Türkiye’de İslami ve Geleneksel Banka Döviz Mevduatlarının Getirileri Arasındaki İlişki

Yıl 2018, Cilt: 5 Sayı: 2, 147 - 162, 15.07.2018

Etem Hakan Ergeç

https://doi.org/10.17541/optimum.406283

Öz

Dual bankacılık sistemine sahip ekonomilerde İslami ve geleneksel banka mevduatlarının getirileri arasındaki nedensellik ilişkisi, literatürde önemli bir çalışma alanı teşkil etmektedir. Mevcut çalışmaların hemen hemen tümü, bu nedensellik ilişkisini yerli para cinsi mevduatlar özelinde değerlendirmektedir. Bu çalışmada yerli para cinsi mevduatlar yerine döviz cinsi mevduatlar ele alınmıştır. Toda-Yamamoto nedensellik yönteminin kullanıldığı analizlerde, 12 ay ve daha uzun vade grubu dışındaki tüm vade gruplarında nedensellik ilişkisi tespit edilmiştir. Dolar cinsi mevduatlarda, İslami ve geleneksel banka mevduat getirileri arasında çift yönlü nedensellik ilişkisi bulunmaktadır. Avro cinsi mevduatların getirileri arasında ise mevduat faiz oranının, kar paylarının Granger nedeni olduğu, tek yönlü nedensellik ilişkisi bulunmaktadır.

Anahtar Kelimeler

Kar Payı, Faiz Oranı, Döviz Tevdiat Hesapları, İslami Bankacılık, Türk Bankacılık Sistemi

Relationship between Rate of Returns on Foreign Exchange Islamic and Conventional Deposits in Turkey

Öz

The causal relationship between the rates of
return on deposits of Islamic banks and deposits of conventional banks in an economy
with dual banking systems is a significant area of study in the literature. While
studying this causal relationship, vast majority of the existing studies consider
domestic currency deposits. In this paper instead of domestic currency
deposits, I consider foreign exchange currency deposits. By employing Toda-Yamamoto
causality analysis, a causality relationship for all the maturity groups is
found, but not for the 12-months maturity. For dollar accounts, the causality
relationship between rate of returns of Islamic and Conventional banking is
found to be two-way. For Euro accounts, this causality relationship is found to
be one way, where the interest rate of conventional banks is Granger cause of profit
share of Islamic banks.

Anahtar Kelimeler

Profit Share, Interest Rate, Foreign Exchange Deposits, Islamic Banking, Turkish Banking System

Kaynakça

• Adewuyi, A. A. and Naim, A. M. (2016). The Nexus between Rates of Return on Deposits of Islamic Banks and Interest Rates on Deposits of Conventional Banks in a Dual Banking System: A Cross Country Study. International Journal of Economics and Financial Issue, 6(S4), 111-117.
• Ata, H.A., Buğan, M. F. and Çiğdem Ş. (2016). Kar Payı Oranları ile Mevduat Faiz Oranları Arasındaki Nedensellik İlşkisi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 25(1). 17-28.
• Bacha, O.I. (2004). Dual banking systems and interest rate risk for Islamic banks. The Journal of Accounting, Commerce & Finance – Islamic Perspective, Working Paper, MPRA 12763, 8 (1), 1-42.
• Chong, B. S., and Liu, M.-H. (2009). Islamic banking: Interest-free or interest- based?. Pacific-Basin Finance Journal, 17, 125–144.
• Ergeç, E.H. and Asutay, M. (2018). Kar Payı ve Mevduat Faizi İlişkisinde Neden ve Sonuçlar “Causes and Consequences of the Relationship between Profit Share and Deposit Interest Rate. Bilimevi İktisat, 1(1), 70-90.
• Ergeç, E.H and Kaytancı, B.G. (2014). The Causality Between Returns of Interest-Based Banks and Interest Free Banks: The Case of Turkey. International Journal of Islamic and Middle Eastern Finance and Management, 7(4), 443-456.
• Erturk, M. and Yuksel, S. (2013). Casual link between Islamic and conventional banking: evidence from Turkish banking sector. Working Paper Series No. 2013-06, Research Department of Borsa Istanbul, Istanbul.
• Global Islamic Finance Report (GIFR) (2017), http://www.gifr.net/publications/gifr2017/intro.pdf (10.02.2018)
• Granger, C.W.J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424-438
• Haron, S. and Ahmad, N. (2000), “The effects of conventional interest rates and rate of profits on funds deposited with Islamic banking system in Malaysia”, International Journal of Islamic Financial Services, Vol. 1 No. 4, pp. 1-7.
• Islamıc Fınancıal Services Industry Stability Report (2017), Islamic Financial Services Board, 2017, Malaysia.
• Ito, T. (2013) Islamic rates of return and conventional interest rates in the Malaysian deposit marke. International Journal of Islamic and Middle Eastern Finance and Management, 6(4), 290-303.
• Kaleem, A. and Isa, M. Md. (2003). Causal relationship between Islamic and conventional banking instruments in Malaysia. International Journal of Islamic Financial Services, 4(4), 1-8.
• Kasri, R.A. and Kassim, S.Hj. (2009). Empirical determinants of saving in the Islamic Banks: evidence from Indonesia. Journal of King Abdulaziz University: Islamic Economics, 22(2), 181-201.
• Participation Banks (2016), Participation Banks Association of Turkey.
• Rosly, S.A. (1999). Al-bay’ Bithaman Ajil financing: impacts on Islamic banking performance. Thunderbird International Business Review, 41(4/5), 461-480.Saraç, M. and Zeren, F. (2015). The dependency of Islamic bank rates on conventional bank interest rates: further evidence from Turkey. Applied Economics, 47(7) 669-679.
• Sukmana, R. and Kassim, S.H. (2010). Roles of the Islamic banks in the monetary transmission process in Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 3(1), 7-19.
• Toda, H. Y., and Yamamoto, T. (1995). Statistical inference in vector auto regressions with possibly integrated process. Journal of Econometrics, 66, 225-250.
• Yüksel, S., Canöz, İ. and Özsarı, M. (2017). Causality Relationship between Interest Rate of Deposit Banks and Profit Share Rate of Islamic Banks in Turkey. EconWorld2017@Rome Proceedings, 25-27 January, 2017.
• Zainol, Z. and Kassim, S.H. (2010). An analysis of Islamic banks’ exposure to rate of return risk. Journal of Economic Cooperation and Development, 31(1), 59-84.