{"id":1551,"date":"2025-07-27T16:30:42","date_gmt":"2025-07-27T16:30:42","guid":{"rendered":"https:\/\/yukselkeles.com\/?p=1551"},"modified":"2025-07-27T16:30:42","modified_gmt":"2025-07-27T16:30:42","slug":"katilim-bankalari-icin-politika-kari","status":"publish","type":"post","link":"https:\/\/yukselkeles.com\/?p=1551","title":{"rendered":"KATILIM BANKALARI \u0130\u00c7\u0130N &#8220;POL\u0130T\u0130KA K\u00c2RI&#8221;"},"content":{"rendered":"<p id=\"ember974\" class=\"ember-view reader-text-block__paragraph\">T.C. Merkez Bankas\u0131 &#8220;POL\u0130T\u0130KA FA\u0130Z\u0130&#8221; gibi <strong>\u201cPOL\u0130T\u0130KA K\u00c2RI\u201d<\/strong> da a\u00e7\u0131klamal\u0131 ve Kat\u0131l\u0131m Bankalar\u0131n\u0131, faiz oran\u0131 ile y\u00f6netilmekten ve y\u00f6nlendirilmekten kurtarmal\u0131d\u0131r.<\/p>\n<p id=\"ember975\" class=\"ember-view reader-text-block__paragraph\">Burada uygulanacak oran ayn\u0131 da olabilir Kat\u0131l\u0131m Bankalar\u0131&#8217;n\u0131n ihtiya\u00e7lar\u0131 ve piyasa \u015fartlar\u0131 dikkate al\u0131narak farkl\u0131la\u015fmaya da gidilebilir. Farkl\u0131la\u015fmaya gidilecek olsa bile Merkez bankas\u0131n\u0131n para politikas\u0131n\u0131 olumsuz etkileyecek ya da bankalar aras\u0131nda haks\u0131z rekabete neden olacak bir farkl\u0131la\u015fmadan ka\u00e7\u0131n\u0131labilir.<\/p>\n<p id=\"ember976\" class=\"ember-view reader-text-block__paragraph\">&#8220;POL\u0130T\u0130KA FA\u0130Z\u0130&#8221; konvansiyonel bankalar\u0131n bor\u00e7lanma piyasas\u0131nda repo\/ters repo i\u015flemlerinde kullan\u0131l\u0131rken, &#8220;POL\u0130T\u0130KA K\u00c2RI&#8221; Kat\u0131l\u0131m Finans sisteminde faaliyet g\u00f6steren Kat\u0131l\u0131m Bankalar\u0131 ve benzer kurulu\u015flar taraf\u0131ndan \u0130slami sermaye piyasas\u0131 \u00fcr\u00fcnlerinin geri alma taahh\u00fcd\u00fc ile sat\u0131m ve geri satma taahh\u00fcd\u00fc ile al\u0131m\u0131 i\u015flemlerinde kullan\u0131labilir.<\/p>\n<p id=\"ember977\" class=\"ember-view reader-text-block__paragraph\">Bilindi\u011fi gibi Merkez Bankalar\u0131 para politikas\u0131 uygulay\u0131c\u0131s\u0131, rezerv biriktiricisi, son kredi mercii, parasal aktar\u0131m mekanizmas\u0131n\u0131n bir numaral\u0131 oyuncusu ve fiyat istikrar\u0131n\u0131 koruyup g\u00f6zeten nihai kurulu\u015flard\u0131r.<\/p>\n<p id=\"ember978\" class=\"ember-view reader-text-block__paragraph\">Amac\u0131 fiyat istikrar\u0131 olan Merkez Bankas\u0131, para politikas\u0131 ara\u00e7lar\u0131 ile piyasadaki parasal dengeyi korumaktad\u0131r. Para politikas\u0131 ara\u00e7lar\u0131 olarak en etkin silah\u0131 ise faiz oran\u0131d\u0131r. Faiz oranlar\u0131 ile bankalar \u00fczerinden kredi hacmini y\u00f6netmek suretiyle i\u00e7 talebi etkileyebilmekte, talepten kaynakl\u0131 enflasyonu y\u00f6netebilmektedir.<\/p>\n<p id=\"ember979\" class=\"ember-view reader-text-block__paragraph\">Kanun gere\u011fi Merkez Bankas\u0131n\u0131n kararlar\u0131na uymak zorunda olan Kat\u0131l\u0131m Bankalar\u0131 i\u00e7in mesele burada ba\u015fl\u0131yor. Faizsiz sisteme g\u00f6re \u00e7al\u0131\u015fan Kat\u0131l\u0131m Bankalar\u0131 Merkez Bankas\u0131 ile politika faizine maruz kalmaktad\u0131r.<\/p>\n<p id=\"ember980\" class=\"ember-view reader-text-block__paragraph\">Faizli sisteminin merkezinde olan merkez bankalar\u0131 ve geleneksel bankalar\u0131n yap\u0131lar\u0131na uyumlu olarak d\u00fczenlenmi\u015f parasal sistem, Kat\u0131l\u0131m Bankalar\u0131n\u0131n esaslar\u0131na ve \u00fcr\u00fcnlerine uymamaktad\u0131r.<\/p>\n<p id=\"ember981\" class=\"ember-view reader-text-block__paragraph\">Faizli sistemin i\u00e7inde faaliyet g\u00f6steren Kat\u0131l\u0131m Bankalar\u0131 bir\u00e7ok konuda faizli sistemin kurallar\u0131na tabi \u00e7al\u0131\u015fmakta, bu nedenle istenilen sa\u011fl\u0131kl\u0131 bir faizsiz bankac\u0131l\u0131k sistemi olu\u015famamaktad\u0131r.<\/p>\n<p id=\"ember982\" class=\"ember-view reader-text-block__paragraph\">\u0130slam \u00fclkelerinde de durum \u00e7ok farkl\u0131 de\u011fil. Merkez Bankalar\u0131 klasik faizli sisteme g\u00f6re organize oldu\u011fu i\u00e7in \u0130slami bankac\u0131l\u0131k uygulamalar\u0131nda \u00e7o\u011fu \u00fclkede sorun ya\u015fanmaktad\u0131r. Bunu a\u015fman\u0131n bir yolu ikili bankac\u0131l\u0131k sistemi. Merkez Bankalar\u0131n\u0131n faaliyetlerinin hem faizli hem de faizsiz sistemi y\u00f6netecek \u015fekilde yap\u0131land\u0131r\u0131lmas\u0131. Bu mesele derin oldu\u011fu i\u00e7in sadece burada de\u011finmekle yetiniyorum.<\/p>\n<p id=\"ember983\" class=\"ember-view reader-text-block__paragraph\">Son d\u00f6nemde Ekonomi y\u00f6netimi ve TCMB, Kat\u0131l\u0131m Bankalar\u0131n\u0131n da faaliyetlerini dikkate alarak uygulamalar geli\u015ftirmekte, mevzuat d\u00fczenlemeleri yapmaktad\u0131r.<\/p>\n<p id=\"ember984\" class=\"ember-view reader-text-block__paragraph\">TCMB Ba\u015fkan\u0131 <strong>Dr. Fatih Karahan<\/strong> ge\u00e7en hafta sonu \u0130stanbul&#8217;da d\u00fczenlenen <em>2. K\u00fcresel \u0130slami Ekonomi Zirvesi\u2019<\/em>nde yapt\u0131\u011f\u0131 sunumda Merkez Bankas\u0131n\u0131n Kat\u0131l\u0131m finansa uygun olan zorunlu kar\u015f\u0131l\u0131klara telafi \u00f6demesi mekanizmas\u0131 geli\u015ftirdi\u011fini, Makro ihtiyati tedbirlerdeki uygulamalar\u0131n kat\u0131l\u0131m finans i\u00e7in farkl\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131n\u0131, TCMB kredi programlar\u0131na kat\u0131l\u0131m bankalar\u0131nca da arac\u0131l\u0131k edilmesinin sa\u011fland\u0131\u011f\u0131n\u0131 belirtmi\u015ftir. Bunlar g\u00fczel ad\u0131mlar.<\/p>\n<p id=\"ember985\" class=\"ember-view reader-text-block__paragraph\">Konumuza gelirsek, TCMB\u2019nin \u201cPOL\u0130T\u0130KA K\u00c2RI\u201d a\u00e7\u0131klamas\u0131 \u00f6nerimize \u00f6rnek olabilecek uygulama Borsa \u0130stanbul taraf\u0131ndan son d\u00f6nemde hayata ge\u00e7irildi. TLREFK.<\/p>\n<p id=\"ember986\" class=\"ember-view reader-text-block__paragraph\">Halihaz\u0131rda TLREF oran\u0131 yay\u0131nlayan Borsa \u0130stanbul, Kat\u0131l\u0131m finans sistemi i\u00e7in TLREF<strong>K<\/strong> oranlar\u0131n\u0131 yay\u0131nlamaya ba\u015flad\u0131. 2018 y\u0131l\u0131nda <em>Taahh\u00fctl\u00fc \u0130\u015flemler Pazar\u0131<\/em>n\u0131n faaliyete ge\u00e7irilmesi ile kira sertifikalar\u0131n\u0131n geri alma taahh\u00fcd\u00fc ile sat\u0131m ve geri satma taahh\u00fcd\u00fc ile al\u0131m i\u015flemlerinin yap\u0131lmas\u0131na imkan sa\u011flanm\u0131\u015ft\u0131r.<\/p>\n<p id=\"ember987\" class=\"ember-view reader-text-block__paragraph\">Bilindi\u011fi gibi TLREF T\u00fcrk Liras\u0131 Gecelik Referans Faiz Oran\u0131, TLREFK ise T\u00fcrk Liras\u0131 Gecelik Kat\u0131l\u0131m Referans Getiri Oran\u0131 olarak belirlenmektedir.<\/p>\n<p id=\"ember988\" class=\"ember-view reader-text-block__paragraph\">2 Haziran 2025 tarihli TLREF oran\u0131 %48.99 iken TLREFK oran\u0131 %48.93 olarak ilan edilmi\u015ftir. TLREFK hesaplamas\u0131nda sadece TL cinsi \u00f6demeli sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n geri alma taahh\u00fcd\u00fc ile sat\u0131m ve geri satma taahh\u00fcd\u00fc ile al\u0131m i\u015flemlerindeki getiri oranlar\u0131 kullan\u0131lmaktad\u0131r.<\/p>\n<p id=\"ember989\" class=\"ember-view reader-text-block__paragraph\">T.C. Merkez Bankas\u0131n\u0131n faiz seviyesini belirlemek i\u00e7in kulland\u0131\u011f\u0131 \u201cPOL\u0130T\u0130KA FA\u0130Z\u0130\u201d gibi Kat\u0131l\u0131m Bankalar\u0131n\u0131n k\u00e2r seviyesini belirlemek i\u00e7in \u201cPOL\u0130T\u0130KA K\u00c2RI\u201d uygulamas\u0131n\u0131 da hayata ge\u00e7irmesi faizsiz finans sisteminin geli\u015fimi ve di\u011fer \u00fclkelere model olmas\u0131 a\u00e7\u0131s\u0131ndan g\u00fczel bir uygulama olabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T.C. Merkez Bankas\u0131 &#8220;POL\u0130T\u0130KA FA\u0130Z\u0130&#8221; gibi \u201cPOL\u0130T\u0130KA K\u00c2RI\u201d da a\u00e7\u0131klamal\u0131 ve Kat\u0131l\u0131m Bankalar\u0131n\u0131, faiz oran\u0131 ile y\u00f6netilmekten ve y\u00f6nlendirilmekten kurtarmal\u0131d\u0131r. Burada uygulanacak oran ayn\u0131 da olabilir Kat\u0131l\u0131m Bankalar\u0131&#8217;n\u0131n ihtiya\u00e7lar\u0131 ve piyasa \u015fartlar\u0131 dikkate al\u0131narak farkl\u0131la\u015fmaya da gidilebilir. Farkl\u0131la\u015fmaya gidilecek olsa bile Merkez bankas\u0131n\u0131n para politikas\u0131n\u0131 olumsuz etkileyecek ya da bankalar aras\u0131nda haks\u0131z rekabete neden olacak [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-isfin"],"_links":{"self":[{"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/posts\/1551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1551"}],"version-history":[{"count":1,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/posts\/1551\/revisions"}],"predecessor-version":[{"id":1553,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/posts\/1551\/revisions\/1553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=\/wp\/v2\/media\/1552"}],"wp:attachment":[{"href":"https:\/\/yukselkeles.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yukselkeles.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}