Özet:

Takaful is derived from Arabic word al-kafala, which means surety, mutual guarantee, to be a surety interchangeably. Takaful, which is expressed in various concepts such as participation insurance or teavun insurance in the literature, is an alternative insurance system providing assistance and solidarity among participants against possible risks. In this system, a company is usually established by a participation bank for profit, creating a group of participants consisting of insurers. Participants pay insurance premiums in exchange for their contract. The insurance company, in principle, acts as a proxy on behalf of the participants and organizes insurance transactions. Takaful insurance system is implemented in four ways: mudarebe model, foundation model, power of attorney model and hybrid (mixed) model. Takaful, which is one of the participation finance products and is based on the principle of assistance, is gradually increasing its significance and awareness in both the world and Turkish financial sector. For the first time in the world, it began to be implemented in Sudan in 1979 and in Turkey in 2009, while the legal regulation made in 2017 allowed insurance companies to provide insurance services with window takaful. The total size of takaful’s assets in the world reached 51 trillion US dollars in 2019, and during the same period, Turkey rose to position of the fastest growing country in global takaful market. Currently, there are a total of 353 participation insurance companies in 47 countries, including 116 semi-takaful company windows in the world, while in Turkey participation insurance services are offered with 4 full-fledged takaful companies and 8 windows. In this context, while global takaful asset size is expected to increase to 65 trillion US dollars in 2024, investigation of takaful's role in Turkish participation banking sector and economic growth demonstrates significance of the study. In addition, it is noteworthy that theoretical studies on takaful have been carried out, but empirical studies examining the effect of takaful on participation banking and economic growth remain limited when scientific researches in the literature are examined. In the light of the above information, the study aims to put forward long-term relationship between takaful financing product and participation banking and economic growth in Turkey. For this purpose, 3 research models have been established. In the models, net profit for the period and net operating profit variables have been used from the size of takaful assets of participation banking sector and financial performance indicators. Gross Domestic Product (GDP) variable is also taken into account to represent economic growth. In addition, the total asset size of participation banking sector and inflation rate are included in the model as control variables. Data for a total of 40 quarter periods between 2010(Q1) and 2019(Q4) for variables in research models have been analyzed by ARDL bound testing, one of the econometric analysis methods. First in the empirical study, quarter-period time series are seasonally adjusted and their natural logarithms are taken. Afterwards, analysis assumptions are tested by performing stability of the series. As a result of ARDL bound testing, it is determined that takaful and indicators of participation banking sector and economic growth are co-integrated. In other words, takaful and net operating profit, period net income and GDP balance together in the long run and move in the same direction statistically. The findings obtained indicate that takaful financing product contributes to participation banking sector and economic growth. Within this framework, an important source of financing can be created in economic growth of the country with investment policies that shall make participation insurance system more widespread both by financial sector and real sector, and at the same time, more market share can be obtained for takaful. As a consequence, Turkey will be able to compete more with leading countries in global takaful market such as Saudi Arabia, Iran and Malaysia, as well as increase the awareness of type of participation insurance based on assistance in the banking and insurance sector.

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