The Signifiance Of Export And The Contributions Of The Structures Within The Interest-Free System To The Exports

Before discussing the significance of export, it would be more accurate to explain this by means of a model. NX denotes net exports. The components of it include exports and imports. In this respect, it can be represented as NX = X-M Briefly, in case the exports are larger, this means that there is a trade surplus. The trade surplus will also provide resource inflow to the country and new investment opportunities will be created by means of these resources, which will support employment. 

Participation banks are increasing their contribution to exports day by day.

One of the biggest problems for developing countries is finding resources. Occasionally, the problem of finding resources arises not only for developing countries but also for developed countries. Export appears as a significant touchstone for finding resources and integrating this resource into the economic system in an efficient way. 

In addition to the contributions of the institutions and organizations in the interest-free system to the exporting companies, these institutions and organizations also sell the products they have produced in-house through export. Participation banks are increasing their contribution to exports day by day. Not only the participation banks but also mechanisms that are not interest-free and capable of establishing the connection between the consumer and the producer are developing on a daily basis. The contributions of such systems in terms of sustainability and access to resources appear as important points for the real sector.  

Contribution of actors in the interest-free system to exports 

It would be more accurate to divide the contributions of the actors in the interest-free system to exports into certain areas. The first of these areas is creating value by making the companies, which are willing to export, use the funds they collect. Entrepreneurs that have difficulties in finding resources have direct access to interest-free resources. It is obvious that ever-evolving actors will use even higher volumes of funds in the future and support the real sector. 

Another area is that banks go directly to another country, create value, and obtain resources there. The aim here is both to help the development of that country and to contribute to the country's economy through the funds it provides in the relevant country. The value of participation banking, both in our country and in the other countries, and its fields of activity in other countries are increasing as the days pass. Another area is the issuance of capital markets. Even though it may appear as a debt instrument at first glance, it is possible for the funds collected to be used by the real sector and to gain value from these. In this respect, the issuance of sukuk and the subsequent use of the funds collected in real markets is also an important area for exports. In case the cost of debt issuance is lower than the yield, it will provide a longer-term fund inflow than its short-term contribution.  I am thinking that every step to be taken towards value-added and technological areas with the funds collected from these areas will yield a positive result.  The developments in our country in recent years are an indicator of in this regard. 

Participation banks export technology

The principle of keeping up with the digital world, formed in recent years and with the effects of the Covid-19 pandemic, has become a significant issue. Creating a difference in the areas of digital service offered to the customer during the realization of these processes, and minimizing time and energy costs in business processes have become important. In today's world, banks that have adopted the interest-free financial system are now exporting their digital products. The fact that banks are now exporting their own products demonstrates the significant progress made in the field of technology and R&D. In a period when both technology and sectors such as e-commerce will become important with the new normal in the future, the moves of participation banks to promote exports in this area will be one of the topics to be discussed extensively.

EMRE KOCAOĞLU