An investigation of sukuk in the gcc countries

Abstract

Since the 1970s, the GCC (Gulf Cooperation Council which is composed of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman) members succeeded to have economic development through their natural resource endowment. Nevertheless, starting from the 2000s, they have been struggling with local and international economic and political shocks. It became indispensable to diversify their economies to protect their economies from unexpected external shocks. Islamic financial instruments, particularly sukuk offers alternative solutions to these countries. In this vein, this study focuses on sukuk and its possible role in the macroeconomic performance and sustainable economic growth of the GCC. As a relatively new Islamic financial instrument, sukuk was first issued in 2001-2002 for drawing funds from international funds. Since then, sukuk became one of the most crucial Islamic financial instrument in passing 20 years. The aim of this study is to pinpoint the benefits of sukuk practices for the the GCC economies and analyze how sukuk can contribute to the economic growth in the member countries. The anaysis will be based on the case study. It is concluded that sukuk market has a great potential to contribute to the macroeconomic performance of the GCC. Development of sukuk markets in the GCC will not only promote the financial inclusion but also induce economic growth.

Keywords

• Macroeconomics
• Sukuk
• GCC
• Macroeconomic Performance

GCC ülkelerinde sukuk üzerine bir inceleme

Abstract

1970’lerle birlikte özellikle muhafazakar müslümanların faizin haram olması ilkesinden hareketle alternatif bir finansman modeli konusunda artan taleplerini karşılamak üzere İslam ekonomisi ilgi görmeye başlamıştır. Öte yandan, sömüge sonrası dönemde, bağımsızlığını ilan eden Müslüman ülkeler ve kalkınma çabası içine giren diğer Müslüman topluluklar, yüksek düzeyde artan fon ihtiyaçlarını karşılamak üzere kaynak arayışı içine girmişlerdir. Petrolün küresel ekonomide önemli bir hammadde olması ve hızla artan fiyatları ile birlikte, 1970’lerden itibaren Suudi Arabistan, BAE, Katar, Bahreyn, Kuveyt ve Umman’dan oluşan Körfez İşbirliği Ülkeleri (GCC) ekonomik kalkınmalarını yer altı zenginliklerinin çıkartılması ve ihracına dayalı olarak gerçekleştirmişlerdir. Ancak bu ülkeler, 2000’li yıllarla birlikte yerel ve dış kaynaklı ekonomik ve siyasi şoklarla sarsılmışlardır. Gelirleri neredeyse tamamen doğal gaz ihracatına bağlı olan bu ülkelerin dış kaynaklı şoklara karşı ekonomilerini koruyabilmek için sektör çeşitlenmesine gitmeleri kaçınılmaz olmuştur. Islami finans ve İslami finansal enstrümanlar bu çerçevede giderek daha fazla dikkat çekmektedir. 2001-2002 döneminde ilk defa ihraç edilen sukuk, geçen 20 yıllık süre içinde küresel ölçekte en önemli İslami finansal araçlardan birisi haline gelmiştir. Bu çalışmada, sukukun GCC ülkelerindeki yeri yanında makroekonomik performans ve ekonomik büyümeye katkıları vaka analizi çerçevesinde incelenecektir. Çalışmada GCC ülkelerinde sukuk piyasasının önemli bir yeri olduğu ve bu ülkelerin makroekonomik performanslarına önemli bir fon kaynağı olarak katkı sağlayabileceği sonucuna ulaşılmıştır. Bölgede sukuk piyasasının gelişmesi sadece finansal piyasaların gelmişmesini sağlamakla kalmayacak aynı zamanda kamu ve özel sektöre sağlayacağı fonlarla ekonomik büyümeye katkı sağlayacaktır.

Keywords

• Makroekonomi
• Sukuk
• Körfez İşbirliği Teşkilatı
• Makroekonomik Performans

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