Understanding the Screening Criteria for Shariah-Compliant Stocks

Year 2024, Volume: 14 Issue: 2, 371 - 395, 31.12.2024

Idris Babatunde Adeyemi , Ömer Faruk Tekdoğan

https://doi.org/10.31679/adamakademi.1415744

Abstract

Islamic finance operates as an alternative system meeting the investment requirements of individuals adhering to Islamic beliefs. While conventional finance prioritizes stock exchanges facilitating small-scale investments, challenges arise for Muslims investing their savings in stocks due to potential conflicts between companies' activities and revenues and religious principles. This situation prompts Islamic scholars to deliberate on the permissibility of purchasing specific company stocks. Various scholars and Shariah boards have established precise criteria for determining the permissibility of buying a company's stocks, leading to the development of indexes aimed at identifying compliant companies. Shariah-compliant stocks or companies adhere to the principles of Shariah law, governing various life aspects, including financial and economic activities. This study investigates Shariah screening methods, exploring their rationale, foundations, and potential religious influences, particularly focusing on six prominent Islamic indices. The study investigates Shariah's justifications and motives behind these methods, discussing their evaluation through different standards. Despite scholars' varying opinions and evolving methodologies, the primary objective remains consistent: to facilitate halal income for Muslim investors while maintaining Islamic ethical principles in financial practices.

Keywords

Islamic Finance, Screening Methods, Shariah-compliant Stocks, Islamic Indices

Şer’i Uyumlu Hisse Senetlerinin İzleme Kriterlerini Anlamak

Abstract

İslami finans, İslami inançlara sahip bireylerin yatırım ihtiyaçlarını karşılayan alternatif bir sistem olarak faaliyet göstermektedir. Geleneksel finans, küçük ölçekli yatırımları kolaylaştıran borsalara öncelik verirken, şirketlerin faaliyetleri ve gelirleri ile dini ilkeler arasındaki olası çatışmalar nedeniyle Müslümanların tasarruflarını hisse senedine yatırmasında zorluklar yaşanıyor. Bu durum İslam alimlerini belirli şirket hisselerinin satın alınmasının caizliği konusunda düşünmeye sevk etmektedir. Çeşitli akademisyenler ve Şer'i kurullar, bir şirketin hisselerini satın almanın caiz olup olmadığını belirlemek için kesin kriterler belirlemiş ve bu da uyumlu şirketleri belirlemeyi amaçlayan endekslerin geliştirilmesine yol açmıştır. Şer'i uyumlu hisse senetleri veya şirketler, mali ve ekonomik faaliyetler de dahil olmak üzere hayatın çeşitli yönlerini düzenleyen Şeriat hukukunun ilkelerine uyarlar. Bu çalışma, özellikle öne çıkan alti İslami endekse odaklanarak, şeriat tarama yöntemlerini, gerekçelerini, temellerini ve potansiyel dini etkilerini araştırıyor. Çalışmada bu yöntemlerin ardındaki şeriat gerekçeleri ve saikler araştırılıyor ve bunların farklı standartlar üzerinden değerlendirilmesi tartışılıyor. Akademisyenlerin farklı görüşlerine ve gelişen metodolojilerine rağmen temel amaç tutarlı kalıyor: Finansal uygulamalarda İslami etik ilkeleri korurken Müslüman yatırımcılar için helal geliri kolaylaştırmak.

Keywords

İslami Finans, İzleme Yöntemleri, Şer’i Uyumlu Hisse Senetleri, İslami Endeksler

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