TY  - JOUR
T1  - THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS
TT  - MURABAHA İLE MAKROEKONOMİK DİNAMİKLER ARASINDAKİ İLİŞKİ
AU  - Ergün, Tolga
PY  - 2022
DA  - June
DO  - 10.14780/muiibd.1135535
JF  - Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi
PB  - Marmara Üniversitesi
WT  - DergiPark
SN  - 2587-2672
SP  - 119
EP  - 136
VL  - 44
IS  - 1
LA  - en
AB  - The concept of murabaha is expressed as cost plus profit share sales. Murabaha, known as the participationfinance product, has an important place in the interest-free financial system. In this context, it is aimedto reveal the relationship between murabaha and macroeconomic variables on the Turkish sample in thisstudy. In the research model, murabaha is used as a dependent variable, while Gross Domestic Product(GDP), employment rate, and inflation rate have been tested as independent variables within the scopeof macroeconomic indicator. A total of 40 quarterly data between 2010-2019 have been analyzed usingthe Johansen cointegration, VECM Granger and Toda-Yamamoto causality test. According to the findingsobtained from the analysis, murabaha and macroeconomic variables are statistically identical in the longterm and move in the same direction together. According to the findings obtained from the Toda-Yamamotoanalysis, a bidirectional causality has been found between murabaha and the GDP and employment rate,which is used as a macroeconomic indicator, while a one-way causality relationship has been found betweenmurabaha and the inflation rate. The results indicate the existence of a long-run causality relationshipbetween murabaha financing and various macroeconomic dynamics.
KW  - Participation Finance
KW  - Murabaha
KW  - Macroeconomic Dynamics
KW  - Johansen Co-Integration
KW  - Toda-
Yamamoto Causality Test
KW  - Turkey
N2  - Murabaha kavramı maliyet artı kar payı satış olarak ifade edilmektedir. Katılım finans ürünü olarakbilinen murabaha, faizsiz finans sistemi içinde önemli bir yere sahiptir. Bu bağlamda çalışmada, Türkiyeörneklemi üzerinde murabaha ile makroekonomik değişkenler arasındaki ilişkisinin ortaya koyulmasıamaçlanmıştır. Araştırma modelinde murabaha bağımlı değişken olarak kullanılırken, makroekonomikgösterge kapsamında Gayri Safi Yurt İçi Hasıla (GSYİH), istihdam oranı ve enflasyon oranı bağımsızdeğişkenler olarak sınanmıştır. 2010-2019 yılları arasındaki toplam 40 çeyrek dönem veriler Johanseneşbütünleşme, VECM Granger ve Toda-Yamamoto nedensellik testinden faydalanılarak analiz edilmiştir.Analizden elde edilen bulgulara göre murabaha ile makroekonomik değişkenler uzun dönemde istatistikselolarak eş bütünleşik olup birlikte aynı yönde hareket etmektedir. Toda-Yamamoto analizi sonuçlarına göremurabaha ile GSYİH ve istihdam oranı arasında çift yönlü bir nedensellik tespit edilirken murabaha ileenflasyon oranı arasında tek yönlü bir nedensellik ilişkisi saptanmıştır. Sonuçlar, murabaha finansmanı ilemakroekonomik dinamikler arasında uzun dönem nedensellik ilişkisinin varlığına işaret etmektedir.
CR  - Abdul, W.A. (2015). The role of Islamic banking on economic growth in Kenya, University of Nairobi,
Unpublished Master Thesis.
CR  - Adebola, S.S., Yusoff, W.S.W., & Dahalan, J. (2011). The impact of macroeconomic variables on Islamic banks
financing in Malaysia. Research Journal of Finance and Accounting, 2(4), 22-33.
CR  - Ahmad, N., Yazis, M., & Oudat, M.S. (2015). Analysis long-run and short-run relationships between
macroeconomic variables and murabaha to the purchase-order: Evidence from Jordanian Islamic bank.
International Journal of Economics and Finance, 7(2), 168-177.
CR  - Ahmed, H. (2014). Islamic banking and shari’ah compliance: A product development perspective. Journal of
Islamic Finance, 3(2), 15-29.
CR  - Akhtar, B., Akhter, W., & Muhammad S. (2017). Determinants of deposits in conventional and Islamic banking:
A case of an emerging economy. International Journal of Emerging Markets, 12(2), 296-309.
CR  - Aktepe, İ. E., & Dereci, M. (2019). İslam hukukunda akit teorisi ve katılım bankacılığında akitler, Yaşayan ve
Gelişen Katılım Bankacılığı, Görmüş, Ş./Albayrak, R. A. (Ed.), İstanbul, TKBB.
CR  - Al-Fawwaz, T. M., Alawneh, A. M., & Shawaqfeh, G. N. (2015). The impact of Islamic finance on some
macroeconomic variables: a case study of Jordan Islamic bank. Interdisciplinary Journal of Contemporary
Research Business, 7(1), 10-30.
CR  - Almsafir, M. K., & Alsmadi, A. A. (2014). Murabahah versus interest rate, the equilibrium relationship with
macroeconomic variables in Jordanian economy: An ARDL approach. Procedia Social and Behavioral
Sciences, 29, 349-357.
CR  - Amiri, A., & Ventelou, B. (2012). Granger causality between total expenditure on health and gdp in OECD:
Evidence from the toda-yamamoto approach. Economics Letters, 116, 541-544.
CR  - Askari, H., Iqbal, Z., & Mirakhor, A. (2015). Introduction to Islamic economics: Theory and application,
Singapur: John Wiley&Sons.
CR  - Banking Law No. 5411. https://www.bddk.org.tr/Mevzuat/DokumanGetir/961, (Accessed on 11.10.2021).
CR  - Bhatti, M. (2015). Taxation treatment of Islamic finance products in Australia. Deakin Law Review, 20(2), 263-
298.
CR  - Canbaz, M. (2016). Katılım bankacılığı, First Edition, İstanbul: Beta
CR  - Chelhi, K., El Hachloufi, M., Eddaoui, A., & Marzak, A. (2020). Aplication of data mining in Islamic banking
for modeling of murabaha product return risk in a macroeconomic context. International Journal of
Information Science&Technology, 4(1), 19-27.
CR  - Dritsaki, C. (2017). Toda-yamamoto causality test between inflation and nominal interest rates: Evidence from
three countries of Europe. International Journal of Economics and Financial Issues, 7(6), 120-129.
CR  - El-Galfy, A., & Khiyar, K. A. (2012). Islamic banking and economic growth: A review. The Journal of Applied
Business Research, 28(5), 943-856.
CR  - Engle, R.F. & Granger, C.W.J. (1987). Co-integration and error correction: Representation, estimation, and
testing. Econometrica, 55, 251-276.
CR  - Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia.
Journal of Economic Cooperation and Development, 30(2), 59-74.
CR  - Hamdow Gad Elkreem, B. (2017). Impact of Islamic models of finance on economic growth through financial
stability. Journal of Business&Financial Affairs, 6(1), 1-7.
CR  - Hassan, A., & Mollah, S. (2018). Islamic finance ethical underpinnings, products, and institutions, Switzerland:
Palgrave Macmillan.
CR  - Hussain, G., Hafeez, M., & Batool, H. (2021). Islamic models of finance and economic growth: A mediating role
of financial stability in case of Islamic countries. Elementary Education Online, 20(5), 5298-5307.
CR  - IFSB-Islamic Financial Services Board (2021). https://www.ifsb.org/sec03.php, (Accessed on 16.10.2021).
CR  - Johansen, S. (1998). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12,
231-254.
CR  - Johansen, S. & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration with
applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 160-210.
CR  - Khan, H. F. (2017). Islamic banking: On its way to globalization. International Journal of Management Research
& Review, 7(11), 1006-1014.
CR  - Khotijah, S. A., & Iswanaji, C. (2020). Analysis of the effect of murabaha finance in sharia banks on the economic
growth of agricultural sector. Jurnal Ekonomi dan Keuangan Syariah, 4(2), 246-259.
CR  - Maljichi, D. N. (2017). The gate to Islamic finance. Vizione, 28, 349-356.
CR  - Manap, T. A. A., Abduh, M., & Omar, M. A. (2012). Islamic banking-growth nexus: Evidence from Toda-
Yamamoto and bootsrap granger causality test. Journal of Islamic Finance, 1(1), 59-66.
CR  - Mert, M., & Çağlar, A. E. (2019). Eviews ve Gauss uygulamalı zaman serileri analizi, First Edition, Ankara:
Detay.
CR  - Nahar, S., & Sarker, N. (2016). Are macroeconomic factors substantially influential for Islamic bank financing?
cross-country evidence. Journal of Business and Management, 18(6), 20-27.
CR  - PBAT-Participation Banks Association of Turkey (2021). https://tkbb.org.tr/veri/sektormukayese, (Accessed on:
13.11.2021).
CR  - Rabaa, B., & Younes, B. (2016). The impact of the Islamic banks performances on economic growth: Using panel
data. International Journal of Economics and Finance Studies, 8(1), 101-111.
CR  - Rifki, I. (2014). Assessing the gold murabahah in Islamic banking. International Journal of Commerce and
Management, 24(4), 367-382.
CR  - Salman, A., & Nawaz, H. (2018). Islamic financial system and conventional banking: A comparison. Arab
Economic and Business Journal, 13, 155-167.
CR  - Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H., & Kantar, L. (2019). Finans biliminde ekonometri
uygulamaları kavram uygulama analiz, First Edition, Ankara: Seçkin.
CR  - Sevüktekin, M., & Çınar, M. (2017). Ekonometrik zaman serileri analizi eviews uygulamalı, Fifth Edition, Bursa:
Dora.
CR  - Shahbaz, M., & Rahman, M. M. (2012). The dynamic of financial development, import, foreign direct
investment, and economic growth: Cointegration and causality analysis in Pakistan. Global Business
Review, 13(2), 201-219.
CR  - Syahputra, D., & Ningsih, S. (2020). The effect of murabaha financing and sharia bank musharaka financing
to gross domestic product. International Conference Communication and Social Sciences, 1(1), 148-158.
CR  - Tabash, M. I., & Dhankar, R. S. (2014). The flow of Islamic finance and economic growth: An empirical evidence
of Middle East. Journal of Finance and Accounting, 2(1), 11-19.
CR  - Toda, H.Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated
processes. Journal of Econometrics, 66, 225-250.
CR  - Yanpar, A. (2015). İslami finans, ilkeler, araçlar ve kurumlar, İstanbul: Scala.
CR  - Yazdan, G.F., & Hossein, S.S.M. (2012). Analysis of Islamic bank’s financing and economic growth: Case study
Iran and Indonesia. Journal of Economic Cooperation and Development, 33(4), 1-24.
CR  - Yurttadur, M., & Yıldız, İ. (2017). Faizsiz finans, First Edition, İstanbul: Beta.
CR  - Zahid, S., & Basit, AB. (2018). Impact of Macroeconomic factors on the growth of Islamic banking: A case of
Pakistan. Journal of Finance&Economics Research, 3(2), 37-50.
CR  - Warde, I. (2000). Islamic finance in the global economy, Edinburg University Press.
UR  - https://doi.org/10.14780/muiibd.1135535
L1  - https://dergipark.org.tr/tr/download/article-file/2506183
ER  -