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Web Page Youtube Facebook Twitter: Fuat Sekmen Sakarya University Prof. Mehmet Asutay Durham University Prof. Monzer Kahf Qatar Jdv Prof. Mahmut Bilen Sakarya University Assoc. Soner Duman Sakarya Univerity Prof.
The discipline called Islamic economics and finance which has gained momentum for over thirty years can be seen as a move to bring ethics and social justice into the core. Islamic economics and finance as a distinct and new area of interdisciplinary study has generated substantially important new ideas geneel applications in the recent past. However, as required in every scientific field, reassessment of achievements of and discussions on likely areas of improvement in Islamic economics and Finance are needed.
I argue that serj need for an international and periodical scientific congress on Islamic Economics and Finance to be held in Turkey can be considered vital because it is a country with good potential to contribute to the area and get benefit from it.
Turkey lags behind the schedule considerably and needs to stride out to fill the gap. Volume 1 includes papers on Islamic Economics. Volume 2 and volume 3 covers general Islamic Finance 1117 Sukuk and Takaful, respectively.
Volume 4 kv on Islamic Banking. Needless to say that for some papers it was very difficult to decide which volume suited well as they were interdisciplinary research. Taking this opportunity, I would like to extend my sincere gratitude to all colleagues who sent abstracts or full papers to be presented in ICISEF Unfortunately, the organizing committee could make room for only about papers in the Congress so the scientific committee had to kdb two third of the papers submitted.
Kabir Hassan were four leading scholars in Islamic Economics and Finance delivered keynote speeches in the Congress. CEOs of the participation kdvv in Turkey discussed issues the Islamic banks face and their prospect in the opening panel. While reading throughout the proceedings xeri will find invaluable discussions around very hot topics, new ideas into important issues and novel techniques dealing with practical difficulties.
Those who are interested can also reach the presentations and the talks delivered in ICISEF via its youtube channel. The second volume includes general topics in Islamic finance.
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I hope the articles included are interesting for srri and will enrich the literature on Islamic Economics and Finance in terms of theoretical and application tebli. I would like to thank all our Editorial Board aeri reviewers for their hard work. I hope that thanks to the help from our Readers, and all people cooperating with us, ICISEF aim to be one of the most important and contributed congress about Islamic Economics and Finance in region.
Case Study of Turkey Z. M and Mutiara Hikmah, S. M, Ahmad Tohir, SH. Accordingly, assessment the performance of these banks is necessary for activity and efficiency. The aim of this study is to evaluate the financial performance of tebli banks which are operated in the Turkish banking sector during the using the Analytic Hierarchy Process AHP and Grey Relational Analysis GRA method. In this direction, AHP method has been used to determine tebpii weight of criteria financial ratios and have been determined the main criteria of profitability ratios and the sub-criteria of capital adequacy standard ratio that have the most important in terms of assessing performance of the banks.
GRA has been used to serii the banks according to their financial performance. With operations in the financial sector to the real economy to fund the participation of banks, raw materials trade and industrial enterprises, real estate, machinery and equipment for the removal of the individuals; car, home, travel, can provide funding within many areas of Islamic banking principles so as to meet the needs of consumer shopping.
The study aims to measure the effectiveness and efficiency and effectiveness of the participation banks operating in Malaysia Islamic Bank as equivalent thereto, it is intended to compare their efficiency.
A total of 22 of the bank’s activity in this area to investigate the activity level and continued to compare. Participation banks of the effectiveness of DEA in the literature data envelopment analysis ismiyley area and Charnes, Cooper and Rhodes in will be taken as a case study that measures the technical efficiency of public institutions, meeting the DEA analysis and evaluation will be made.
Work previously done efficacy studies showing activity between and considering kkdv starting from 22 ratio determines the bank’s asset quality DEA analysis of EMS process with whether to 7 inputs and one efficiency results obtained using a total of 8 variables and outcome evaluation will be compared. Tablolarda; Girdi Input 1: Growth and Innovation, London: Regulation and Challenges London: Islamic Economic Research Bureau.
Governance Indicators for — World Bankmimeo. International Monetary Fund Takan M. These latter banks are expanding during the last decade. In an intensive competitive environment, it is interesting to compare banking performances and their resiliency by considering two competing bank groups: Islamic and commercial banks. Using parametric distance function models, hyperbolic and output distance functions, two efficiency measures related to profit and revenue genep compared.
Results find evidence of technical efficiency differences, some evidence with bank size but reject the common nolj assumption.
We evaluate the business risk of each bank group by considering the impact of a sharp abrupt deterioration in their activities. Results show that Islamic banks have the lowest resiliency to shocks when compared to the two other banks categories while a shock on non lending activities has a much more impact on Islamic business banks business risk.
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Introduction An important wave of the financial institutions efficiency literature has been interested in the comparison of the efficiency of Islamic and conventional banks. Both by considering the experience of one specific country, a group of homogeneous countries or even a larger sample of countries in the world, most of the scholars were motivated by the comparison of their business model orientation, the argument being that Islamic financial institution is still growing its market share within some emerging countries and also in Middle Eastern countries.
Indeed, Islamic banks in the world hold billions of dollars in assets and constitute an attractive market. While there is no theoretical argument favoring Islamic bank against conventional banks in terms of performance, for example, Beck et al. Most of this empirical literature uses either some financial ratios or focuses on more synthetic indexes related to bank efficiency measures in order to compare the performance of the two bank groups.
As we will see later and for several reasons, there is no consensus in this empirical literature, whether one bank group outperform the other one. More recently, a handful of papers were concerned by the link between bank resiliency and their performances, and seem to find evidence that Islamic banks are much more resilient because they have higher assets quality or are better capitalized, Beck et al.
Furthermore, Cihak and Hesse using the Z-score bank measure of soundness, found some link between size and bank status, Islamic banks being more stable when operating on a small scale, but less stable when operating on larger scale.
Finally, within this empirical literature on Islamic banks and financial stability, Hassan and Dridi and Beck et al. The main objective of this empirical study is twofold. First is to conduct an empirical comparison of economic performances between Islamic banks and commercial banks for a sample of 15 countries in MENA region during the period In our comparison we consider several measures of bank performances, synthetic measures of profit efficiency and revenue efficiency which will provide a more global view of the performances of these banks, instead of using financial ratios.
It has been shown that conventional banks which are efficient in controlling revenues are less efficient in controlling costs, Berger et al. Conventional measures like productive efficiency, cost efficiency, provide only a certain view of the efficiency of the bank managers, while profit efficiency measure is more adequate because it takes into account the ability of the managers to control both costs and revenues.
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Unfortunately this measure imposes a strong assumption on the behavior of the banks, i. Also estimating cost or profit frontier, assumes a precise measure of input and output prices, this is particularly difficult to obtain for heterogeneous sample, particularly those based on Bankscope data. Within this framework, Koetter compared cost and profit efficiency sensitivity to three prices definitions. He founds that both bank efficiency levels and also German banks ranking are affected when employing alternative input prices.
Finally, estimating bank performance is usually based on the construction of a frontier which is assumed to be common to all the banks. This is an important issue for economic policy by differentiating between technical inefficiency attributed to inefficient operations with respect to a target, and technology inefficiency, more specific to the production process itself.
Furthermore, the link between bank efficiency and bank size is also investigated. The second issue addressed in this paper is to compare the resiliency of these banks to an adverse depreciation in their activities, by evaluating and comparing their business risk.
Based on a recent methodology using distance function developed by Chaffai and Dietsch for French retail banks, we build on a simulation model in order to evaluate the business risk of each bank type. Like a stress tests, several scenarios have been considered, first we evaluate bank business risk when banks are allowed to adjust their costs or not. Second, we evaluate the business risk by considering either the impact of a sharp abrupt deterioration in lending, non lending activities or both, this exercise is important to evaluate the resiliency with respect to each bank activity.
Finally, we also consider the link between business risk and bank size. We use distance function methodology which do not necessitates data on prices to measure banks performances. Distance function has been extensively used in the empirical literature evaluating performance, but very limited in banking. Most of the empirical studies evaluating bank performance use cost frontier models. Several distance functions have been used in the literature on banking performance, i input distance functions, ii output distance functions or iii directional and hyperbolic distance functions.
The first model provide an efficiency measure much more related to the cost efficiency, by measuring by how much the inputs could be deflated to reach the efficient frontier while producing the same level of outputs. The second model provides an efficiency measure related to revenue, and measure the expansion of the activities while using the same bank resources. Finally, directional and hyperbolic distance functions, much more recent compared to the previous models, evaluate bank performances while allowing simultaneously both output expansion and input reduction, which offer a more complete measure of performance related to profit.
Directional distance function has been recently used to evaluate bank dynamic performances by Park and Weberwhile Cuesta and Zofio employ hyperbolic distance function to evaluate the efficiency of Spanish saving banks, Chaffai and Dietsch used directional distance function to evaluate business risk of French retail banks.
However, radial distance functions i and ii are much more employed to evaluate banks efficiency. Recent studies geneel this methodology to evaluate the performance of Islamic and conventional banks include Abudl-Majid et al.
To our knowledge, using an efficiency measure related to both cost and revenues iii to evaluate bank efficiency is much more limited. Employing DEA model to construct the frontier envelop, they find no evidence of overall efficiency difference between Islamic banks and conventional banks. The main limit of this study is that DEA model uses proxy for price no,u in order to evaluate profit efficiency.
So, using hyperbolic distance function model to compare the profit efficiency between Islamic and conventional banks in the MENA region without using price data yenel contribute to this empirical literature.
This paper offer another aspect of the comparison of Islamic banking to conventional banks by providing a global measure of the business risk of each bank type to gross potential shocks on their lending and non-lending activities.
Our findings suggest some significant differences in the technology used by the two bank groups, but there is evidence of the superiority of conventional banks to Islamic banks in terms of profit and revenue efficiency but the difference is very small. However, very large banks seem to be more efficient than small or middle size banks.
Additionally, Islamic banks are found to be much less resilient in terms of business risk than conventional banks.
The low resiliency of these banks is found to be much more linked to non lending activities compared to conventional banks while large banks seems to be more resilient than small banks. The remainder of the paper is organized as follows: Section two presents a brief overview of the empirical literature and the motivations of this paper, Section three deals with the methodology of the efficiency measure and the evaluation of business risk.