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Sukuk ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir Uygulama

Year 2022, Volume: 13 Issue: 2, 343 - 364, 28.11.2022
https://doi.org/10.54558/jiss.1137116

Abstract

Amaç: Bu çalışmanın amacı Türkiye’de katılım bankaları tarafından ihraç edilen sukuklar ile ekonomik büyüme arasındaki ilişkinin incelenmesidir.

Yöntem: Bu çalışmada yöntem olarak Engle-Granger eş-bütünleşme ve Grenger nedensellik yaklaşımlarından faydalanılmıştır. Türkiye’deki tüm katılım bankalarının ihraç etmiş olduğu sukuk ve reel GSYH rakamları 2013Q4-2021Q3 dönemi için analiz edilmiştir.

Bulgular: Yapılan Engle-Granger eş-bütünleşme testinin sonucunda sukuk ihracı ile reel GSYH arasında uzun dönemli istatistiksel olarak anlamlı bir eş- bütünleşme ilişkisi bulunamamıştır. Bununla beraber Grenger nedensellik testi sonuçlarına göre reel GSYH’dan sukuk ihraçlarına doğru tek yönlü Grenger nedensellik ilişkisi bulunmuştur.

Sonuç: Bu çalışmanın sonucuna göre Türkiye’de katılım bankaları tarafından piyasaya sunulan sukuklar ile ekonomik büyüme arasında eş-bütünleşme ilişkisi yoktur. Diğer bir deyişle değişkenler arasında uzun dönemli bir denge ilişkisinin bulunmadığı sonucuna ulaşılmıştır. Ayrıca ekonomik büyümeden sukuk ihracına doğru tespit edilen tek yönlü Grenger nedensellik ilişkisi katılım bankalarının sukuk enstrümanı ile ekonomik büyümeye katkı sunamadıklarını aksine ekonomik büyümeden istifade ettiklerini göstermektedir. Çalışmanın sonuçları beklenen sonuçların tersi yöndedir.

Özgünlük: Çalışmanın özgünlüğü, değişkenler arasındaki ilişkiyi Türkiye bağlamında Engle-Grenger Eşbütünleşme ve Grenger nedensellik yaklaşımını kullanarak inceleyen ilk çalışma olmasıdır.

References

  • AAOIFI, (2015). Accounting and Auditing Organization for Islamic Financial Institutions. Faizsiz finans standartları. Ankara: TKBB yayınları.
  • Ahmad, N. W., Ripain, N., Bahari, N. F. ve Shahar, W. S. S. (2015). Growth and prospect of sukuk in Malaysian market: A review. In Proceeding of the 2nd International Conference on Management and Muamalah (No. 2ndICoMM, 255-262).
  • Al-Raeai, A.M., Zainol, Z. ve Khilmy, A. (2018). The role of macroeconomic factors on sukuk market development of Gulf Cooperation Council (GCC) countries. International Journal of Economics and Financial Issues, Econ Journals, 8(3), 333-339.
  • Avcı T. (2020). Sukuk pazarı ve ekonomik büyüme arasındaki ilişkisi: Panel nedensellik analizi. Journal of Economics Finance and Accounting, 7(1), 66-74.
  • Echchabi, A., Aziz, H.A. and Idriss, U. (2018). The impact of Sukuk financing on economic growth: The case of GCC countries. International Journal of Financial Services Management, 9 (1), 60-69.
  • Echchabi, A., Aziz, H.A. ve Idriss, U. (2016). Does sukuk financing promote economic growth? An emphasis on the major issuing countries. Turkish Journal of Islamic Economics, 3 (2), 63-73.
  • Engle, R. F. ve Granger, C. W. (1987). Co-Integration and Error Correction: Representation, Estimation and Testing. Econometrica, 55(2), 251-276.
  • Fahrian, D. ve C. Seftarita (2016). The Effects of Sukuk (Islamic Bonds) in the Economy. Proceedings of the 6th Annuual International Conference Syiah Kuala University (AIC Unsyiah) in conjunction with The 12th International Conference on Mathematics, Statistics and Its Application (ICMSA) 2016, October 4-6, 2016, Banda Aceh, Indonesia.
  • Godlewski, C., Ariss, R. T. ve Weill, L. (2011). Do markets perceive sukuk and conventional bonds as different financing instruments? Bank of Finland, BOFIT Institute for Economies in Transition, Discussion Papers.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438.
  • Güngören, M. (2011). Katılım bankalarında alternatif menkul kıymet ihracının (sekürütizasyon) yapısal farklılık gösteren finansal piyasalarda uyum modellemesi: Sukuk Örneği (Yayımlanmamış doktora tezi) Kadir Has Üniversitesi, İstanbul.
  • IIFM, (2021). International Islamic Financial Market, Sukuk Report, Erişim adresi: https://www.iifm.net/sukuk-reports
  • Kantarcı, H. B. ve Eren, T. (2018). The Emergence of Sukuk Market and Economic Effects. Global Journal of Emerging Trends in e-Business, Marketing and Consumer Psychology, 4(1), 595-601.
  • Khoutem, D. B. J. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5 (1), 47-60.
  • Ledhem, M.A. (2020). Does Sukuk financing boost economic growth? Empirical evidence from Southeast Asia, PSU Research Review, Erişim adresi https://doi.org/10.1108/PRR-09-2020-0028.
  • Malikov, A. (2017). How do sovereign sukuk impact on the economic growth of developing countries? An analysis of the infrastructure sector, Efendic, V.,
  • Hadzic, F. ve Izhar, H. (Ed.), Critical Issues and Challenges in Islamic Economics and Finance Development (içinde), Cham, Springer International Publishing, , pp. 1-37
  • Mitsaliyandito, R.Q., Arundina, T. ve Kasri, R.A. (2017). Impact of Sukuk market development on Indonesian economic growth. International Journal of Applied Business and Economic Research, Serials Publications, 15 (24). 537-549.
  • Nayan, S. ve Norsiah, K. (2014). Sukuk and economic growth: Evidence from panel data. 16th Malaysian Finance Association Conference (MFA2014), 4 - 6 June, Sasana Kijang Central Bank of Malaysia, Kuala Lumpur.
  • Onagun, A. I. (2016). The impact of Sukuk investment in developing UAE economy. Journal of Islamic Banking & Finance 33 (4), 38-54
  • Orhan, Z. H., ve Tirman, N. (2021). Türkiye’deki kira sertifikası (sukuk) ihraçlarının büyüme üzerindeki etkisine dair ampirik bir analiz: 2010-2019. Sosyoekonomi, 29(48), 229-247.
  • Sari, N., Ak, S. ve Widiyanti, M. (2018). The impact of Islamic capital market development on economic growth: The case of Indonesia. Journal of Smart Economic Growth, 3 (2), 21-30.
  • Smaoui, H. ve Nechi, S. (2017). Does sukuk market development spur economic growth? Research in International Business and Finance, 41 (1), 136-147.
  • Tariq, A. A. ve Dar, H. (2007). Risks of sukuk structures: Implications for resource mobilization. Thunderbird International Business Review, 49(2), 203-223.
  • TKKB, (2022). Türkiye Katılım Bankaları Birliği, Sukuk Raporu, Erişim adresi: https://tkbb.org.tr/veri/sukukihraclari
  • Yıldırım, S., Yıldırım, D.C. ve Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4 (3), 209-218.

The Relationship between Sukuk and Economic Growth: A case study in Turkey

Year 2022, Volume: 13 Issue: 2, 343 - 364, 28.11.2022
https://doi.org/10.54558/jiss.1137116

Abstract

Purpose: The aim of this paper is to investigate the relationship between sukuk issued by participation banks and economic growth in Turkey.

Method: In this paper, Engle-Granger co-integration and Grenger causality approaches were used as methods. The sukuk issued by all participation banks operating in Turkey and real GDP figures have been analyzed for the period of 2013Q4-2021Q3.

Findings: As a result of the Engle-Granger co-integration test, long-term statistically significant co-integration relationship was not found between the issuance of sukuk and real GDP. However, according to the Grenger causality test results, a one-way Grenger causality relationship from real GDP to sukuk issuances was found.

Implications: According to the results of this paper, there is no co-integration relationship between the sukuk issued by participation banks and economic growth in Turkey. In other words, it was concluded that there is no long-term equilibrium relationship between the variables. In addition, the one-way Grenger causality relationship determined from economic growth to sukuk issuance shows that participation banks cannot contribute to economic growth with the sukuk instrument, on the contrary, they benefit from economic growth. The results of the study are in the opposite direction of the expected results.

Originality: The originality of this study is that it is the first study to examine the relationship between variables in the context of Turkey using the Engle-Grenger co-integration and Grenger causality approach.

References

  • AAOIFI, (2015). Accounting and Auditing Organization for Islamic Financial Institutions. Faizsiz finans standartları. Ankara: TKBB yayınları.
  • Ahmad, N. W., Ripain, N., Bahari, N. F. ve Shahar, W. S. S. (2015). Growth and prospect of sukuk in Malaysian market: A review. In Proceeding of the 2nd International Conference on Management and Muamalah (No. 2ndICoMM, 255-262).
  • Al-Raeai, A.M., Zainol, Z. ve Khilmy, A. (2018). The role of macroeconomic factors on sukuk market development of Gulf Cooperation Council (GCC) countries. International Journal of Economics and Financial Issues, Econ Journals, 8(3), 333-339.
  • Avcı T. (2020). Sukuk pazarı ve ekonomik büyüme arasındaki ilişkisi: Panel nedensellik analizi. Journal of Economics Finance and Accounting, 7(1), 66-74.
  • Echchabi, A., Aziz, H.A. and Idriss, U. (2018). The impact of Sukuk financing on economic growth: The case of GCC countries. International Journal of Financial Services Management, 9 (1), 60-69.
  • Echchabi, A., Aziz, H.A. ve Idriss, U. (2016). Does sukuk financing promote economic growth? An emphasis on the major issuing countries. Turkish Journal of Islamic Economics, 3 (2), 63-73.
  • Engle, R. F. ve Granger, C. W. (1987). Co-Integration and Error Correction: Representation, Estimation and Testing. Econometrica, 55(2), 251-276.
  • Fahrian, D. ve C. Seftarita (2016). The Effects of Sukuk (Islamic Bonds) in the Economy. Proceedings of the 6th Annuual International Conference Syiah Kuala University (AIC Unsyiah) in conjunction with The 12th International Conference on Mathematics, Statistics and Its Application (ICMSA) 2016, October 4-6, 2016, Banda Aceh, Indonesia.
  • Godlewski, C., Ariss, R. T. ve Weill, L. (2011). Do markets perceive sukuk and conventional bonds as different financing instruments? Bank of Finland, BOFIT Institute for Economies in Transition, Discussion Papers.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438.
  • Güngören, M. (2011). Katılım bankalarında alternatif menkul kıymet ihracının (sekürütizasyon) yapısal farklılık gösteren finansal piyasalarda uyum modellemesi: Sukuk Örneği (Yayımlanmamış doktora tezi) Kadir Has Üniversitesi, İstanbul.
  • IIFM, (2021). International Islamic Financial Market, Sukuk Report, Erişim adresi: https://www.iifm.net/sukuk-reports
  • Kantarcı, H. B. ve Eren, T. (2018). The Emergence of Sukuk Market and Economic Effects. Global Journal of Emerging Trends in e-Business, Marketing and Consumer Psychology, 4(1), 595-601.
  • Khoutem, D. B. J. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5 (1), 47-60.
  • Ledhem, M.A. (2020). Does Sukuk financing boost economic growth? Empirical evidence from Southeast Asia, PSU Research Review, Erişim adresi https://doi.org/10.1108/PRR-09-2020-0028.
  • Malikov, A. (2017). How do sovereign sukuk impact on the economic growth of developing countries? An analysis of the infrastructure sector, Efendic, V.,
  • Hadzic, F. ve Izhar, H. (Ed.), Critical Issues and Challenges in Islamic Economics and Finance Development (içinde), Cham, Springer International Publishing, , pp. 1-37
  • Mitsaliyandito, R.Q., Arundina, T. ve Kasri, R.A. (2017). Impact of Sukuk market development on Indonesian economic growth. International Journal of Applied Business and Economic Research, Serials Publications, 15 (24). 537-549.
  • Nayan, S. ve Norsiah, K. (2014). Sukuk and economic growth: Evidence from panel data. 16th Malaysian Finance Association Conference (MFA2014), 4 - 6 June, Sasana Kijang Central Bank of Malaysia, Kuala Lumpur.
  • Onagun, A. I. (2016). The impact of Sukuk investment in developing UAE economy. Journal of Islamic Banking & Finance 33 (4), 38-54
  • Orhan, Z. H., ve Tirman, N. (2021). Türkiye’deki kira sertifikası (sukuk) ihraçlarının büyüme üzerindeki etkisine dair ampirik bir analiz: 2010-2019. Sosyoekonomi, 29(48), 229-247.
  • Sari, N., Ak, S. ve Widiyanti, M. (2018). The impact of Islamic capital market development on economic growth: The case of Indonesia. Journal of Smart Economic Growth, 3 (2), 21-30.
  • Smaoui, H. ve Nechi, S. (2017). Does sukuk market development spur economic growth? Research in International Business and Finance, 41 (1), 136-147.
  • Tariq, A. A. ve Dar, H. (2007). Risks of sukuk structures: Implications for resource mobilization. Thunderbird International Business Review, 49(2), 203-223.
  • TKKB, (2022). Türkiye Katılım Bankaları Birliği, Sukuk Raporu, Erişim adresi: https://tkbb.org.tr/veri/sukukihraclari
  • Yıldırım, S., Yıldırım, D.C. ve Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4 (3), 209-218.
There are 26 citations in total.

Details

Primary Language Turkish
Journal Section Research
Authors

Caner Dilber 0000-0002-2648-925X

Publication Date November 28, 2022
Submission Date June 28, 2022
Published in Issue Year 2022 Volume: 13 Issue: 2

Cite

APA Dilber, C. (2022). Sukuk ve Ekonomik Büyüme İlişkisi: Türkiye Üzerine Bir Uygulama. Çankırı Karatekin Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(2), 343-364. https://doi.org/10.54558/jiss.1137116