Özet:

This study aims to investigate to what extent the Banking Law No. 5411, which regulates the activities of participation banks, complies with the rules of Islamic law. As the activities of participation banks are quite different from those of traditional banks, it is assumed that the law to which participation banks are subject to complies with the provisions of Islamic law. Therefore, the present study discusses the articles of Banking Law No. 5411, which regulates the functioning of banks in Türkiye. It also discusses the functions of the Banking Regulation and Supervision Agency (BRSA) and the Participation Banks Association of Türkiye (PBAT). Furthermore, it briefly discusses the history of participation banking in Türkiye and the methods of fund application in participation banks operating in Türkiye. The study also provides information about the background of the six participation banks operating in Türkiye. It basically analyses seven articles, which are directly related to participation banks in the relevant law. In this study, an inductive approach was used to trace the legal articles regulating the activities of participation banks in Türkiye, and an analytical approach was used to investigate the extent to which the relevant provisions comply with those of Islamic law regulating the activities of these banks. First, the study analysed whether the law in question explicitly mentions participation banking and makes a distinction between traditional banks and participation banks. Then an assessment was made to understand the extent to which the system of participation banks complies with the Banking Law No. 5411. The present study is critical as it examines the Banking Law, which lays the foundations for the management of participation banks. This is because analysing this law and its relevant articles helps determine whether these banks function properly. The shared law, which is used not only for conventional banks but also for participation banks, should be suitable for the activities of both types of banks. Moreover, one of the basic requirements is that this law should not carry out activities that run counter to the rules of Islamic law, so that they operate in line with their purpose. As it is not possible to ensure the harmonisation between the management systems of the two banks using a shared law, there is a need to establish law that is specifically intended for participation banks. A major finding from the study is that Banking Law No. 5411 lacks necessary articles regarding the management of the participation banks based on Islamic law. Therefore, no definite conclusions can be drawn as to the extent to which participation banks in Türkiye comply with the rules of Islamic law. All traditional and participation banks in Türkiye became subject to the Banking Law No. 5411 on January 1, 2005. As its name suggests, the Banking Regulation and Supervision Agency (BRSA) regulates and supervises the activities of financial companies, while the PBAT works to protect the rights and interests of participation banks. As a result of the examination of the seven articles of the Banking Law No. 5411, which also include provisions on participation banks, it was concluded that there are not enough articles on the management of participation banks based on Islamic rules. Due to the lack of sufficient findings in these seven articles, a definite conclusion cannot be drawn, regarding the extent to which participation banks in Türkiye comply with the rules of Islamic law. To be able to manage participation banks in Türkiye strictly based on Islamic provisions, a special participation banking law should be made, and a supervision and regulation authority for participation banks should be established based on this law. Collaboration among the Supreme Board of Religious Affairs (SBRA), BRSA and PBAT is critical in terms of supporting the prospective participation banking law with fatwas and formalising it. In the process of enacting this law, it is recommended that the views of a single fiqh madhab should not be followed so as to benefit from the wealth of the sources in Islamic law.

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