Abstract:

Purpose - In the methods of funding implemented by participating banks, the share of Murabaha exceeds 90%. The most controversial of this method is that the values differences that these banks use in the use of funds are almost at the same level as the interest rate that traditional banks use and are looking in the same direction. In this context, our work is aimed at both testing this claim econometrically and making an assessment and suggestion on the claims that the Murabah method is similar to the interest credit. Method - For this purpose, the participating banks were tested with an average 1, 3, 6 and 12 month-term profit share rates, the traditional banks 1, 3, 6 and 12 month-term weighted average deposit interest rates, one-breaking integration and Fourier Granger causal analysis taking into account the structural breakdowns of the relationship between TÜFE and USD/TL currency. The data set used for analysis consists of monthly data covering the period from January 2003 to January 2018. The findings - there has been no matching relationship between the series. 1, 3, 6, 12 months period deposit interest rates have been shown to have a one-way causal relationship in the same period to the 1, 3, 6, 12 months period profit share rates and to the USD/TL exchange rate and to the TÜFE's profit share rates. Debate - It can be stated that participating banks are exposed to the interest risk, that they must take measures against this risk and that the depository in participating banks who want to avoid the interest should take the interest in consideration rather than the macroeconomic variables of the exchange rate. The study also assessed that the differences between the participating banks are moving in the same direction as the interest rates of traditional banks and are almost the same. Most of those interested in the subject argue that the "murabaha" method is not actually in accordance with the claim of faultlessness. The study pointed out that this fact can also be viewed in the opposite direction, and therefore it should be discussed whether the deposit and credit interest in traditional banks operating under strict regulations and supervision of the state is liable.