Yatırımların finansmanı açısından özel finans kurumları ve Türkiye uygulaması

Abstract

ÖZET Failin yasaklanması Özel Finans Kurumları (ÖFK)'nın iktisadi mentalitesini oluşturmaktadır. Faizin yasaklanması bir kurumun yasaklanması değil aynı zamanda alternatif bir sistemin de önerilmesidir. Çağdaş ekonomi teorisi faiz kavramına, bu kavram gölgesinde kalan bütün anlamlan da yüklemiştir. İslami görüş, faktör fiyatlandırma ve paranın zaman değerinin, veya faiz ile kazanç arasındaki farkın faize dayalı sistemlerden farklılıklannı göstermektedir. İslam tarihinde mudarabe ve muşaraka akitleri, Ortaçağ Avrupası'nda ise bu akitlerin `Commenda` ve `Societas` olarak faizsiz bankacılık fonsiyonlannı yerine getirmişlerdir. Ancak, modern anlamda İslami Bankacılık 20. yüzyılın 2. yansında ortaya çıkarılmış ve İslam Konferansı ve İslam Kalkınma Bankası'nın kurulması yaygınlaşmalarını kolaylaştırmıştır. Türkiye'de 5 Özel Finans Kurumu faaliyet göstermekte olup, faaliyetleri 16/12/1983 gün ve 83/7506 sayılı Bakanlar Kurulu Kararnamesi 'ne uygun olarak yürütülmektedir. ÖFK'lan fon toplarken `Kar ve Zarara Kanlım Akdi` yaptıklanndan mevduat sahibine başlangıçta bir getiri taahhüt etmemektedir. ÖFK fonlan `Mevduat Sigorta Fonu` kapsamına girmezler. Bu, herhangi bir kriz anında da olsa, devlet desteği olmadan ayakta kalabilecek bir bankacılık sisteminin olabileceğini göstermesi açısından kayda değer bir özelliktir. TL katılma hesaplan, 1989 yılında toplam fonlann %54'ünü oluştururken bu oran yıllar itiban ile azalarak Kasım'95'te %14'e gerilemiş, dövizli fonlann toplam fonlar içindeki payı sürekli artmış ve Kasım '95 itibanyla %79'a yükselmiştir. Son iki yıldır pazar paylan gerileyen ÖFK'lann Haziran'95 itiban toplam mevduattaki pazar payı %2.66, TL Mevduatta ise pazar payı %0.93'e olarak gerçekleşmiştir. Buradan, her yeni kurulan bir ÖFK'nın pazarı büyütmediği ancak varolan pazarı paylaştığı anlaşılmaktadır. Devletin yüksek faizli bono çıkararak borçlanması, ÖFK' 1ar Hazine Bonosu, Devlet Tahvili vb. kağıtlara faizli işlem olmasından dolayı yatınm yapamaması ÖFK'lann TL fonlarının önemli bir bölümünü bankalara çekmektedir. Enflasyonist ortamdan dolayı bir kısım mevduat sahiplerinin de tasarruflarını dövize çevirmesi ÖFK mevduat yapışım TL'den dövize kaydırmıştır. ÖFK'lar topladıklan fonlan, üretim desteği, finansal kiralama veya kar-zarar ortaklığı şeklinde yaurımlann finansmanı için kullandırmaktadır. 1994 yılında toplam mevduatın %91'ne sahip 3 ÖFK, yatınmlara 14.9 trilyon TL'lik kaynak aktarmıştır. Plasmanlann %93'ünü üretim desteği (Murabaha), %5.1 finansal kiralama (Leasing), % 1.8 'i ise Kar Zarar Ortaklığı (Mudaraba-Muşaraka) oluşturmuştur. Ülke Ekonomisine gerek parasal gerekse moral olarak önemli kalkılan olan ÖFK'lar, değişik finansal enstrümanlaryla kredi maliyetlerini düşürücü etki yapmasının yanında, faizden dolayı bankalara gitmeyen atıl fonların ekonomiye kazandınlması, yabancı sermaye transferi, klasik bankalarla olan rekabet dolayısıyla hizmet kalitesinin artınlması ve istihdam vd. birçok konuda yadsınmaz katkılar sağlamaktadır. IX

SUMMARY 1. General Explanation Changes in the interest rates as one of the important factors of the economy, influence some of the measurements of the economy like profits, consumptio, investment, economic growth and inflation. High credit interest rates affect these measurement negatively. Interest-free banking or Islamic banking as it is called internationally, or Special Finance Houses of Turkey, operate to give banking services in compliance with Islamic princples. Islam encourages trade (and production) while banning taking and giving interest. The aim of establishing Special Finance Houses is to eliminate financial transactions with interest. Interest-free economic rules of Islam, bring a new point of view to reevaluate the concept of pricing production inputs, the time value of resourcees and leasing. This study, the investment's financing of Special Finance Houses and its aplications in Turkey, focuses on alternative fund resources, a new mentality in banking, a new system in banking for the distribution of the savings' profit, and basic differencees with the classical banking system. Accepting the interest of modem banking as the earnings of the investment lead people misunderstand the system of Special Finance House. This misunderstanding stemps from the modern economic theory which identify the consepts of economics in the shadow of the interest. The Islamic point of view, clearly distinguish the difference what is profit and what is interest, and shows how you can price the production inputs taking time value of money in to account in accordance with Islamic Priciples. 2. The History Of Interest Free Banking The history of the interest-free banking goes back to the era of Hamburrabi (B.C. 2123-2081). Well known Hamburrabi laws were arranging lending affairs of public ( chapter 100 to 107) and giving on example of an interest free financing application. In the history of Islam, banking first occured in the era of Abbasies. Instead of banks serving economical needs of the society, the concept of business partnership developed. Islamic business partnership was known as `Modaraba`. Modaraba and Mosharaka agreements of Islamic world at that century, later turned out `Commenda` and ` Societas` in the Feodal Europe. XHowever, Modern Islamic banking was developed by Pakistani scholers-especially Muhammed Uzair. First conference on Islamic Banking system and principles was held in Jeddah in 1959 by an Egyption economist, Dr. Ahmet En-Neccar who was cofounder of first Islamic Saving Bank in Mitgamr in 1963 to finance textile sector. In 1975' s October, Organizations of Islamic Conferance decided to establish an investment bank operating in compliance with Islamic economic principles and Islamic Development Bank (IDB) came out. IDB played import role to wider Islamic Banking system all over the world.. 3. The Processing System of Intrest-Free Banking Islamic Banks-SFH, essentially operates with a system which can be named as `Two-Tier Modaraba` in other expression SFH, runs its activities based on a two-side modaraba act. On the one side sfh collects funds from the depositors by setting a modaraba act or `Profit and Loss Participation Act` with thwm. An investment pool is created by these funds as to combine with the investment facilities of the SFH. On the other side, by making a modaraba act or a ` Profit and Loss Participiation Act` with the entrepreneur, the funds in the investment pool is directed to investments. Modaraba is the partnership of labor and capital. The owner of labor is called as mudanb, and the owner of labor is called as mudanb, and the owner of capital is called as Rab-el Mai. The modaraba act that regulates the partnership relations of both sides, performs a banking functions in a contemporary meaning. SFH has the aspect of mudanb by making a modaraba act with the fund utilizing side he has the aspect of Rab-el Mai. The processing system of interest-free banking. XIAfter the funds are directed to investment, the expenditure and taxes are subtracted from the realized profit and then a social fund-zekat is separated at the level of 2.5%. This fund is distributed to people who needs and given as scholarships. If an amount which couldn't be distributed still remains can be directed again to investment, after this procedure, remaining profit is shared according to proportions determined before by the modaraba act. 4. Fund Generation and Financial Instruments of SFHs The Finance Houses collect deposits and funds as profit and loss participation accounts or current accounts from in or out of the country where the House is located and direct these to investments and production. Although these Finance Houses operate like Banks, there are significant differences between them. The most important difference between Banks and Finance Houses is that they do not regard money as a commercial commodity. Their system is based on profit and loss partnership. Individuals participate into these funds accepting in advance that they can have either profit or loss after the Finance House utilize these funds with the interest-free financing instruments. These instruments are based on financing through profit and loss sharing, mutual participation financing, financing resale of goods, leasing and etc. These differences require appropriate legal arrangements to enable the Finance Houses operate in the existing banking system effectively. A. Fund Generation Depositors may open two types of accounts with Finance Houses. 1. Profit And Loss Participation Accounts The participation accounts can be opened for a period of 90, 180 or 360 days or longer terms. Raised funds are invested profitably, reliably and efficiently under the management of Finance Houses, in strict conformity with the rules and regulations of interest free system. 80% of the profit arising from such activities is distributed to the account holders while 20% is reserved as the House's share. Individuals may open an account with Finance Houses through one of their correspondent banks by remittance or by mailing their cheques or money order to their Head Offices specifying the term of the account. Individuals may withdraw money from their participation accounts with the House on maturity date or before. However, in case of withdrawing money before the maturity date, the Finance House should be given 30 days notice and no profit share will be paid for the relative portion. When individuals want to withdraw money from their accounts xnabroad, their money will be sent to them by a correspondent bank of the Finance House upon receipt of their written requests by the House. 2. Current Accounts These are demand deposits which may be withdrawn in whole or in part whenever desired. They may be opened either in local money or in foreign currencies. Withdrawals are made in the form of the currency in which the account is opened. No profit share whatsoever is paid to the holders of current accounts. B. Financing Istruments 1. Financing Through Profit And Loss Sharing The Finance Houses enter into profit-loss sharing partnership with entrepreneurs for the realization of a project, production of goods and their marketing in or out of the country where the house is located. The profit acquired as a result of these transactions are shared accordingly by the pre-determined proportions. Profit-loss sharing partnership may also be practiced for the purpose of importing goods from abroad and marketing them in the country where the House is located. 2. Mutual Participation Financing Under the terms of this contract, Finance House and the client provide equity to finance a specified project. The client therefore, receives for such equity a defined percentage participation in the same distributable revenue to which the Finance House looks for the recovery of its in investment plus profit. 3. Financing Resale Of Goods By offering a reliable alternative method of financing industry and commerce, the Finance House can provide industrialists and businessmen the production support they need in their procurement of raw materials, semi-finished, finished products, machinery and equipment. Within the framework of the principles of interest-free banking, the goods required are purchased in cash from third parties and then sold on deferred terms according to a payment plan requested by the client. 4. Leasing Leasing means that capital goods (such as machinery, equipment, installations, computers, etc.) are purchased by the House and then rented to entrepreneurs with long term under a leasing agreement and in accordance with the Leasing Law. xniC. Other The Finance Houses also provide their customers with the following interest-free banking services. Foreign exchange trading and all types of foreign currency transactions. Foreign currency and local currency payment orders and transfers of all kinds in or out of the country where the House is located. Consultation in the areas of investment and management of finance. Generating interest-free funds from abroad in order to meet the financing needs of local businessmen and industrialists. Issuance of letters of guarantee. Handling import and export transactions. Special Finance House collects funds as `mudanp` and at the same time, utilize these funds by instruments based on Islamic principles as `Rab El- Mai`. 5. Special Finance House in Turkey There are two main reasons that makes Special Finance Houses appear in Turkey. First of all, it is a result of a thougth that wishes the economy to be a competetive structure. The second is, in developing countries like Turkey, it's a problem that the special saving percentage is very low. Besides this important problem, It's a reality known by everyone that the existence of money hidden at homes. Until 80's according to a statistic that is issued by PIAR in those times, the percentage of people who don't deposit their saving to classical banks because of their beliefs is 1 5%. The percentage of people who wants to use their money in Special Finance Houses is 22-24%. This is a very important resource. One of the reasons of why the Special Finance House were established is that getting these funds in to economy and providing the saving holders to get an intrest-free income. Special Finance Houses are established and operates under the Decree No:83/7506 of the Council of Ministers, dated 16/12/1983. Turkey is the only country that regulates the interest-free banking with an extra legislation. In Turkey, there are five Special Finance Houses. Three of them have foreign shareholders. Al Baraka Turkish Special Finance House, Faisal Finance Institution, Kuwait Turkish Evkaf Finance House have foreign shareholders from the Gulf and Anadolu Finance House and İhlas Finance House have 100% Turkish shareholders. Since 1989, 93-94% of the total funds of Special Finance Houses have been participation accounts. 54% of the total funds in 1989 were TL participation accounts and this percentage decreased 14% as of November/95. The share of foreign currency funds in total funds increased up to 79% as of 95's. XIVThe share of Special Finance Houses deposits in total deposits of Turkey increased and reached 3% in 1993. However, this percentage decreased in last two years to 2.66% in June 1995's. The market share in TL funds in 1993 reached the highest level of 1.52% and in June/95 decreased to 0.93%. The goverment has been borrowing with treasury bonds. Since the goverment offers high interest rates for the these bonds and, approximately 50% of the total funds in the banks are utilized to buy treasury bonds. Special Finance Houses don't invest the fund for the bonds or commercial bills because of Islamic principles. The important part of TL funds in Special Finance Houses went to the banks or the foreign currencies. Special Finance Houses invest the funds throught financing resale goods (Morabaha), leasing (Icara) or partnership of profit-loss (Modaraba or Mosharaka). First three SFH's, holding 91% of the all saving in SFH's of Turkey, increased the amount of utilized funds in comparison to 1993 by 28.4% and reached to TL trillion of 14.9. Special Finance Houses mostly used the method of financing resale of Goods ( Morabaha) in 1994 while utilizing their funds. Increasing by 93.1%, share of morabaha in the placement of SFH's funds realized as %93. Leasing' s share in the placement was 5.1% by increasing 57.3% and modaraba transactions' s share 1.8% in the total placements. There is no doubt on that SFHs made important contributions to the Turkish Economy. By bringing new financing and collected funds methods into the finance market SFHs affected credit cost to be dropped. These Houses led the money which is not invested as savings in the banks, to be included in the economic system. They provided capital transfer in foreign currency from out of Turkey, and competed with classical banks about service quality, employment, and so on. XV