KATILIM BANKACILIĞI VE PARASAL AKTARIM MEKANİZMASI: BİR LİTERATÜR İNCELEMESİ

Öz

Küresel ve ulusal düzeyde finansal yapılar incelendiğinde, katılım bankacılığının hem dünya genelinde hem de Türkiye’de finans sektöründeki önemini günümüzde giderek artırdığı görülmektedir. Katılım bankacılığı, Türkiye finans sisteminde %8’in üzerinde bir paya ulaşmıştır. Bu bankaların reel ekonomi üzerindeki etkilerinin anlaşılması, merkez bankalarının uyguladığı para politikalarının ve parasal aktarım kanallarının etkinliğini değerlendirebilmek için kritik bir rol oynamaktadır. Bu bağlamda çalışmanın amacı, katılım bankacılığı sistemi perspektifinden parasal aktarım mekanizması kanallarının işleyişini ele alan uygulamalı akademik araştırmaları karşılaştırmalı olarak analiz ederek literatürdeki genel eğilimleri ortaya koymaktır. Çalışmada parasal aktarım mekanizmasının tamamını ve alt adımlarını inceleyen, çeşitli ekonometrik yöntemlerin kullanıldığı araştırmalar incelenmiştir. Literatür taraması sonucunda, faizsizlik prensibiyle çalışan katılım bankalarının, teorik beklentilerin aksine, geleneksel faiz oranlarındaki değişimlerden ve para politikası şoklarından en az geleneksel bankalar kadar, hatta kimi zaman daha güçlü etkilendiği tespit edilmiştir. Katılım bankalarının kâr payı oranlarının geleneksel faiz oranlarıyla yüksek bir bağımlılık içinde hareket etmesi, bu kurumların arbitraj mekanizmaları nedeniyle faiz riski taşıdığını göstermektedir. Sonuç olarak, ikili bankacılık sistemine sahip ekonomilerde merkez bankalarının politika oluştururken katılım bankalarının yüksek duyarlılığını dikkate alması gerektiği vurgulanmakta ve sistemin faizden tam anlamıyla ayrışabilmesi için özgün likidite yönetim araçları ile kâr-zarar ortaklığına dayalı ürünlerin geliştirilmesinin önemi ifade edilmektedir.

Anahtar Kelimeler

• katılım bankacılığı
• parasal aktarım mekanizması
• literatür incelemesi.

PARTICIPATION BANKING AND MONETARY TRANSMISSION MECHANISM: A LITERATURE REVIEW

Öz

When examining financial structures at both the global and national levels, it is observed that the importance of participation banking in the financial sector is steadily increasing, both worldwide and in Türkiye. Participation banking has reached a share of over 8% in Türkiye’s financial system. Understanding the effects of these banks on the real economy plays a critical role in evaluating the effectiveness of monetary policies implemented by central banks and the monetary transmission channels. In this context, this study comparatively analyzes applied academic research examining monetary transmission mechanism channels from the participation banking perspective. By reviewing studies utilizing various econometric models, the research reveals that, contrary to theoretical expectations of interest-free principles, participation banks are significantly affected by conventional interest rate changes and monetary policy shocks. The high correlation between participation banks' profit share rates and conventional interest rates indicates these institutions carry interest rate risks due to arbitrage mechanisms. Consequently, the study emphasizes that central banks in dual banking systems must consider the high sensitivity of participation banks when formulating policy. Furthermore, it highlights the necessity of developing unique liquidity management tools and profit-loss sharing products for the system to truly differentiate itself from conventional operations and effectively contribute to the real economy.

Anahtar Kelimeler

• participation banking
• monetary transmission mechanism
• literature review.

Kaynakça

1. AFFANDI, A. & TAMANNI, L. (2010). Monetary policy shocks and Islamic banks deposits in Indonesian dual banking system after the financial crisis. Jurnal Keuangan dan Perbankan, 14(3), 491-500.
2. AKHATOVA, M., ZAINAL, M. P. & IBRAHIM, M. H. (2016). Banking models and monetary transmission mechanisms in Malaysia: are Islamic banks different. Economic Papers: A Journal of Applied Economics and Policy, 35(2), 169-183.
3. AKIN, S., DURAMAZ, S. & KARAA, İ. E. (2022). Katılım bankacılığı parasal aktarım mekanizmasında alternatif bir role sahip midir? Doğrusal olmayan bir yaklaşım. Academic Review of Humanities and Social Sciences, 5(2), 275-297.
4. AKTEPE, İ. E. (2013). Sorularla katılım bankacılığı. İstanbul: Türkiye Katılım Bankaları Birliği. https://www.tkbb.org.tr/upload/sorularla_katilim_bankaciligi_baski.pdf, Erişim Tarihi: 01.05.2026.
5. AMAR, A. B., HACHICHA, N. & SAADALLAH, R. (2015). The effectiveness of monetary policy transmission channels in the presence of Islamic banks: the case of Saudi Arabia. International Journal of Business, 20(3), 237-260.
6. ASBEIG, H. I. & KASSIM, S. H. (2015). Monetary transmission during low interest rate environment in a dual banking system: evidence from Malaysia. Macroeconomics and Finance in Emerging Market Economies, 8(3), 275-285.
7. ASCARYA, A. (2012). Transmission channel and effectiveness of dual monetary policy in Indonesia. Buletin Ekonomi Moneter dan Perbankan, 14(3), 269-298.
8. AUDAH, M. T. & KASRI, R. A. (2020). Does Islamic Banking Matter in Transmitting Monetary Policy? Empirical Evidence from Indonesia and Malaysia. Pertanika Journal of Social Sciences & Humanities, 28(1).

9. AYSAN, A. F., DİŞLİ, M. & ÖZTÜRK, H. (2015). Bank lending channel in Turkey: evidence from Islamic and conventional banks. Ankara: Türkiye Cumhuriyeti Merkez Bankası.
10. AYSAN, A. F., DİŞLİ, M. & ÖZTÜRK, H. (2018). Bank lending channel in a dual banking system: why are Islamic banks so responsive?. The World Economy, 41(3), 674-698.
11. BAKKAL, H. (2017). Banka kredi kanalının katılım bankacılığında geçerliliği: Türkiye örneği. Internatıonal Congress of Islamic Economy, Finance and Ethics Proceedıngs Book, İstanbul, Türkiye, 28-29 Ekim, 31-43.
12. BASU, R., PRASAD, A. & RODRIGUEZ, S. (2015). Monetary Operations and Islamic Banking in the GCC: Challenges and Options. IMF Working Paper, WP/15/234.
13. BEN AMAR, A. (2022). On the role of Islamic banks in the monetary policy transmission in Saudi Arabia. Eurasian Economic Review, 12(1), 55-94.
14. BERNANKE, B. S. & BLINDER, A. S. (1992). The federal funds rate and the channels of monetary transmission. American Economic Review, 82(4), 901-921.
15. CAPORALE, G. M., ÇATIK, A. N., HELMİ, M. H., ALİ, F. M. & MOHAMMAD, T. (2016). The bank lending channel in a dual banking system: evidence from Malaysia. Deutsches Institut für Wirtschaftsforschung, Discussion Papers 1557.
16. CHONG, B. S. & LIU, M. H. (2009). Islamic banking: interest-free or interest-based?. Pacific-Basin Finance Journal, 17(1), 125-144.
17. DASCI, A. (2020). Türkiyede katılım bankacılığı bağlamında banka kredi kanalının işleyişi: VAR modeli analizi (Basılmamış Doktora Tezi). Atatürk Üniversitesi Sosyal Bilimler Enstitüsü.
18. DEMİRALP, S. & DEMİRALP, S. (2015). The rational Islamic actor? Evidence from Islamic banking. New Perspectives on Turkey, 52, 3-27.
19. ENGLE, R. F. & GRANGER, C. W. J. (1987). Co-integration and error correction representation. Estimation and Testing. Econometrica, 55(2), 251-276.
20. ERDOĞAN, S., YILDIRIM, D. Ç. & MERCAN, D. (2016). Türkiye’de banka kredileri kanalının etkinliği: katılım bankaları örneği. ICOMEP 2016 - International Congress of Management Economy and Policy, İstanbul, Türkiye, 26-27 Ekim.
21. ERGEÇ, E. H. & ARSLAN, B. G. (2013). Impact of interest rates on Islamic and conventional banks: the case of Turkey. Applied Economics, 45(17), 2381-2388.
22. HAMID, F. S. & YUNUS, N. M. (2019). Bank-lending channel of monetary policy transmission: Evidence from ASEAN. Global Business Review, 21(4), 892-905.
23. HAMZA, H. & SAADAOUI, Z. (2018). Monetary transmission through the debt financing channel of Islamic banks: does PSIA play a role?. Research in International Business and Finance, 45, 557-570.
24. HUSIN, M. M. (2013). Efficiency of monetary policy transmission mechanism via profit rate channel for Islamic banks in Malaysia. Journal of Contemporary Issues in Business Research, 2(2), 44-55.
25. IBRAHIM, M. H. (2017). The bank lending channel of monetary policy transmission in a dual banking System. Journal of Islamic Monetary Economics and Finance, 2(2), 193-220.
26. KABIR, A., SHAH, S. M. A. R., HASSAN, M. K. & IRFAN, M. (2025). The Effectiveness of Monetary Policy Transmission Channels: An Empirical Investigation of SAARC Countries. Journal of Economic Cooperation & Development, 46(4), 161-208.
27. KASSIM, S. H., YUSOF, R. M. & MAJID, A. M. S. (2007). Effects of monetary policy shocks on bank loans: A comparison between Islamic bank loans and conventional bank loans in Malaysia. In The 2nd Islamic Economics Conference, USIM, Kuala Lumpur, Malaysia.
28. KAZANCI, F. (2020). Merkez bankalarının i̇ki̇li̇ fi̇nansal si̇stemde kullandıkları parasal aktarım mekani̇zmasına Türki̇ye Cumhuri̇yet Merkez Bankası örneği̇ üzeri̇nden fai̇zsi̇z bi̇r yaklaşım. İslam Ekonomisi ve Finansı Dergisi, 6(2), 275-311.
29. KHATAT, M. (2016). Monetary policy in the presence of Islamic banking. IMF Working Paper, WP/16/72. LEVIN, A., LIN, C. F. & CHU, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite sample properties. Journal of Econometrics, 108(1), 1-24.
30. MACIT, F. (2012). Who responds more to monetary policy, conventional banks or participation banks?. Journal of Economics Finance and Administrative Science, 17(33), 10-14.
31. MAJID, M. S. & HASIN, Z. (2014). Islamic banks and monetary transmission mechanism in Malaysia. Journal of Economic Cooperation and Development, 35(2), 137-166.
32. MOHSIN, H. M. (2011). The impact of monetary policy on lending and deposit rates in pakistan: panel data analysis. The Lahore Journal of Economics, 16(SE), 199-213.
33. MUHAMMAD, F., RAHMAN, A. A. & SULAIMAN, A. A. (2014). The roles of domestic and foreign Islamic banks in Malaysian monetary transmission. International Journal of Islamic and Middle Eastern Finance and Management, 7(2), 161-169.
34. MUNTHE, S. A. P. & PANE, S. G. (2025). Monetary Policy Transmission in the Financial Sector in Indonesia. In Proceedings of International Conference on Islamic Community Studies, s. 249-258.
35. NAZIB, N. A. & MASIH, M. (2017). The response of monetary policy shocks on Islamic bank deposits: evidence from Malaysia based on ARDL approach. MPRA Paper No. 82094
36. NECHI, S. & SMAOUI, H. E. (2019). Interbank offered rates in Islamic countries: is the Islamic benchmark different from the conventional benchmarks?. The Quarterly Review of Economics and Finance, 74, 75-84.
37. OMER, M. (2019). Monetary policy pass-through, excess liquidity and price spillover: a comparative study of conventional and Islamic banks of Pakistan. Journal of Islamic Monetary Economics and Finance, 5(2), 287-320.
38. ORHAN, Z. H. (2020). Kırk soruda katılım bankacılığı. İstanbul: İktisat Yayınları.
39. ÖZULUCAN, A. & ÖZDEMİR, F. S. (2010). Katılım Bankacılığı. İstanbul: Türkmen Kitabevi.
40. PEDRONI, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, Special Issue (1999).
41. PEDRONI, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series with an application to the PPP hypothesis. Econometric Theory, 20, 597-625.
42. PHILLIPS, P. C. B. & LORETAIN, M. (1991). Estimating long-run equilibria. The Review of Economic Studies, 58, 407-436.
43. RAFAY, A. & FARID, S. (2019). Islamic banking system: A credit channel of monetary policy–evidence from an emerging Economy. Economic Research-Ekonomska Istraživanja, 32(1), 742-754.
44. RAMLY, A., ADEM, E. S. E. N. & NURJANAH, N. (2025). A Study on the Dual Transmission Mechanism of Monetary Policy in Indonesia. AT-TASYRI': JURNAL ILMIAH PRODI MUAMALAH, 17(1), 117-130.
45. RASHID, A., SHAH, M. A. R. & MANSOORI, A. (2019). An empirical ınvestigation of the credit channel of monetary policy: Islamic versus conventional banks of Pakistan. NUML International Journal of Business and Management, 14(2), 1-15.
46. SAEED, S. M., ABDELJAWAD, I., HASSAN, M. K. & RASHID, M. (2023). Dependency of Islamic bank rates on conventional rates in a dual banking system: A trade-off between religious and economic fundamentals. International Review of Economics & Finance, 86, 1003-1021.
47. SAID, F. F. & İSMAİL, A. G. (2007). How does the changes in monetary policy affect lending behaviour of Islamic banking in Malaysia. Jurnal Ekonomi Pembangunan, 12(3), 163-177.
48. SHAH, S. M. A. R. & RASHID, A. (2019). The credit supply channel of monetary policy transmission mechanism: an empirical ınvestigation of Islamic banks in Pakistan versus Malaysia. Journal of Islamic Monetary Economics and Finance, 5(1), 21-36.
49. SUKMANA, R. (2015). Economic sectors sensitivity to Islamic and conventional monetary instrument: case study in Indonesia. Islamic Economics: Theory, Policy and Social Justice, 2, 111-120.
50. SUKMANA, R. & 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.
51. TKBB (2020). Katılım Bankacılığı Nedir? Nasıl Çalışır?. Türkiye Katılım Bankaları Birliği. https://tkbb.org.tr/Documents/Yonetmelikler/TKBB-Katilim-Bankaciligi-Nedir-Brosur.pdf. Erişim Tarihi: 01.05.2026.
52. TKBB (2026). Faizsiz Finans Ürünleri. https://tkbbegitim.org.tr/tr/sayfa/faizsiz-finans-urunleri-99%20faizsiz%20finans%20%C3%BCr%C3%BCnleri%20tkbb. Erişim Tarihi: 01.05.2026.
53. YUSOF, R. M., WOSABI, M. A. & MAJID, M. S. A. (2008). Monetary policy shocks and Islamic banks’ deposits in a dual banking system: a comparative analysis between Malaysia and Bahrain. Journal of Economic Cooperation and Development, 30(2), 1-26.
54. ZAHEER, S., ONGENA, S. & VAN W., S. (2013). The transmission of monetary policy through conventional and Islamic banks. European Banking Center, Discussion Paper 2011-018: 2011-078.
55. ZULKHIBRI, M. & SUKMANA, R. (2017). Financing channels and monetary policy in a dual banking system: evidence from Islamic banks in Indonesia. Economic Notes: Review of Banking, Finance and Monetary Economics, 46(1), 117-143.