Analysis of the Financial Performance of Türk Katılım Reasürans Inc. for the Period 2021-2024 Using SITDE, SPC and RAM Methods

In recent years, the rapid expansion of Islamic finance and the increasing need for risk-sharing mechanisms have made the evaluation of re-Takaful institutions critically important. This study evaluates the financial performance of Türk Katılım Reasürans Inc., the first participation-based reinsurance company in Türkiye, for the period 2021-2024. As re-Takaful institutions play a critical role in the development of Islamic finance and in reducing foreign dependency, a robust performance analysis is essential for understanding their contribution to the financial system. To this end, the research proposes a new hybrid MCDM model that integrates SITDE, SPC, and RAM. Seven financial criteria, including liquidity ratio, current ratio, return on equity, total assets, net profit, total equity, and total liabilities, were selected from the company’s annual reports to form the basis of the analysis. SITDE and SPC were used to derive objective weights for the criteria, which were then harmonized through a common weighting procedure. These weights were subsequently applied in the RAM method to establish the company’s yearly performance rankings. The results indicate that total liabilities, liquidity ratio, and net profit emerged as the most significant performance determinants. According to the rankings, the strongest financial performance was recorded in 2021, followed by 2022 and 2023, while 2024 represented the weakest performance year. Sensitivity analyses, including weight variation, rank-reversal tests, and comparative checks with alternative ranking methods, confirmed the robustness and stability of the proposed hybrid model. Overall, the findings demonstrate that the SITDE-SPC-RAM framework offers a reliable tool for financial performance evaluation and provides valuable insights into the operational dynamics of Islamic reinsurance institutions. This study not only contributes to the literature on MCDM applications in finance but also enhances the understanding of re-Takaful performance in emerging markets.