Borsa İstanbul’da Riskten Korunma Amaçlı Kullanılan Finansal Araçlar: Seçilmiş Katılım Bankaları Örnek Olay İncelemesi

İngilizce (OpenAlex)

Hedging is a crucial issue for both participation banks and conventional banks. This study analyzes Kuveyt Türk and Albaraka Türk, two prominent participation banks that play a significant role in both participation banking and capital markets. The primary objective of this study is to investigate the hedging instruments employed by these two banks and assess their effectiveness in this regard. To achieve this, the study adopts a qualitative research design through a case study approach, focusing on the use of hedging instruments in Islamic banking in Türkiye. Before delving into the case study, the research highlights several key topics, including the Islamic hedging methods currently utilized in capital markets, the importance of Borsa Istanbul’s participation activities, and the functioning of participation indices. The findings of the analysis reveal that the banks under investigation do not employ derivative instruments for hedging purposes; instead, they utilize trade-based financial derivative products. This situation, on one hand, gives the impression that participation banks are not sufficiently hedged in the conventional sense. On the other hand, it underscores the necessity for participation financial institutions to develop a more original and comprehensive hedging mechanism.