EQUITY-BASED ISLAMIC STRUCTURED FINANCIAL PRODUCT: MUSHARAKA SUKUK

Year 2016, Afro-Avrasya Özel Sayısı, 467 - 487, 29.12.2016

Mehmet Murat Aktaş

Abstract

Sukuk
issuances is rapidly growing in worldwide capital and financial markets in last
decade. Sukuk or “İslamic bonds” can be defined as certifcates of equal value
representing undivided shares in ownership of tangible assets, usufruct and
services or (in the ownership of) the assets of particular projects or special
investment activity. Sukuk certificates evidence undivided ownership or
investment in the assets which have compliance to Shariah and Shariah principles. The Accounting and Auditing Organization for Islamic Financial
Institutions –AAOIFI has specified 14 categories of permissible sukuk type. The
choice of sukuk structure type will depend on various factors, including the
character of the underlying assets (income producing contract type), taxation
and regulatory considerations, the targeted investor base.  Musharaka sukuk is based on musharaka
(partnership) arrangements. In its simplest form, a musharaka arrangement is a
partnership arrangement between at least two parties. Eeach of the partners
have to make a capital (cash or cash like) contribution to the musharaka/ partnership.
 Essentially, a musharaka is akin to an
unincorporated joint venture. But, unlike joint-ventures  it can  take
the form of a legal entity. The musharaka partners share the profits of the
musharaka in pre-agreed proportions and share the losses of the musharaka in
proportion to their initial capital investment. The purpose and scope of this paper
is to explain general aspects of Musharaka sukuk and its structure as an
İslamic structured financial product.  

Keywords

Capital Market Law, Law, Islamic Structured Finance, Securities, Musharaka Sukuk

ORTAKLIĞA DAYALI İSLÂMÎ YAPILANDIRILMIŞ FINANSMAN ÜRÜNÜ: MUŞARAKA SUKUK

Abstract

Sukuk
ihraçları, son dönemde sermaye ve finans piyasalarında hızla çoğalmaktadır. Sukuk, ihraç
edildikten sonra eşit değerleri temsil eden; ihraç ile elde edilen tutarların
önceden planlanmış şekilde yatırımda kullanıldığı; yapılan yatırım türüne göre
duran varlıklar ve benzerleri üzerinde hak ve payların temsil edildiği bir
projede ya da özel bir yatırım faaliyetinde ortaklık hakkı veren İslâmi
easaslara uygun nitelikteki sertifikalar olarak tanımlanabilecektir. “The Accounting and Auditing
Organization for Islamic Financial Institutions –AAOIFI” tarafından 14 farklı
sukuk türü öngörülmüştür. Sukuk türleri, başta dayandıkları gelir getiren
sözleşmeler  olmak üzere çeşitli
özellikleri ile birbirlerinden ayrılırlar. Muşaraka sukuk özel amaçlı kuruluşun (special purpose vehicle-SPV) nakdi
sermaye, diğer ortakların ise kişisel emek veya ticari itibar haricinde sermaye
koyduğu ortak girişimlerin (joint venture)
finanse edildiği ortaklığa dayalı (equity-based)
sukuk ihraçlarıdır. Bu sukuk türü, kar-zarar ortaklığına endeksli şekilde ortak
girişim tesisi şeklinde çalışmaktadır. Joint-venture’dan farklı olarak buradaki
ortaklık tüzel kişilik sahibi olabilecektir. Bu bildiride Musharaka sukukun
(MS) bir İslâmi
yapılandırılmış finansman yolu olarak genel özellik ve yapılandırılması ele
alınacaktır.

Keywords

Hukuk, İslami Yapılandırılmış Finans, Sermaye Piyasası Hukuku, Menkul kıymetler, Muşaraka Sukuk

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