Araştırma Makalesi
BibTex RIS Kaynak Göster

MURABAHA İLE MAKROEKONOMİK DİNAMİKLER ARASINDAKİ İLİŞKİ

Yıl 2022, Cilt: 44 Sayı: 1, 119 - 136, 24.06.2022
https://doi.org/10.14780/muiibd.1135535

Öz

Murabaha kavramı maliyet artı kar payı satış olarak ifade edilmektedir. Katılım finans ürünü olarak
bilinen murabaha, faizsiz finans sistemi içinde önemli bir yere sahiptir. Bu bağlamda çalışmada, Türkiye
örneklemi üzerinde murabaha ile makroekonomik değişkenler arasındaki ilişkisinin ortaya koyulması
amaçlanmıştır. Araştırma modelinde murabaha bağımlı değişken olarak kullanılırken, makroekonomik
gösterge kapsamında Gayri Safi Yurt İçi Hasıla (GSYİH), istihdam oranı ve enflasyon oranı bağımsız
değişkenler olarak sınanmıştır. 2010-2019 yılları arasındaki toplam 40 çeyrek dönem veriler Johansen
eşbütünleşme, VECM Granger ve Toda-Yamamoto nedensellik testinden faydalanılarak analiz edilmiştir.
Analizden elde edilen bulgulara göre murabaha ile makroekonomik değişkenler uzun dönemde istatistiksel
olarak eş bütünleşik olup birlikte aynı yönde hareket etmektedir. Toda-Yamamoto analizi sonuçlarına göre
murabaha ile GSYİH ve istihdam oranı arasında çift yönlü bir nedensellik tespit edilirken murabaha ile
enflasyon oranı arasında tek yönlü bir nedensellik ilişkisi saptanmıştır. Sonuçlar, murabaha finansmanı ile
makroekonomik dinamikler arasında uzun dönem nedensellik ilişkisinin varlığına işaret etmektedir.

Kaynakça

  • Abdul, W.A. (2015). The role of Islamic banking on economic growth in Kenya, University of Nairobi, Unpublished Master Thesis.
  • 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.
  • 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.
  • Ahmed, H. (2014). Islamic banking and shari’ah compliance: A product development perspective. Journal of Islamic Finance, 3(2), 15-29.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Askari, H., Iqbal, Z., & Mirakhor, A. (2015). Introduction to Islamic economics: Theory and application, Singapur: John Wiley&Sons.
  • Banking Law No. 5411. https://www.bddk.org.tr/Mevzuat/DokumanGetir/961, (Accessed on 11.10.2021).
  • Bhatti, M. (2015). Taxation treatment of Islamic finance products in Australia. Deakin Law Review, 20(2), 263- 298.
  • Canbaz, M. (2016). Katılım bankacılığı, First Edition, İstanbul: Beta
  • 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.
  • 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.
  • El-Galfy, A., & Khiyar, K. A. (2012). Islamic banking and economic growth: A review. The Journal of Applied Business Research, 28(5), 943-856.
  • Engle, R.F. & Granger, C.W.J. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55, 251-276.
  • Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59-74.
  • 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.
  • Hassan, A., & Mollah, S. (2018). Islamic finance ethical underpinnings, products, and institutions, Switzerland: Palgrave Macmillan.
  • 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.
  • IFSB-Islamic Financial Services Board (2021). https://www.ifsb.org/sec03.php, (Accessed on 16.10.2021).
  • Johansen, S. (1998). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12, 231-254.
  • 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.
  • Khan, H. F. (2017). Islamic banking: On its way to globalization. International Journal of Management Research & Review, 7(11), 1006-1014.
  • 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.
  • Maljichi, D. N. (2017). The gate to Islamic finance. Vizione, 28, 349-356.
  • 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.
  • Mert, M., & Çağlar, A. E. (2019). Eviews ve Gauss uygulamalı zaman serileri analizi, First Edition, Ankara: Detay.
  • 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.
  • PBAT-Participation Banks Association of Turkey (2021). https://tkbb.org.tr/veri/sektormukayese, (Accessed on: 13.11.2021).
  • 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.
  • Rifki, I. (2014). Assessing the gold murabahah in Islamic banking. International Journal of Commerce and Management, 24(4), 367-382.
  • Salman, A., & Nawaz, H. (2018). Islamic financial system and conventional banking: A comparison. Arab Economic and Business Journal, 13, 155-167.
  • Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H., & Kantar, L. (2019). Finans biliminde ekonometri uygulamaları kavram uygulama analiz, First Edition, Ankara: Seçkin.
  • Sevüktekin, M., & Çınar, M. (2017). Ekonometrik zaman serileri analizi eviews uygulamalı, Fifth Edition, Bursa: Dora.
  • 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.
  • 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.
  • 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.
  • Toda, H.Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66, 225-250.
  • Yanpar, A. (2015). İslami finans, ilkeler, araçlar ve kurumlar, İstanbul: Scala.
  • 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.
  • Yurttadur, M., & Yıldız, İ. (2017). Faizsiz finans, First Edition, İstanbul: Beta.
  • 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.
  • Warde, I. (2000). Islamic finance in the global economy, Edinburg University Press.

THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS

Yıl 2022, Cilt: 44 Sayı: 1, 119 - 136, 24.06.2022
https://doi.org/10.14780/muiibd.1135535

Öz

The concept of murabaha is expressed as cost plus profit share sales. Murabaha, known as the participation
finance product, has an important place in the interest-free financial system. In this context, it is aimed
to reveal the relationship between murabaha and macroeconomic variables on the Turkish sample in this
study. 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 scope
of macroeconomic indicator. A total of 40 quarterly data between 2010-2019 have been analyzed using
the Johansen cointegration, VECM Granger and Toda-Yamamoto causality test. According to the findings
obtained from the analysis, murabaha and macroeconomic variables are statistically identical in the long
term and move in the same direction together. According to the findings obtained from the Toda-Yamamoto
analysis, 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 between
murabaha and the inflation rate. The results indicate the existence of a long-run causality relationship
between murabaha financing and various macroeconomic dynamics.

Kaynakça

  • Abdul, W.A. (2015). The role of Islamic banking on economic growth in Kenya, University of Nairobi, Unpublished Master Thesis.
  • 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.
  • 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.
  • Ahmed, H. (2014). Islamic banking and shari’ah compliance: A product development perspective. Journal of Islamic Finance, 3(2), 15-29.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Askari, H., Iqbal, Z., & Mirakhor, A. (2015). Introduction to Islamic economics: Theory and application, Singapur: John Wiley&Sons.
  • Banking Law No. 5411. https://www.bddk.org.tr/Mevzuat/DokumanGetir/961, (Accessed on 11.10.2021).
  • Bhatti, M. (2015). Taxation treatment of Islamic finance products in Australia. Deakin Law Review, 20(2), 263- 298.
  • Canbaz, M. (2016). Katılım bankacılığı, First Edition, İstanbul: Beta
  • 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.
  • 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.
  • El-Galfy, A., & Khiyar, K. A. (2012). Islamic banking and economic growth: A review. The Journal of Applied Business Research, 28(5), 943-856.
  • Engle, R.F. & Granger, C.W.J. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55, 251-276.
  • Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59-74.
  • 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.
  • Hassan, A., & Mollah, S. (2018). Islamic finance ethical underpinnings, products, and institutions, Switzerland: Palgrave Macmillan.
  • 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.
  • IFSB-Islamic Financial Services Board (2021). https://www.ifsb.org/sec03.php, (Accessed on 16.10.2021).
  • Johansen, S. (1998). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12, 231-254.
  • 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.
  • Khan, H. F. (2017). Islamic banking: On its way to globalization. International Journal of Management Research & Review, 7(11), 1006-1014.
  • 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.
  • Maljichi, D. N. (2017). The gate to Islamic finance. Vizione, 28, 349-356.
  • 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.
  • Mert, M., & Çağlar, A. E. (2019). Eviews ve Gauss uygulamalı zaman serileri analizi, First Edition, Ankara: Detay.
  • 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.
  • PBAT-Participation Banks Association of Turkey (2021). https://tkbb.org.tr/veri/sektormukayese, (Accessed on: 13.11.2021).
  • 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.
  • Rifki, I. (2014). Assessing the gold murabahah in Islamic banking. International Journal of Commerce and Management, 24(4), 367-382.
  • Salman, A., & Nawaz, H. (2018). Islamic financial system and conventional banking: A comparison. Arab Economic and Business Journal, 13, 155-167.
  • Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H., & Kantar, L. (2019). Finans biliminde ekonometri uygulamaları kavram uygulama analiz, First Edition, Ankara: Seçkin.
  • Sevüktekin, M., & Çınar, M. (2017). Ekonometrik zaman serileri analizi eviews uygulamalı, Fifth Edition, Bursa: Dora.
  • 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.
  • 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.
  • 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.
  • Toda, H.Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66, 225-250.
  • Yanpar, A. (2015). İslami finans, ilkeler, araçlar ve kurumlar, İstanbul: Scala.
  • 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.
  • Yurttadur, M., & Yıldız, İ. (2017). Faizsiz finans, First Edition, İstanbul: Beta.
  • 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.
  • Warde, I. (2000). Islamic finance in the global economy, Edinburg University Press.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Tolga Ergün 0000-0001-9650-4542

Yayımlanma Tarihi 24 Haziran 2022
Gönderilme Tarihi 19 Aralık 2021
Yayımlandığı Sayı Yıl 2022 Cilt: 44 Sayı: 1

Kaynak Göster

APA Ergün, T. (2022). THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 44(1), 119-136. https://doi.org/10.14780/muiibd.1135535
AMA Ergün T. THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. Haziran 2022;44(1):119-136. doi:10.14780/muiibd.1135535
Chicago Ergün, Tolga. “THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi 44, sy. 1 (Haziran 2022): 119-36. https://doi.org/10.14780/muiibd.1135535.
EndNote Ergün T (01 Haziran 2022) THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 44 1 119–136.
IEEE T. Ergün, “THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, c. 44, sy. 1, ss. 119–136, 2022, doi: 10.14780/muiibd.1135535.
ISNAD Ergün, Tolga. “THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 44/1 (Haziran 2022), 119-136. https://doi.org/10.14780/muiibd.1135535.
JAMA Ergün T. THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2022;44:119–136.
MLA Ergün, Tolga. “THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, c. 44, sy. 1, 2022, ss. 119-36, doi:10.14780/muiibd.1135535.
Vancouver Ergün T. THE RELATIONSHIP BETWEEN MURABAHA AND MACROECONOMIC DYNAMICS. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2022;44(1):119-36.