Katılım Bankacılığında Bireysel Emeklilik Sistemi (BES) Teminatlı İhtiyaç Finansmanı Yöntemi ve Fıkhî Açıdan Değerlendirilmesi
The Method of Individual Pension System (IPS)-Backed Consumer Financing in Participation Banking and Its Evaluation from a Fiqh Perspective

Summary/Abstract: Throughout history, individuals have developed various methods to meet their financing needs. Among these, methods based on debt relationships, one of the most commonly used, have largely become interest-based with the emergence of conventional banking. However, for individuals sensitive to interest rates, this situation has increased the need for alternative financing models. As a result, interest-free banking - known in Türkiye as participation banking - has emerged, and interest-free financial instruments have been designed for use in this field. With the impact of technological advancements and digitalization, consumer habits have changed rapidly, leading to the diversification of individual needs and, consequently, an increased demand for cash. In this context, individuals who prefer interest-free financing methods have begun to seek cash not only for investment purposes but also to meet various personal needs such as education, healthcare, travel, and durable goods. Participation banks have developed various financing models to respond to these demands. Among these models, methods such as tawarruq, ijarah-based service financing, investment fund-based financing, and Individual Pension System (IPS)-backed consumer financing have stood out. Due to the defined scope of the study, the focus has been limited to the IPS-backed consumer financing model, in which individual pension savings are pledged as collateral by banks. The primary objective of this study is to evaluate the IPS-backed consumer financing application offered in Türkiye, both in terms of its operation and from a fiqh perspective. The contribution of this research to the literature lies in its attempt to partially fill this gap, given the absence of independent academic studies on the subject. Although there are various fiqh studies on cash lending methods in participatory banking and on insurance and the IPS, no independent study specifically adressing the IPS-backed consumer financing has been found. The study adopted a qualitative approach based on participatory banking practices and relevant literature, and the product’s transaction set was analyzed step by step. In the first section of the article, the content, advantages, disadvantages, and operational processes of the IPS-backed consumer financing are examined. The second section discusses several of the IPS-backed methods that can be utilized within participation banking. Subsequently, the IPS-backed consumer financing is subjected to a Sharia-based analysis within the framework of Islamic finance principles and standards. Research has determined that the IPS-backed consumer financing can be considered legitimate from a fiqh perspective, provided that the steps in the transaction set are followed. However, it has been emphasized that careful and planned use is important for individuals to maintain their financial balance, especially in cash financing requests for consumption purposes that are not backed by any assets. It was also found that IPS-backed model offers a certain degree of protection against the risk of payment difficulties for individuals.

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