WORKSHOP ON ISLAMIC FINANCE IN THE NATIONAL ACCOUNTS

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Presentation transcript:

WORKSHOP ON ISLAMIC FINANCE IN THE NATIONAL ACCOUNTS Calculation of output and value added of Islamic financial Services (Banks) TURKEY 31 October - 02 November 2018 SESRIC, ANKARA 30.04.2019

Outline Overview of Financial Sector Islamic banks in Turkey Data Sources Calculation of P1, P2, and GVA

Overview Financial System of Turkey Banking Institutions CBRT Conventional Banks Islamic Banks Non-Bank Financial Institutions Consumer Finance Leasing Companies Factoring Companies Capital Market Stock / Equity Bonds & Sukuk Derivatives

Regulatory Authorities Banking Regulation and Supervision Agency (BRSA) CBRT Conventional banks BRSA Non Bank Financial Institutions Islamic Banks Capital Market Board Capital Market Ministry of Treasury and Finance Insurance

Islamic Banks in Turkey Islamic Financial Institutions were first established in 1983 In 2005 with the amendment of Banking law; Islamic finance institutions were renamed as participation banks (Islamic banks) There are currently 5 Islamic banks active in Turkey. Additionally, 32 deposit banks and 13 development and investment bank operate in Turkey. The share of assets of Islamic banks inclined from 2,5% to 5,5% within the banking system during the last 10 years. Accordingly their output is also increasing.

Regulation of Islamic Banks in Turkey The Banking Law 5411 is the main regulation for Islamic Banks The Regulatory Body BRSA is a member of the The Islamic Financial Services Board (IFSB) The Participation Banks Association of Turkey (TKBB) acts as a “secondary regulatory body” according to the banking law and regulations of the responsible authority; BRSA Under the TKBB, there is an advisory board that determines and issues the islamic financial standarts. Balance sheet, income statement and all related data is collected and disseminated by BRSA (and CBRT) The Turkish Statistical Agency receives data on a montly, quarterly and annual basis from BRSA

Islamic Financial Products in Turkey Financial Instruments Certificates of rent  Murabaha Mudaraba, müşaraka Tavarruk Gold Banking Current Accounts Participation Accounts Investment Funds Commodity Murabaha Credit cards Tekaful Derivatives Source:BRSA

The Process of Data Compilation Calculation process flow of private accounting system for NA concepts DATA SOURCES (INCOME STATEMENTS, ETC) BRIDGE TABLE (TURNING THE DATA INTO ESA TRANSACTIONS NA ADJUSTMENTS (R&D, OAS, ETC) RESULTS (P1,P2, B1G, ETC 30.04.2019

The Data Sources: S.12 Survey Administrative Data - SUT 2012 Survey - Structural Business Statistics (SBS) - R&D Survey - Revenue Administration’s Register (RAR) - Banking Regulation and Supervision Agency (BRSA) - Capital Markets Board (CMB) - Saving Deposit Insurance Fund (SDIF) - Central Bank (CBRT) - Ministry of Treasury and Finance - General Directorate of Public Accounts (GDPA) - General Directorate of Foundations (GDF) 30.04.2019

INCOME STATEMENT ESA_Code ESA__Definition Personnel Expenses D.11 Compensation of employees Taxes, Duties, Charges and Funds D.29 Other taxes on production Profit Share Income from Loans D.41 Total Interest before allocation FISIM Profit Shares Paid to Participation Funds Dividend Income D.42 Distributed income of corporations Fees and Commissions from Total Loans P.11 Market output Revenues from Banking Activities Other Non Interest (Other) Income Fees and Commissions Paid P.2 Intermediate consumption Depreciation P.51c Consumtion of fixed capital 30.04.2019

FISIM is also calculated for Islamic Banks . Funds collected and Extended funds are used similar to Deposits and Loans of Conventional Banks 30.04.2019

Share of Finance and Insurance to GDP at Current Prices YEAR 2010 2011 2012 2013 2014 2015 2016 2017 Financial and insurance activities 2,9 2,7 3,1 3,0 3,3 3,2 Source: TUİK 30.04.2019

Development and Investment Banks 13 175.002 5.37 132.807 6.19 2017 BANKS THE NUMBER OF BANKS ASSETS FUNDS COLLECTED FUNDS ALLOCATED MILLION TL SHARE% SHARE % SHARE % Deposit Banks 33 2.922.680 89.71 1.613.389 93.87 1.905.940 88.83 Participation Banks 5 160.136 4.91 105.310 6.12 106.733 4.97 Development and Investment Banks 13 175.002 5.37 132.807 6.19 Total 51 3.257.819 100 1.719.149 2.145.480 Source:TKBB 30.04.2019

Thank you for your time & attention 30.04.2019