Mudaraba: (Venture Capital)
Mudaraba is a method of fund utilization used by interest free banks very commonly. One party gives its labor, know-how and experience (entrepreneur), and the other party gives capital (interest free bank). In this method, real and legal entities present their applicable projects to the bank. The manager accepted and funded by the bank is called “mudarib”, and the person or institution funding or supporting the project is called “Rabbul-mal”. After signing a contract with the mudarib, Rabbul-mal (interest free bank) has to keep ready the amount of capital mentioned in the contract, in accordance with mudarib’s demand. Other than conditions mentioned in the contract, bank has no authority to interfere in transactions realized by the project owner. However in case of emergence of danger of loss because of unplanned and irregular work, the bank can make some initiatives in order to prevent loss. Normally, it can control accounts every time, and demand all formal and informal bookings. Profit obtained at the end of mudaraba operation is shared among Rabbul-Mal guaranteeing funding and mudarib using fund according to the proportion determined before. In case of any loss, this loss is met by Rabbul-mal (Küçükkocaoğlu, 2010, p. 8).
Muşareke: (Joint Capital Partnership or Capital Invesment)
Muşareke is called “şirketu’l-İnan” in the Islamic Law. While One party, i.e. bank, gives capital, and the other party, i.e. real or legal body demanding fund, gives labor in the mudaraba contract, both of these two parties put forward both their labor and capital in muşareke contract. One or more of participants of partnership realize the work, and every partner included ones which does not take part in the work too deserves a certain right according to the rate agreed before. Even if capitals are the same, profit shares can be different, or vice versa. The finance method called muşareke is applied in following manner: Islam Bank takes the responsibility to provide a part of the capital which is demanded by its customer as its partner. And the customer provides the rest of project capital due to its own financial opportunities and the qualification of the project. The customer takes the responsibility of management, control and monitoring of the financial aid because of its expertise. Taking these responsibilities, the customer deserves to take a bigger share of the profit (Küçükkocaoğlu, 2010, p. 10).
Selem Sale: (Current Sale of Future Delivery Goods or Future Markets and Sales)
“Selem sale” means buying a good on account with another good bought or sold in cash. The bank buys a good by paying its price in cash which is going to be delivered to the bank in a future date agreed upon in the contract between the bank and the seller. A different style of selem sale, as in funding purchase of building, machinery and equipment, can be used also in purchase of consumer durables in case of that conditions are proper in terms of economy. In other words, this finance technique can be used in order to fund industry, trade and agriculture (Akın, 1986, p. 163).
According to another definition, selem is the sale activity which is made with money in cash and goods on account. In selem, type, quality, amount, price, delivery place and date of the product have to be determined in the contract. With the help of selem, goods which will be produced in a future date are sold, and the needed money is obtained. On the other hand, customer buys a good which it will need in a future date. So, both parties meet their needs without using interest (Yılmaz, 2010, p. 14). For example, a farmer which needs money is supported by the bank in terms of capital, and the bank sells the yield in the market.
Documents against Payment
This type of fund utilization method is used for funding of foreign trade. According to the contract signed between participation bank and the party using fund, the participation banks buy documents against payment in cash, and sells to one using fund on account with a higher price. This type of finance technique is mainly based on the method of murabaha (forward sale) (Akın, 1986, p. 290). However, methods and documents used in foreign trade gain importance at that point. Documents are used in foreign trade especially in operations of documented credit. They are documents which assure importer’s custom clearance of goods sent by exporter. Therefore, these documents which make possible that goods entering in customs in the country of exporter are delivered by customs authorities are undertake the ownership of goods as documents with status of valuable papers.
It means that a participation bank buys goods abroad in the name of its customer who gave him order, and sells them to its customer.
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Personnel and Branch Structure of Participation Banks
Growth of Branch Numbers
As of the end of 2012, the number of deposit banks founded in Turkey is 32. While 3 of them are based on public capital, 12 of them are based on domestic private capital, and 16 of them are based on foreign private capital, 1 of them belongs to SIDF. Additionally, there are 13 development and investment banks founded in Turkey. When we take also 4 participation banks into consideration, it is seen that the number of banks in Turkey reaches to 49.
The number of branches of deposit banks was 7.570 in 2007, and reached to 10.234 with an increase of 35, 2 % as of the end of 2012. The number of branches of participation banks was 422 in 2007, and reached to 828 with an increase of 96, 2 % as of the end of 2012. 3 public banks and 1 SIDF bank excluded, each of 28 private deposit banks has average 254 branches, and each of 4 participation banks has average 207 branches. Looking at the growth rates of the number of their branches from 2007 to 2012, it is seen that the growth rate of branches of participation banks is almost three times more than deposit banks. The table below shows the position of participation banks within themselves.
Table 1 Growth of Branch Numbers, 2007-2012
END OF YEAR
|
ALBARAKA TÜRK
|
BANK ASYA
|
KUVEYT TÜRK
|
TÜRKİYE FİNANS
|
TOTAL SUM
|
Average 2007-2012
|
108
|
174
|
144
|
179
|
605
|
2012
|
137
|
250
|
221
|
220
|
828
|
2011
|
123
|
200
|
180
|
182
|
685
|
2010
|
109
|
175
|
141
|
182
|
607
|
2009
|
101
|
158
|
121
|
180
|
560
|
2008
|
100
|
143
|
113
|
174
|
530
|
2007
|
80
|
118
|
87
|
137
|
422
|
Table 1/b Increase Rate from Previous Year at Branch Numbers, 2007-2012
END OF YEAR
|
ALBARAKA TÜRK
|
BANK ASYA
|
KUVEYT TÜRK
|
TÜRKİYE FİNANS
|
Increase Rate From Prev.Year Total Sum
|
Average 2007-2012
|
14%
|
19%
|
19%
|
11%
|
15%
|
2012
|
11%
|
25%
|
23%
|
21%
|
21%
|
2011
|
13%
|
14%
|
28%
|
0%
|
13%
|
2010
|
8%
|
11%
|
17%
|
1%
|
8%
|
2009
|
1%
|
10%
|
7%
|
3%
|
6%
|
2008
|
25%
|
21%
|
30%
|
27%
|
26%
|
2007
|
27%
|
30%
|
10%
|
12%
|
19%
|
Source: Collected from data provided by (BAT, The Bank Association of Turkey, 2011) (BAT, The Bank Association of Turkey, 2012-13) (PBAT, The Participation Banks Association of Turkey, 2012-13).
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