 7(1), 51-57.
- IFSB (2019), “Islamic Financial Services”, Industry Stability Report, Kuala Lumpur: IFSB.
- Kantarcı, H.B. & T. Eren (2018), “The Emergence of Sukuk Market and Economic Effects”, Global Journal of Emerging Trends in e-Business, Marketing and Consumer Psychology (GJETeMCP), 4(1), 595-601.
- Malikov, A. (2017), “How Do Sovereign Sukuk Impact on the Economic Growth of Developing Countries? An Analysis of the Infrastructure Sector”, içinde: V. Efendić vd. (eds.), Critical Issues and Challenges in Islamic Economics and Finance Development, Springer International Publ.
- Matiti, C. (2013), “The Relationship between Public Debt and Economic Growth in Kenya”, International Journal of Social Sciences and Project Planning Management, 1(1), 1-21.
- Mitsaliyandito, R.Q. & T. Arundina & R.A. Kasri (2017), “Impact of Sukuk Market Development on Indonesian Economic Growth”, International Journal of Applied Business and Economic Research, 15(3), 1-13.
- Moshenskyi, S. (2008), History of the Weksel: Bill of Exchange and Promissory Note, Xlibris Corporation.
- Onagun, A.I. (2016), “The Impact of Sukuk in Developing UAE Economy”, Journal of Islamic Banking and Finance, 2016(Oct-Dec), 71-85.
- Pesaran, M.H. & Y. Shin & R. Smith (2001), “Bounds Testing Approaches to the Analysis of Level Relationship”, Journal of Applied Econometrics, 16(3), 289-326.
- Pesaran, M.H. & Y. Shin (1999), “An autoregressive distributed-lag modelling approach to cointegration analysis”, Econometric Society Monographs, 31(7), 371-413.
- Smaoui, H. & S. Nechi (2017), “Does Sukuk Market Development Spur Economic Growth?”, Research in International Business and Finance, (41), 136-147.
- T.C. Hazine ve Maliye Bakanlığı (HMB), Kamu Finansmanı İstatistikleri, <https://www.hmb.gov.tr/kamu-finansmani-istatistikleri>, 02.03.2020.
- T.C. Merkez Bankası (TCMB), Elektronik Veri Dağıtım Sistemi (EVDS), <https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket#collapse_4>, 02.03.2020.
- Türkiye İstatistik Kurumu (TÜİK) Merkezi Dağıtım Sistemi, Dönemsel Hesaplar, <https://biruni.tuik.gov.tr/medas/?kn=88&locale=tr>, 02.03.2020.
- Türkiye İstatistik Kurumu (TÜİK), Tüketici Fiyat Endeksi (2003=100), <http://www.tuik.gov.tr/UstMenu.do?metod=temelist>, 02.03.2020.
- Türkiye Katılım Bankaları Birliği (TKBB), Sukuk İhraçları, <https://www.tkbb.org.tr/diger-istatistikler>, 02.03.2020.
- Wanjiru, K.M. (2015), “The Impact of Treasury Bond Market Development on Economic Growth in Kenya”, Basılmamış Yüksek Lisans Tezi, Nairobi Üniversitesi.
- Yıldırım, S. & D.C. Yıldırım & P. Diboglu (2020), “Does Sukuk market development promote economic grwoth?”, PSU Research Review, https://doi.org/10.1108/PRR-03-2020-0011, 02.03.2020.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | April 28, 2021 |
| Submission Date | May 1, 2020 |
| Published in Issue | Year 2021 |