Factors Affecting Total Asset Value Growth of Islamic Banks: The Case of Turkey

Öz

The development of financial systems and the banking sector is of great importance in terms of economic growth and development. The Islamic banking sector, which is included in the financial systems, also serves the same purpose with the solutions it offers. Especially in Islamic countries, due to the interest sensitivity of individuals and institutions, the strengthening and development of the Islamic banking system will pave the way for the development of the banking and financial systems as a whole and the benefits expected from it. The main purpose of this study is to contribute to the development of the Islamic banking (participation banking) sector. For this, it is aimed to contribute to the literature on the one hand, and to serve the development of the sector on the other hand, by revealing the important factors that affect the total asset growth of the Islamic banking (participation banking) sector. The study provides empirical evidence on the effect of three variables affecting the banking sector, which have not been considered together in any study we know, on the total assets of participation banks operating in Turkey.

Anahtar Kelimeler

• Islamic Banking
• Participation Banking
• Wealth
• Assets
• Asset Growth

İslami Bankaların Toplam Varlık Değeri Büyümesine Etki Eden Faktörler: Türkiye Örneği

Öz

Finansal sistemler ve bankacılık sektörünün gelişimi ekonomik büyüme ve kalkınma açısından oldukça büyük bir öneme sahiptir. Finansal sistemler içerisinde yer alan İslami bankacılık sektörü de ortaya koyduğu çözümlerle aynı amaca hizmet etmektedir. Özellikle İslam ülkelerinde bireylerin ve kurumların faiz hassasiyeti sebebiyle İslami bankacılık sisteminin güçlendirilmesi ve geliştirilmesi bir bütün olarak bankacılık ve finansal sistemlerin gelişmesine ve kendisinden beklenen faydaları oluşturmasına zemin hazırlayacaktır. Bu çalışmada temel amaç İslami bankacılık (katılım bankacılığı) sektörünün gelişmesine katkıda bulunmaktır. Bunun için İslami bankacılık (katılım bankacılığı) sektörünün toplam varlık büyümesine etki eden önemli faktörler ortaya konularak bir taraftan literatüre katkıda bulunmak diğer taraftan sektörün gelişimine hizmet etmek hedeflenmiştir. Çalışma bankacılık sektörünü etkileyen ve daha önce bildiğimiz hiçbir çalışmada birlikte ele alınmayan üç değişkenin Türkiye'de faaliyet gösteren katılım bankalarının toplam varlıklarına etkisine dair ampirik kanıtlar sunmaktadır.

Anahtar Kelimeler

• İslami Bankacılık
• Katılım Bankacılığı
• Varlıklar
• Aktifler
• Varlık Büyümesi

Kaynakça

1. Adrian, Tobias, & Shin, Hyun Song; (2011). "Financial intermediaries and monetary economics". İçinde B. M. Friedman & M. Woodford (Ed.), Handbook of monetary economics (C. 3, ss. 601-650). Elsevier.
2. Ahmed, Syed M, & Ansari, Mohammed I,; (1998). "Financial sector development and economic growth: The South-Asian experience". Journal of Asian Economics, 9(3), 503-517.
3. Al-Harbi, Ahmad; (2019). "The determinants of conventional banks profitability in developing and underdeveloped OIC countries". Journal of Economics, Finance and Administrative Science, 24(47), 4-28.
4. Alharbi, Ahmad T,; (2017). "Determinants of Islamic banks’ profitability: international evidence". International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 331-350.
5. Altavilla, Carlo, Boucinha, Miguel, & Peydró, José-Luis; (2018). "Monetary policy and bank profitability in a low interest rate environment". Economic Policy, 33(96), 531-586.
6. Arellano, Manuel, & Bond, Stephen; (1991). "Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations". The review of economic studies, 58(2), 277-297.
7. Athanasoglou, Panayiotis P, Brissimis, Sophocles N, & Delis, Matthaios D,; (2008). "Bank-specific, industry-specific and macroeconomic determinants of bank profitability". Journal of international financial Markets, Institutions and Money, 18(2), 121-136.
8. Ayodele, Jegede Charles; (2014). "Effects of monetary policy on the commercial banks lending in Nigeria". Review of Public Administration and Management, 400(3614), 1-13.

9. Bajpai, Naval; (2011). "Business Research Methods". https://books.google.com.tr/books?id=wY2bSaEm8l8C
10. BDDK; (2022). "Aylık Bankacılık Sektörü Verileri". Geliş tarihi 08 Ocak 2022, Gönderen BDDK Aylık Bülten website: https://www.bddk.org.tr/BultenAylik
11. Bekele, Dagim Taddese, & Degu, Adisu Abebaw; (2021). "The effect of financial sector development on economic growth of selected sub‐Saharan Africa countries". International Journal of Finance & Economics.
12. Bhide, Amar; (1993). "The hidden costs of stock market liquidity". Journal of financial economics, 34(1), 31-51.
13. Blejer, Mario I,; (2006). "Economic growth and the stability and efficiency of the financial sector". Journal of Banking & Finance, 30(12), 3429-3432.
14. Blinder, Alan S,; (1998). "Central Banking in Theory and Practice" (1. bs). London, England: MIT Press.
15. Boyd, John H, & Prescott, Edward C,; (1986). "Financial intermediary-coalitions". Journal of Economic theory, 38(2), 211-232.
16. Cao, Qingqing; (2015). "Inflation and revaluation of bank balance sheets". Department of Economics: Michigan State University.
17. Chowdhury, Mohammad Ashraful Ferdous, & Rasid, Mohamed Eskandar Shah Mohd; (2015). "The determinants of the profitability of Islamic banks: a cross-sectional study from Asia and Africa". International Journal of Business and Globalisation, 15(3), 375-388.
18. Demirgüç-Kunt, Ash, & Huizinga, Harry; (1999). "Determinants of commercial bank interest margins and profitability: some international evidence". The World Bank Economic Review, 13(2), 379-408.
19. Dodi, Dodi, Supiyadi, Dedi, Arief, Meta, & Nugraha, Nugraha; (2018). "Islamic Bank Profitability: A study of islamic bank in Indonesia". The International Journal of Business Review (The Jobs Review), 1(1), 51-62.
20. Draper, Norman R, & Smith, Harry; (1998). "Applied regression analysis" (C. 326). John Wiley & Sons.
21. Durbin, James, & Watson, Geoffrey S,; (1950). "Testing for serial correlation in least squares regression: I". Biometrika, 37(3/4), 409-428.
22. Durbin, James, & Watson, Geoffrey S,; (1971). "Testing for serial correlation in least squares regression. III". Biometrika, 58(1), 1-19.
23. Eggertsson, Gauti, & Woodford, Michael; (2003). "The Zero Bound on Interest Rates and Optimal Monetary Policy". Brookings Papers on Economic Activity, 139-233. Citeseer.
24. Gambacorta, Leonardo, Altunbas, Yener, & Marqués-Ibáñez, David; (2010). "Does monetary policy affect bank risk-taking?" [Working Paper Series 1166]. European Central Bank.
25. Goldsmith, Raymond William; (1969). "Financial Structure and Development". Yale University Press.
26. Gujarati, Damodar N,; (2003). "Basic Econometrics. Forth Edition". Singapura: McGraw-Hill.
27. Hong, Siew Chun, & Abdul Razak, Shaikh Hamzah; (2015). "The impact of nominal GDP and inflation on the financial performance of Islamic banks in Malaysia". Journal of Islamic Economics, Banking and Finance, 11(1), 1-24.
28. Huda, Nurul, Idris, Handi Risza, & Nasution, Mustafa Edwin; (2018). "Ekonomi Makro Islam: Pendekatan Teoretis" (6. bs). Jakarta, Indonesia: Kencana.
29. Imane, Yousfi; (2020). "Determinants of Islamic Banks’ Profitability". Roa Iktissadia Review, 10(1), 349-362.
30. Johansen, Søren; (1988). "Statistical analysis of cointegration vectors". Journal of economic dynamics and control, 12(2-3), 231-254.
31. Johansen, Søren, & Juselius, K,; (1990). "Maximum likelihood estimation and inference on cointegration—with appucations to the demand for money". Oxford Bulletin of Economics and statistics, 52(2), 169-210.
32. Johnson, R, A, Wichern, D, W, & Wichern, D, A,; (1998). "Applied Multivariate Statistical Analysis". https://books.google.com.tr/books?id=9265AAAAIAAJ
33. Johnston, John; (1972). "Econometric Methods". New York: McGraw-Hill.
34. Karabıyık, Can; (2021). "Bankacılık Sistemi Likiditesi ve Makroekonomik Değişkenler Arasındaki Etkileşim: Vektör Hata Düzeltme Yaklaşımı". Journal of Empirical Economics and Social Sciences, 3(2), 1-18.
35. Kendirli, Selçuk, & Çankaya, Muhammet; (2016). "Döviz kuru ve enflasyonun BİST banka endeksi üzerindeki etkisi". MANAS Sosyal Araştırmalar Dergisi, 5(3), 215-227.
36. Khan, Sarmad; (2022). "Islamic finance industry set for continued growth in 2022 despite challenges". https://www.thenationalnews.com/business/banking/2022/03/08/islamic-finance-industry-set-for-continued-growth-in-2022-despite-headwinds/
37. Khrawish, Husni Ali; (2011). "Determinants of commercial banks performance: Evidence from Jordan". International Research Journal of Finance and Economics, 81(1), 148-159.
38. Lever, John, & Miele, Mara; (2012). "The growth of halal meat markets in Europe: An exploration of the supply side theory of religion". Journal of Rural Studies, 28(4), 528-537.
39. Levine, Ross; (1997). "Financial development and economic growth: views and agenda". Journal of economic literature, 35(2), 688-726.
40. Levine, Ross; (1998). "The legal environment, banks, and long-run economic growth". Journal of money, credit and banking, 30(3), 596-613.
41. Miran, Bülent; (2018). "Ekonometriye Giriş". https://books.google.com.tr/books?id=jfdgEAAAQBAJ
42. Naceur, Samy Ben; (2003). "The determinants of the Tunisian banking industry profitability: Panel evidence". Universite Libre de Tunis working papers, 10, 2003.
43. Ndubuaku, Victor C, Ozioma, Ifeanyi, Chiaka, Nze, & Samuel, Onyemere; (2017). "Impact of Monetary Policy (Interest Rate) Regimes on the Performance of the Banking Sector in Nigeria". IOSR Journal of Economics and Finance (IOSR-JEF), 8(4), 16-32.
44. Newey, Whitney K, & West, Kenneth D,; (1987). "A simple, positive semi-definite, heteroskedasticity and autocorrelationconsistent covariance matrix.". Econometrica, 55(3), 703-708.
45. Odedokun, Matthew O,; (1996). "Alternative econometric approaches for analysing the role of the financial sector in economic growth: Time-series evidence from LDCs". Journal of development economics, 50(1), 119-146.
46. Pasiouras, Fotios, & Kosmidou, Kyriaki; (2007). "Factors influencing the profitability of domestic and foreign commercial banks in the European Union". Research in International Business and Finance, 21(2), 222-237.
47. Paun, Cristian Valeriu, Musetescu, Radu Cristian, Topan, Vladimir Mihai, & Danuletiu, Dan Constantin; (2019). "The impact of financial sector development and sophistication on sustainable economic growth". Sustainability, 11(6), 1713.
48. Refinitiv, IFDI; (2021). "Islamic Finance Development Report 2021". Londra: Refinitiv.
49. Reifschneider, David, Tetlow, Robert, & Williams, John; (1999). "Aggregate disturbances, monetary policy, and the macroeconomy: The FRB/US perspective". Fed. Res. Bull., 85, 1.
50. Sahminan, Sahminan; (2007). "Effects of exchange rate depreciation on commercial bank failures in Indonesia". Journal of Financial Stability, 3(2), 175-193.
51. Saif-Alyousfi, Abdulazeez YH; (2020). "Determinants of bank profitability: evidence from 47 Asian countries". Journal of Economic Studies, 49(1), 44-60.
52. Sarıtaş, Hakan, Kangallı Uyar, Sinem Guler, & Gökçe, Altan; (2016). "Banka karlılığı ile finansal oranlar ve makroekonomik değişkenler arasındaki ilişkilerin sistem dinamik panel veri modeli ile analizi: Türkiye araştırması". Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 11(1), 87-108.
53. Schumpeter, Joseph Alois; (1911). "The Theory of Economic Development (English edition 1934), vol. XLVI of Harvard Economic Studies". Cambridge, UK: Harvard University Press, Cambridge, MA.
54. Sitompul, Saleh, Ichsan, Reza Nurul, & Nasution, Lukman; (2021). "The Influence of Exchange Rate, Inflation, For the Results of the Development Assets of Islamic Banks". Journal of Economics, Finance and Management Studies, 4(3).
55. Stammer, David W,; (1972). "Financial development and economic growth in underdeveloped countries: comment". Economic Development and Cultural Change, 20(2), 318-325.
56. Supiyadi, Dedi, Arief, Meta, & Nugraha, Nugraha; (2019). "The determinants of bank profitability: Empirical evidence from Indonesian sharia banking sector". 1st International Conference on Economics, Business, Entrepreneurship, and Finance (ICEBEF 2018), 21-26. Atlantis Press.
57. Svensson, Lars EO; (2000). "The zero bound in an open economy: A foolproof way of escaping from a liquidity trap". National Bureau of Economic Research Cambridge, Mass., USA.
58. Tan, Yong, & Floros, Christos; (2012). "Bank profitability and GDP growth in China: a note". Journal of Chinese Economic and Business Studies, 10(3), 267-273.
59. Tohari, Achmad; (2010). "Analisis Pengaruh Nilai Tukar Rupiah terhadap Dollar, Inflasi, dan Jumlah Uang Beredar (M2) terhadap Dana Pihak Ketiga (DPK) serta Implikasi pada Pembiayaan Mudharabah (pada Perbankan Syariah di Indonesia)". Universitas Islam Negeri Syarif Hidayatullah, Jakarta.
60. Ünver, Özkan, & Gamgam, Hamza; (1996). "Uygulamalı İstatistik Yöntemler" (2. bs). Ankara: Siyasal Kitabevi.
61. Vangjel, Rovena, & Mamo, Jonada; (2022). "Development of the Financial Sector and Its Impact on Economic Growth in the Western Balkans". Universal Journal of Accounting and Finance, 10(2), 584-590.
62. Wallich, Henry; (1980). "Bank profits and inflation". FRB Richmond Economic Review, 66(3), 27-30.
63. Winston, W, L, Albright, S, C, & Broadie, M, N,; (1997). "Practical Management Science: Spreadsheet Modeling and Applications". https://books.google.com.tr/books?id=i3JRAAAAMAAJ
64. Wonnacott, Thomas H, & Wonnacott, Ronald J,; (1981). "Regression: A second course in statistics". Wiley New York.
65. Yakubu, Ibrahim Nandom, & Bunyaminu, Alhassan; (2022). "Bank profitability in Sub-Saharan Africa: does economic globalization matter?". Journal of Economic and Administrative Sciences, 38(3). (ahead-of-print).
66. Zarrouk, Hajer, Jedidia, Khoutem Ben, & Moualhi, Mouna; (2016). "Is Islamic bank profitability driven by same forces as conventional banks?". International Journal of Islamic and Middle Eastern Finance and Management, 9(9), 46-66.