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Performances of participation banks in the Turkish financial system and performances of participation banks in Malaysia are evaluated within this study, between 2000 and 2015. Relationship between profitability of participation banks and macroeconomic characteristics and indicators peculiar to banks operating in Turkey and Malaysia are examined.

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  1. International Journal of Management (IJM)
    Volume 7, Issue 7, November–December 2016, pp.181–190, Article ID: IJM_07_07_019
    Available online at
    http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=7&IType=7
    Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    DEVELOPMENT OF PARTICIPATION BANKS AND
    EVALUATION OF PARTICIPATION BANKS IN TERMS
    OF PERFORMANCE: AN APPLICATION IN TURKEY
    AND MALAYSIA
    Eda ORUÇ ERDOĞAN
    Assistant Professor, Akdeniz University, Business Administration Department, Turkey

    Abdullahi Mohamed NUR
    Phd Student, Akdeniz University, Business Administration Department, Turkey

    ABSTRACT
    Banks fall within the financial institutions, which play an important role in financial system and
    effect national economies. Stability of economy is basically based on performances of banks. As
    traditional banks in financial system are such banks that collect bank deposits or a specified rate of
    interest from depositors with fund surplus and extend them to those requesting funds in exchange of
    specified rate of interest, the most important issue differentiating participation banking from
    traditional banking is that they provide with share instead of interest. Participation banks, which
    operate based on interest-free basis, become more effective in financial systems day by day.
    Accordingly, it is an important issue to determine the performances of participation banks.
    Performances of participation banks in the Turkish financial system and performances of
    participation banks in Malaysia are evaluated within this study, between 2000 and 2015.
    Relationship between profitability of participation banks and macroeconomic characteristics and
    indicators peculiar to banks operating in Turkey and Malaysia are examined.
    According to the results obtained, it is concluded that capital adequacy, size of bank,
    management quality and macroeconomic indicators are effective in the Turkish participation
    banks; management quality, income quality, size of bank, liquidity and macroeconomic indicators
    are effective in the Malaysian participation banks.
    Key words: Participation Banks, Financial Ratios, Multiple Regression Analysis
    Cite this Article: Eda ORUÇ ERDOĞAN and Abdullahi Mohamed NUR. Development of
    Participation Banks and Evaluation of Participation Banks In Terms of Performance: An
    Application In Turkey and Malaysia. International Journal of Management, 7(7), 2016, pp. 181–
    190.http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=7&IType=7

    http://www.iaeme.com/IJM/index.asp 181 editor@iaeme.com

  2. Eda ORUÇ ERDOĞAN and Abdullahi Mohamed NUR

    INTRODUCTION
    Interest-free banking, which was started to feel its presence at the end of 1960’s in the world, found field of
    activity in many countries by drawing attention with utilization of passive funds and its impact on
    development. Participation banks came to the fore at the beginning of 1980’s and it has approximately 25
    years of experience (Eskici, 2007).
    Participation banks, which became popular in the name of “interest-free banking”, emerged as a result of
    accumulation of substantial savings and utilization need of these savings, mostly in the Gulf countries
    where Muslim population live. We can find Participation Banks in many countries around the world,
    which can be incorporated as partnerships and autonomous establishments as a result of “interest-free
    banking” initiative led by the Islamic development Bank. This kind of institutions exists in countries,
    where Muslim communities or minorities live.
    Participation Banks play a supportive role for real sector, preventing underground economy and
    increasing employment and competition with original methods to include passive funds to financial and
    banking system by filling this gap with interest-free instruments.
    By the economic crisis in 2008 which affected the whole world economies, some researches have
    started for new systems in capital markets, financial services and products. One of the alternative systems,
    which was seen as a way out of crisis, is “Islamic Finance”.
    The goal of this study is to search how financial performance, factors belonging to the bank and
    macroeconomic factors of Participation Banks operating in Turkey and Malaysia affect their profitability.
    This study uses quantitative research methodology. For evaluating the financial performances of such
    banks, financial ratio scale will be applied.

    1. AN OVER VIEW ON PARTICIPATION BANKING
    The willing of Muslims in the world to maintain their financial activities in accordance with Islamic rules
    had been the leading motive of emergence of Islamic banking as the most important factor of Islamic
    finance concept and Islamic financial sector. In general, Participation Banks are institutions providing that
    people utilize their under-the-mattress savings or domestic and overseas savings else than money (gold,
    foreign currency etc.) for participating in profit/loss participation (Ayrıçay, Ada and Kaya, 2013).
    Islamic finance concept is a system that all financial activities and transactions are done in accordance
    with Islamic rules. Islamic finance, which is considered as an alternative to modern financial understanding
    since interest is deemed as forbidden by religion, has developed as an alternative field in global finance
    markets in consideration of recent developments. In this regard, all methods of Islamic finance are based
    on principles of transactions with no interest and Islamic business ethics (Tekbaş, 2013).
    Participation banks with the principle of Islamic banking (interest-free banking) play an effective role
    in forming a market where interest does not exist and commerce methods, which are not against Islamic
    rules, have control over (Özulucan and Deran, 2009). In other words, essential objective of Participation
    banking is to bring in foreign capital and financial values, which cannot be added to economy for several
    reasons, by getting out of them from under-the-mattress with the principles of interest-free finance.
    At the present time, participation banks aimed at providing with a variety of financial instruments,
    which are effective in all developed countries’ financial markets, and at providing with alternative
    institutions and tools to uni-dimensional traditional banking system, and at giving various banking services
    in accordance with Islamic principles. And they achieved that goal albeit partially (Özulucan and Deran,
    2009)

    http://www.iaeme.com/IJM/index.asp 182 editor@iaeme.com

  3. Development of Participation Banks and Evaluation of Participation Banks In Terms of Performance: An
    Application In Turkey and Malaysia

    2. LITERATURE REVIEW ABOUT PERFORMANCE EVALUATION OF
    PARTICIPATION BANKS
    When literature about Participation Banking is reviewed, it is seen that some of the studies evaluate the
    performances of Participation Banks, whereas some compare Participation Banks and traditional banking
    activities or performances.
    Iqbal (2001) compared the performances of 12 Islamic and traditional banks form nine countries (Saudi
    Arabia, Kuwait, Bahrain, Egypt, Jordan, United Arab Emirates, Bangladesh, Malaysia and Turkey). He
    examined these banks in terms of profitability, liquidity, risk and capital adequacy in his study, between
    1990 and 1998. At the end of his study, he concluded that almost every year, Islamic banks are more
    productive in terms of liquidity and profitability.
    Loghod (2010) compared the performances of Islamic and traditional banks, which operate in countries
    having members in Cooperation Council for the Arab States of the Gulf. He found out that there is not a
    meaningful difference between the performances of Islamic banks and traditional banks. However, it is
    concluded that credit risk of participation banks are higher than those of traditional banks.
    Kader and Asarpota (2007) evaluated the performances of Islamic and traditional banks in United Arab
    Emirates comparatively. At the end of his study, he concluded that for the years of 2006-2007 liquidity and
    profitability of Islamic banks are higher than those of traditional banks.
    Ansari and Rehman (2010) compared Islamic banks and traditional banks in Pakistan in terms of
    profitability, liquidity, credit risk, asset structure. At the end of their study, in which they benefited from
    data of 2007-2010, they concluded that Islamic banks are less effective than traditional banks. In the study
    conducted by Aras ve Öztürk (2011), fund allocation shares of participation banks in Turkey were
    evaluated. It was seen that the fund utilization rate based on profit/loss is low for the periods examined.
    Bağcı (2013) examined performances of participation banks and conventional banks based on profitability.
    According to the results, it was concluded that participation banks are more profitable than conventional
    banks.
    Jaffar and Manarvi (2011) examined the performances of Islamic and traditional banks in Pakistan,
    comparatively by using CAMEL analysis method. As a result of the study, they concluded that Islamic
    banks perform better in terms of liquidity and capital adequacy, on the other hand traditional banks
    perform better in terms of profitability.
    Parlakkaya and Çürük (2011) tried to determine whether a distinction can be drawn between
    participation banks and traditional banks operating in Turkey based on their financial characteristics. As a
    result of the research, they concluded that participation banks have a higher profitability and risk than
    those of traditional banks. Nonetheless, they concluded that asset quality indicators and liquidity values are
    in favor of traditional banks.
    Esmer and Bağcı (2016) evaluated the financial performance of participated banks. They analysed the
    2005-2014 period. And they used several financial indicators to investigated the performance of banks.
    Onour and Abdalla (2011) used the Data Envelopment Analysis technique to investigate the
    performance of Islamic banks in Sudan during the 2007-2008 period. As a result of studying on 12 Islamic
    banks with private capital and public funds, it has been revealed that bank size is an important factor for
    scale efficiency, as there is no restriction of ownership, management and scale efficiency. Safiullah (2010)
    evaluated the financial performance of the participation banks for Bangladesh in terms of profitability
    ratios, liquidity ratios, productivity ratios and economic conditions. According to the results obtained, it
    was determined that participation banks were more efficient than commercial banks in terms of
    profitability and liquidity. Moin (2008) compared Pakistan’s participation banks with commercial banks
    and in terms of profitability, liquidity, risk and efficiency and it was concluded that participation banks are
    less profitable and less efficient compared to commercial banks.

    http://www.iaeme.com/IJM/index.asp 183 editor@iaeme.com

  4. Eda ORUÇ ERDOĞAN and Abdullahi Mohamed NUR

    Samad (2004) examined the performances of Islamic and traditional commercial banks comparatively
    operating in Bahrain between 1991 and 2001. According to the results of research, he concluded that there
    is no any important difference between Islamic and traditional banks in terms of profitability and liquidity.
    Siraj and Pillai (2012) examined the performances of Islamic banks and traditional banks operating in
    the Gulf Arab States. They concluded that liquidity, deposit increase and growth rate in profitability of
    Islamic banks are faster. Besides, they concluded that leverage ratio of Islamic banks are higher than those
    of traditional banks.
    Parlakkaya and Çürük (2011) examined 24 traditional banks and 4 participation banks operating in Turkey between 2005
    and 2008. According to the research results, profitability and liquidity ratios can be used as a distinctive factor between two
    types of banks.
    Buğan (2015) aimed at identifying whether participation banks use their sources more effectively
    compared to traditional banks in his study. Accordingly, activity performances of deposit banks and
    participation banks operating in Turkey between 2006 and 2012 are measured with the data envelopment
    analysis. As a result of this analysis, it is concluded that participation bans use their sources more
    effectively compared to conventional banks.
    Usman and Khan (2012) evaluated the performances of Islamic and traditional banks in Pakistan
    comparatively. As a result of the analysis, it is concluded that Islamic banks have a higher growth rate and
    profitability than those of traditional banks. In addition, writers concluded that liquidity levels of Islamic
    banks are higher than those of traditional banks.
    Sakarya and Kaya (2013) try to determine in which fields participation banks differentiate, by
    analyzing deposit banks and participation banks operating in Turkey, in their study. As a result of the
    study, including the data between 2005 and 2012, participation banks do not differentiate from other banks
    in terms of efficiency and profitability as they focus on financial intermediation activities by working with
    higher resources.

    3. DATA AND METHOD
    Variables of banks, which are compiled to be evaluated in the analysis, were obtained from activity reports
    of Participation Banks and financial statement tables reached from Bankscope. Macroeconomic variables
    are gathered from the Global Finance website.
    12 banks are evaluated in this research. While 8 of these banks are participation banks operating in
    Malaysia, 4 of them are participation banks operating in Turkey. Banks included in the analysis are as
    mentioned in table 1. Evaluation period is concluded as 2000-2015.

    Table 11 The Banks in Analysis

    No. Participation Banks in Malaysia Participation Banks in Turkey
    1 Affin islamic bank Albaraka Türk Katılım Bankası
    2 Bank islam malaysia Bank Asya Katılım
    3 Hong Leong bank berhad Küveyt Türk Bank
    4 RHB islamic bank berhad Türkiye Finans
    5 Ambank islamic berhad
    6 CIM islamic bank
    7 Public islamic bank
    8 SCSB Berhad

    http://www.iaeme.com/IJM/index.asp 184 editor@iaeme.com

  5. Development of Participation Banks and Evaluation of Participation Banks In Terms of Performance: An
    Application In Turkey and Malaysia

    Dependent variables expressing the performances of banks are return on assets (ROA) and return on
    equity (ROE). While independent variables specific to banks are capital adequacy, management quality,
    income quality, liquidity and size of bank; independent variables related to macroeconomic indicators are
    growth rate of gross domestic product, average annual inflation rate and dummy variable, which represents
    the periods with economic difficulty. Calculations related to used variables are mentioned in Table 2.

    Table 2 The Measurement Used in the Study and Explanatory Indicators
    Dependent Variables Calculating
    Return on Assets Net Profit / Total Assets (ROA)
    Return on Equity Net Profit/ Total Equity (ROE)
    Independent Variables Calculating
    Capital Adequacy Total Equity/Total Assets (CA)
    Management Quality Credit/Deposits (MQ)
    Return Quality Total Expenses/Total Income (RQ)
    Liquidity Liquid Assets/ Total Assets (LI)
    Bank Size Natural Logarithm of Total Assets (BS)
    Macroeconomic Variables Calculating
    Gross National Product Growth of Gross Domestic Product (GDP)
    Inflation Rate Average Annual Inflation Rate (ENFO)
    Dummy Variable Crisis Periods (1), None Crisis Periods (0) (D)

    Below mentioned regression models will be used as determinants of profitability for testing in this study.

    ROA = β0 + β1 (CA) + β2 (MQ) + β3 (RQ) + β4 (Lİ) + β5 (BS) + β6 (GDP) + β7 (IR) + β8 (D) + ε (Model1)
    ROE = β0 + β1 (CA) + β2 (MQ) + β3 (RQ) + β4 (LI) + β5 (BS) + β6 (GDP) + β7 (IR) + β8 (D) + ε (Model2)

    4. FINDINGS
    Findings obtained as a result of the models, which were formed to compare the performances of the
    Malaysian participation Banks operating in Malaysia and performances of the Turkish participation Banks
    operating in Turkey, are mentioned in Table 3 and Table 4. Hereunder, when variables effecting the
    performances of participation banks operating in each of the countries are examined, it is seen that
    meaningful variables for the Turkish participation banks in model 1 are CA, BS, GDP, IR, D; for the
    Malaysian participation banks are MQ, Lİ, BS, GDP and IR.
    When relations are evaluated, CA, BS and GNP effects the profitability of the Turkish participation
    banks positively; ER and D effect the profitability of banks negatively. In the Malaysian participation
    banks, GDP effects the profitability of banks positively; MQ, Lİ, BS and IR effect profitability of banks
    negatively.

    http://www.iaeme.com/IJM/index.asp 185 editor@iaeme.com

  6. Eda ORUÇ ERDOĞAN and Abdullahi Mohamed NUR

    Table 3 Regression Analysis Results for Turkey and Malaysian

    Turkey Malaysian

    Dependent Variable: ROA Dependent Variable:ROA

    Variables Coefficient t-statistics p-value Variables Coefficient t-statistics p-value

    C 0.166078 0.310181 0.7655 C 1.102.384 1.978.159 0.0884

    CA 0.232062 2.321.760 0.0433 CA 0.031630 1.111.125 0.3032

    MQ -0.006086 -0.978772 0.3603 MQ -0.014278 – 5.738.680 0.0007*

    RQ -3.84E-07 -0.008711 0.9933 RQ 0.005121 0.249218 0.8103

    Lİ 0.117188 1.344.015 0.2209 Lİ -0.141855 -2.709.963 0.0302*

    BS 0.019351 5.028.961 0.0015* BS 0.001479 2.844.607 0.0249*

    GDP 0.026994 2.466.670 0.0430* GDP 0.066451 4.497.610 0.0028*

    IR -0.148083 -3.599.746 0.0087* IR -0.455533 -3.838.865 0.0064*

    D -4.430.522 -2.729.545 0.0294* D 2.290.313 1.237.387 0.2558

    0.880960
    R-squared 0.915969 R-squared

    0.744914
    Adjusted R-squared 0.819934 Adjusted R-squared

    1.350.133
    S.E. of regression 2.124.405 S.E. of regression

    1.276.001
    Sum squared resid 3.159.168 Sum squared resid

    -2.089.283
    Log likelihood -2.814.546 Log likelihood

    6.475.464
    F-statistic 9.537.862 F-statistic

    0.011679
    Prob(F-statistic) 0.003768 Prob(F-statistic)

    When Model 2 is examined, MQ and BS Effect the capital profitability of the Turkish participation
    banks positively; RQ effects the profitability of the Malaysian participation banks negatively, but BS
    effects profitability of the Malaysian participation banks positively. While the explanatory power of
    models created for Turkey is respectively 91% and 86%; the explanatory power of models created for
    Malaysia is respectively 88% and 78%.

    http://www.iaeme.com/IJM/index.asp 186 editor@iaeme.com

  7. Development of Participation Banks and Evaluation of Participation Banks In Terms of Performance: An
    Application In Turkey and Malaysia

    Table 4 Regression Analysis Results for Turkey and Malaysian

    Turkey Malaysian

    Dependent Variable : ROE Dependent Variable: ROE

    Variables Coefficient t-statistics p-value Variables Coefficient Variables Coefficient

    C 0.893722 0.220529 0.8318 C 3.570964 3.560586 0.0092

    CA 0.093492 0.123581 0.9051 CA -0.154452 -0.301484 0.7718

    MQ 0.218448 4.641597 0.0024 MQ 0.010079 0.225111 0.8283

    RQ -4.52E-05 -0.135541 0.8960 RQ -1.338965 -3.620573 0.0085*

    Lİ -0.401187 -0.607893 0.5625 Lİ -1.594071 -1.692135 0.1345

    BS 0.086879 2.982989 0.0204* BS 0.027536 2.943296 0.0216

    GDP 0.040091 0.484013 0.6432 GDP -0.413114 -1.553666 0.1642

    IR -0.046304 -0.148712 0.8860 IR -2.609446 -1.221911 0.2613

    D -1.049821 -0.854498 0.4211 D -1.520597 -0.456492 0.6619

    R-squared 0.868892 R-squared 0.783081

    Adjusted R-squared 0.719053 Adjusted R-squared 0.535173

    S.E. of regression 1.607967 S.E. of regression 2.429788

    Sum squared resid 1.809891 Sum squared resid 4.132710

    Log likelihood -6.053048 Log likelihood -6.713582

    F-statistic 5.798865 F-statistic 3.158756

    Prob(F-statistic) 0.015878 Prob(F-statistic) 0.007367

    When analysis results are evaluated, capital adequacy ratio effects the performance of the Turkish
    participation banks; accordingly increase in capital of banks will increase the profitability of banks.
    Relationship concluded for the Turkish participation banks reminds similar results of the study made by
    Olalekan and Adeyinka, 2013. On the other hand, for the research sample group and period, a meaningful
    relationship could not be concluded between the performances and capital adequacy ratios of the
    Malaysian participation banks.
    When performances of banks and management quality are evaluated, it is seen that there is no any
    meaningful relationship with ROA in the Turkish participation banks, but there is a meaningful
    relationship with ROE; it is also seen that there is a negative relationship with ROA in the Malaysian
    participation banks, but there is no any meaningful relationship with ROE. Obtained results show
    consistency with the findings of Haroon’s (2014) study, which is about a negative relationship between
    profitability of banks and higher credit rates.
    Correlation coefficient between expense-income-ratio (RQ) of Islamic banks in Turkey and return on
    assets (ROA) and return on equity (ROE) is negative and it does not have any statistical importance. On
    the other hand, correlation coefficient between expense-income-ratio (RQ) and return on assets is positive
    and it does have a statistical importance; while there is a negative relationship between expense-income-
    ratio (RQ) and return on equity (ROE), which has 5% statistical importance. This finding shows that
    increase in expense-income-ratio decreases return on equity (ROE) of the Malaysian Islamic banks, but it
    is seen that it does not have any impact on return on assets (ROA) in both countries’ participation banks.

    http://www.iaeme.com/IJM/index.asp 187 editor@iaeme.com

  8. Eda ORUÇ ERDOĞAN and Abdullahi Mohamed NUR

    While a meaningful relationship between liquidity and profitability of the Turkish Islamic banks could
    not be concluded; a negative relationship has been concluded between liquidity and profitability in the
    Malaysian participation banks. Findings about the Malaysian Islamic banks coincide with the findings of
    previous studies showing that there is a negative relationship between liquidity and profitability (İzhar and
    Austy, 2007 and Srairi, 2009).
    There is a positive relationship between size of banks (BS) and return on assets (ROA) and return on
    equity (ROE) of Islamic banks in Turkey, which has a statistical importance at the level of 5%. Correlation
    coefficient between size of banks (BS) and return on assets (ROE) of the Malaysian Islamic banks is
    negative and statistically meaningful. At the same time, there is a positive and meaningful statistical
    relationship between size of banks and return on assets of the Malaysian Islamic banks. In studies made by
    Akhavein et al. (1997) and Smirlock (1985), it is mentioned that there is a positive and meaningful
    relationship between size of banks and profitability.
    One of the effective variables in profitability of banks in both countries is gross domestic product.
    Analysis results show that gross domestic product has a positive impact on profitability of participation
    banks operating in both countries. As a result of increase in gross domestic product, finance actors transfer
    funds to investment fields by borrowing from banks or using credits. It is seen that profitability of banks
    increases in these periods. Inflation rate is one of the variables effecting profitability of participation banks
    of both countries negatively. It is expected that profitability of banks decreases when inflation rate
    increases. While dummy variables, which represent periods with economic difficulties, are effective in
    profitability of the Turkish participation banks, it is not effective in the profitability of the Malaysian
    participation banks.

    CONCLUSION
    Like in traditional banks, determining financial performances for participation banks, named as interest-
    free banking, are also important to continue their activities and gain competitive skills. For this purpose,
    the relationship between performances of participation banks operating in Turkey and Malaysia between
    2000 and 2015, and macroeconomic indicators and indicators peculiar to banks have been tried to be
    explained in this study. This relation is evaluated by multiple regression model.
    When the results obtained are evaluated, it is concluded that capital adequacy, size of bank,
    management quality and macroeconomic indicators are effective in the Turkish participation banks;
    management quality, income quality, size of bank, liquidity and macroeconomic indicators are effective in
    the Malaysian participation banks.
    According to the research findings, when variables effecting financial performances of participation
    banks operating in Turkey and those in Malaysia are compared, while management quality is positive for
    Turkey, it is negative for Malaysia. It is concluded that effect of size of bank is positive for both countries.
    Making financial performance analysis will be instructive for forward decision-making for every financial
    actor interested in participation banks.

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