Financial Instruments Used for Hedging Purposes in Borsa Istanbul: Case Study of Selected Participation Banks

Yıl 2024, Cilt: 2 Sayı: 2, 172 - 195, 24.12.2024

Ozat Shamshıyev , Tawfik Azrak

Öz

Hedging is a crucial issue for both participation banks and conventional banks. This study analyzes Kuveyt Türk and Albaraka Türk, two prominent participation banks that play a significant role in both participation banking and capital markets. The primary objective of this study is to investigate the hedging instruments employed by these two banks and assess their effectiveness in this regard. To achieve this, the study adopts a qualitative research design through a case study approach, focusing on the use of hedging instruments in Islamic banking in Türkiye. Before delving into the case study, the research highlights several key topics, including the Islamic hedging methods currently utilized in capital markets, the importance of Borsa Istanbul’s participation activities, and the functioning of participation indices. The findings of the analysis reveal that the banks under investigation do not employ derivative instruments for hedging purposes; instead, they utilize trade-based financial derivative products. This situation, on one hand, gives the impression that participation banks are not sufficiently hedged in the conventional sense. On the other hand, it underscores the necessity for participation financial institutions to develop a more original and comprehensive hedging mechanism.

Anahtar Kelimeler

Borsa Istanbul, Hedging, Fiqh Perspective, Kuveyt Türk, Albaraka Türk, Risk Management.

Borsa İstanbul’da Riskten Korunma Amaçlı Kullanılan Finansal Araçlar: Seçilmiş Katılım Bankaları Örnek Olay İncelemesi

Öz

Riskten korunma, konvansiyonel bankalar kadar katılım bankaları için de hayati önem arz eden bir konudur. Bu çalışma, gerek katılım bankacılığı gerekse sermaye piyasasında önemli bir yere sahip olan Kuveyt Türk ve Albaraka Türk katılım bankalarını incelemektedir. Çalışmanın temel amacı, söz konusu iki bankanın başvurdukları riskten korunma araçlarını araştırarak, bu konuda ne kadar başarılı olduklarını ortaya koymaktır. Dolayısıyla, bu çalışma, Türkiye'de İslami bankacılıkta riskten korunma araçlarının kullanımını incelemek amacıyla bir vaka çalışması yaklaşımını benimseyerek nitel bir araştırma tasarımı kullanmaktadır. Vaka incelemesinden önce, günümüzde sermaye piyasalarında kullanılan İslami riskten korunma yöntemleri, Borsa İstanbul’un katılım faaliyetleri ve önemi, katılım endekslerinin işleyişi gibi konular üzerinde durulmaktadır. Yapılan incelemeler sonucunda elde edilen bulgulara göre, araştırma konusu bankaların riskten korunma amaçlı türev araçlara başvurmadıkları, bunun yerine ticarete dayalı finansal türev ürünleri kullandıkları tespit edilmiştir. Bu durum, bir yandan katılım bankalarının konvansiyonel anlamda riskten yeterli ölçüde korunmadıkları izlenimini oluşturmakta; öte yandan, katılım finans kuruluşlarının daha özgün ve kapsamlı bir riskten korunma mekanizması geliştirmelerini zorunlu hale getirmektedir.

Anahtar Kelimeler

Borsa İstanbul, Riskten Korunma, Fıkhi Perspektif, Kuveyt Türk, Albaraka Türk, Risk Yönetimi.

Kaynakça

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