Global Finansal Krizin Sukuk Piyasasına Etkisi

Yıl 2018, Cilt: 2 Sayı: 1, 99 - 114, 30.06.2018

Mehmet Ela , Ahmet Ulusoy

Öz

Global sukuk piyasası 2007’nin
sonlarında etkisini göstermeye başlayan global finansal krize değin artan
yatırımcı talebinin de katkısıyla oldukça hızlı büyümüştür. Ancak sukuk
piyasası krizden son derece olumsuz etkilenmiş ve sukuk ihraçları 2008 yılında düşüş
göstermiştir. Sukuk ihraçlarındaki düşüşün diğer bir nedeni ise Accounting and
Auditing Organization for Islamic Financial Institutions (AAOIFI) tarafından
başlatılan Şeri tartışmalar olmuştur. Dolayısıyla sukuk piyasası kriz yanında
AAOIFI’nin açıklamalarından da olumsuz etkilenmiştir. Diğer yandan krizin sukuk
piyasasına kısa vadeli etkisi negatif olurken uzun vadede ABD ve Avrupa’dan
gelen kredilerin azalması ile birlikte ihraççıların Körfez Ülkeleri ve
Asya’daki likidite fazlasına yönelmesi sonucu sukuk ihraçları da artış
göstermiştir.

Anahtar Kelimeler

Sukuk, Kriz, AAOIFI, Şeri Tartışmalar, Etki

Kaynakça

• Abbas, M. (2008). Credit crunch hits Gulf Islamic bond sales. Erişim Tarihi: 01.01.2017. http://www.arabianbusiness.com/credit-crunch-hits-gulf-islamic-bond-sales-49388.html
• Ahmad, A., Zaheer, M., Masood, S. and Usman, S. (2014). Infrastructure projects financing. An alternative to debt financing. IOSR Journal of Business and Management (IOSR-JBM), 15(5), 48-52.
• Ahmad, N. and Rahim, S. A. (2014). CAAR estimations by sectors of sukuk ıssuance. International Conference on Economics, Education and Humanities (ICEEH'14) sempozyumunda sunulan bildiri, Bali (Endonezya). Erişim adresi: https://tr.scribd.com/document/269718546/CAAR-Estimations-by-Sectors-of-Sukuk-Issuance
• Ahmad, W. and Radzi, R. M. (2011). Sustainability of sukuk and conventional bond during financial crisis: Malaysian capital market. Global Economy and Finance Journal, 4(2), 1-14.
• Ahmed, H., Asutay, M. and Wilson, R. (2014). Reflecting on Islamic Banking and Financial Crisis: Risks, Reputation and Stability. H. Ahmed, M. Asutay and R. Wilson (Ed.), Islamic Banking and Financial Crisis. Reputation, Stability and Risk içinde (s. 1-21). Edinburgh: Edinburgh University Press.
• Al-Amine, M. A. M. (2012). Global Sukuk and Islamic Securitization Market. Financial Engineering and Product Innovation. Netherlands: Brill NV.
• Al-Amine, M. A. M. 2014). Unresolved Shari’ah Issues in Şukuk Structuring. M. H. Kamali and A. K. Abdullah (Ed.), Islamic Finance. Issues in Sukuk and Proposals for Reform içinde (s. 29-57). United Kingdom: International Institute of Advanced Islamic Studies and the Islamic Foundation.
• Alvi, I. A. (2015). Global sukuk market trends & findings from IIFM sukuk report 4th edition. IIFM Industry Seminar on Islamic Financial Markets Pre-Conference Day, 6th Annual WIBC Asia Summit 2015 sempozyumunda sunulan bildiri, Pan Pacific Hotel, Singapur. Erişim adresi: http://www.iifm.net/sites/default/files/session-files/Global%20Sukuk%20Market%20Trends%20by%20Mr.%20Ijlal%20Ahmed%20Alvi.pdf
• Askari, H., Iqbal, Z., Krichene, N. and Mirakhor, A. (2010). The Stability of Islamic Finance. Creating a Resilient Financial Environment for a Secure Future. Singapore: Wiley.
• Coşkun, Yener (2010). Yapılandırılmış finans ve küresel finansal kriz. Finans Politik & Ekonomik Yorumlar, 47(545), 73-82.
• Çizakça, Murat (2011). Islamic Capitalism and Finance. Origins, Evalution and the Future. UK:Edward Elgar.
• DIFC (2009). Dubai international financial centre sukuk guidebook. Erişim Tarihi: 10.07.2015.http://www.cibafi.org/ControlPanel/Documents/Laws/Dubai%20International%20Financial%20Centre%20Sukuk%20Guidebook%20UAE.pdf
• Elian, M. (2015). Why the US should accommodate sukuk: And how accommodating sukuk will protect and benefit the American financial system. Minnesota Journal of International Law., 24(1), 1-38.
• El-Quqa, O., Hasan, F., Alsahli, K. and Ahmed, N. (2009). Sukuk market- down but not out. Erişim Tarihi: 01.07.2017. http://www.kantakji.com/media/7746/f145.pdf
• Franklin Templeton Investments (2013). The sukuk market comes of age. Erişim Tarihi: 01.08.2017. http://www.franklintempleton.com.hk/downloadsServlet?docid=hfc2r4zj
• GIFR (2010). Global Islamic finance report 2010. Erişim Tarihi: 10.07.2017. http://www.gifr.net/gifr2010/contents/ch_10.pdf
• Grewal, B. K. (2008). Global economic & ınvestment outlook: “confronting the challenges & unlocking the opportunities”. Erişim Tarihi: 10.07.2017. http://www.assaif.org
• IFLS (2010). Islamic finance 2010. IFLS research in partnership with UK trade & ınvestment. Erişim Tarihi: 11.07.2017. http://www.londonstockexchange.com/specialist-issuers/islamic/downloads/ifsl-research.pdf
• IIFM (2009). Sukuk report 1st edition. A comprehensive study of the ınternational sukuk market. Erişim Tarihi: 12.07.2017. http://www.kantakji.com/media/7465/c9.pdf
• IIFM (2013). Sukuk report 3rd edition. A comprehensive study of the ınternational sukuk market. Erişim Tarihi: 12.07.2017. http://www.iifm.net/market-research
• IIFM (2017). Sukuk report 6th edition. A comprehensive study of the ınternational sukuk market. Erişim Tarihi: 12.07.2017. http://www.iifm.net/market-research
• Irfan, H. (2015). Heaven's Bankers: Inside the Hidden World of Islamic Finance. United States: Overlook Press.
• Jobst, A. A. (2009). Islamic securitisation: An ethical remedy to incentive problems? International Journal of Monetary Economics and Finance, 2(3/4), 348-365.
• Kamali, M. H. and Abdullah, A. K. (2014). Introduction. M. H. Kamali and A. K. Abdullah (Ed.), Islamic Finance. Issues in Sukuk and Proposals for Reform içinde (s. 1-10). United Kingdom: International Institute of Advanced Islamic Studies and the Islamic Foundation.
• Kaminska, I. (2009). The issue of shariah compliance and the Nakheel sukuk. Erişim Tarihi: 15.07.2017. https://ftalphaville.ft.com/2009/11/30/85956/the-issue-of-shariah-compliance-and-the-nakheel-sukuk/
• KFH (2010). Sukuk “Back on track”. Erişim Tarihi: 18.07.2017. http://askprof.mifc.com/index.php?ch=151&pg=735&ac=582&bb=file1
• Kuo, M. A. (2011). The global impact of Islamic finance in Asia: Identity, innovation, institutions. Journal of the International Relations and Affairs Group (JIRAG), 1(1), 46-74.
• Manjoo, F. A. (2014). The ‘Ping Pong’ of the Asset-Backed/Asset-Based Şukuk Debate and the Way Forward. M. H. Kamali and A. K. Abdullah (Ed.), Islamic Finance. Issues in Sukuk and Proposals for Reform içinde (s. 11-29). United Kingdom:International Institute of Advanced Islamic Studies and the Islamic Foundation.
• Maurer, B. (2010). Form versus substance: AAOIFI projects and Islamic fundamentals in the case of sukuk. Journal of Islamic Accounting and Business Research, 1(1), 32-41.
• Mazlan, N. (2014). Aftermath of the 2009 global financial crisis. Erişim Tarihi: 12.07.2017. http://www.inceif.org/research-bulletin/aftermath-2009-global-financial-crisis/
• Milliyet (10 Aralık 2008). Körfez’de fon avı. Erişim Tarihi: 03.08.2017. http://www.milliyet.com.tr/korfez-de-fon-avi-ekonomi-1026779/
• Moini, Y. (2011). Comparisons and Differences between Sukuk and Conventional Products. R. Ali (Ed.), Sukuk and Islamic Capital Markets içinde (s. 35-49). UK:Globe Law and Business.
• Moody’s Investors Service (2009). Post-crisis surge in sukuk ıssuances: Overview and trend analysis (final part). Erişim Tarihi: 12.07.2017. http://www.cwealthadvisors.com.my/upload/Islamic_Finance_News_Meet_The_Head_27Nov09.pdf
• Mubasher (2012). GCC: Financing on faith: The rise of Islamic finance. Erişim Tarihi: 15.07.2017. https://english.mubasher.info/news/2039814/GCC-Financing-on-faith-The-rise-of-Islamic-finance
• Oxford Business Group (2008). The report: Saudi Arabia 2008. Erişim Tarihi: 13.07.2017. https://books.google.com.tr/books
• Oxford Business Group (2009). The report: Abu Dhabi 2009. Erişim Tarihi: 13.07.2017. https://books.google.com.tr/books
• Pasha, S. (2011). Western debt crisis spurs growth of Islamic finance. Erişim Tarihi: 11.07.2017. http://www.reuters.com/article/us-finance-islamic-idUSTRE7AT1DS20111130
• Prabowo, H. S. and Sofjan, H. (2016). The subprime mortgage crisis: Islamic economics perspective. Erişim Tarihi: 08.07.2017. https://dosen.perbanas.id/the-subprime-mortgage-crisis-islamic-economics-perspective-by-hayu-susilo-prabowo-and-hidajat-sofjan/
• Ravalia, Ali (2008). Sukuk market at a crossroad. IFN market report. Erişim Tarihi: 19.07.2017. http://islamicfinancenews.com/sites/default/files/newsletters/v5i27.pdf
• Reuters (2008). Islamic finance. A safe haven in uncertain times? Erişim Tarihi: 16.07.2017. http://online.thomsonreuters.com/assets/downloads/islamicrep_a4_brochure.pdf
• Reuters (2009). Collaborative sukuk report. Erişim Tarihi: 12.07.2017. http://www.zawya.com/sukuk/report/
• Reuters (2012). Text-S&P says global crisis has boosted growth in the sukuk market. Erişim Tarihi: 21.07.2017. http://uk.reuters.com/article/idUKWLA293520120215
• Reuters (2015). Sukuk perceptions & forecast study 2017 poised for growth. Erişim Tarihi: 01.07.2017.https://ceif.iba.edu.pk/pdf/ThomsonReutersSukukPerceptionsForecastStudy2017.pdf
• Said, A. and Grassa, R. (2013). The determinants of sukuk market development: Does macroeconomic factors influence the construction of certain structure of sukuk? Journal of Applied Finance & Banking, 3(5), 251-267.
• Salah, I. (2009). Islamic finance in the current financial crisis. Berkeley Jornal of Middle Eastern & Islamic Law, 2(1), 137-157.
• Shariah Finance Watch (2010). Citigroup predicts recovery in sukuk market. Erişim Tarihi: 10.07.2017. http://www.shariahfinancewatch.org/blog/2010/10/25/citigroup-predicts-recovery-in-sukuk-market/
• Smaoui, H. and Khawaja, M. (2016). The determinants of sukuk market development. Emerging Markets Finance and Trade, 9(38), 1-36.
• Wedderburn-Day, A. R. (2010) Sovereign sukuk: adaptation and innovation. Law and Contemporary Problems, 73, 325-333.
• Wigglesworth, R. (2009). Sukuk: Defaults destabilise a reviving market. Erişim Tarihi: 28.07.2017. https://www.ft.com/content/90e4c3d6-e2be-11de-b028-00144feab49a
• Wilson, R. (2010).Islamic Capital Markets: The Role of Sukuk. Islamic Finance Instruments and Markets içinde (s. 57-60). United Kingdom:Bloomsbury Information.