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Lease Certificates (Sukuk) As A New Finacial Instrument In Bond Market: A Case Study Of Turkish Capital Market

Year 2019, Volume: 22 Issue: 2, 999 - 1006, 30.11.2019
https://doi.org/10.29249/selcuksbmyd.595673

Abstract

The Islamic finance, whose first modern applications based on 40
years before time, is defined as application of the principles and rules of
Islam on the financial operations. The Islamic finance sector that comprises of
Islamic banking, insurance and capital market, has recorded an important
development with a 10-15% rate of growing and has started to be seen as an
alternative financial agency model. Even though this model cannot be accepted
as completed and matured together with its all components, especially the
studies that are being carried on by many countries are giving us idea about
that growing on the Islamic finance sector will continue at the forward years
and will be more competitive. Islamic finance sector, even though has appeared
because of the religious reasons, it has also been able to take the attention
of the investors out of the members of Islam religion. Sukuk, with no doubt,
has been the one that has taken the biggest share from this interest. “Sukuk”
that can be deemed as today’s basic instrument of the Islamic financial system
is a securities that shows owning to an entity and right of benefiting from
that. At this study, primarily, development of the Islamic Finance all ever the
world will be handled and then types of the sukuk operations as an Islamic
Finance application and its applications at Turkey will be investigated. 

References

  • Abbas, M., & Ibdal, Z. (2007). Profit-and-loss sharing contracts in Islamic finance. Handbook of Islamic Banking. Bodmin, Cornwall: Edward Elgard Publishing Limited.
  • Afshar, T. A. (2013, Şubat). Compare and contrast sukuk (Islamic bonds) with conventional bonds, are thay compatible? The Journal of global business management, 9(1), 44-52.
  • Ayub, M. (2009). Understanding Islamic Finance (Vol. 462). John Wiley & Sons.
  • Büyükakın, F., & Önyılmaz, O. (2012). Faizsiz finansman bonosu sukuk ve Türkiye uygulamaları. Finasal Araştırmalar ve Çalışmalar Dergisi, 3(7).
  • Duran, J. J., & Garcia-Lopez, M. J. (2012). The Internationalization of Islamic banking anf finance: the co-evolution of institutional changes and financial services integration. International journal of business and management, 7(13), 49-74.
  • HSBC Amanah. (2012). Global Sukuk Markets:Structures & Case Studies.
  • International Islamic Financial Market. (2016). Sukuk Report. Manama,Bahreyn.
  • Jobst, A. A. (2007). The economics of Islamic finance and securitization. IMF Working Papers, 1-35.
  • Mauro, F., Caristi, P., Couderc, S., Maria, A., Ho, L., Grewal, B. K., et al. (2013). İslamic finance in Europe. Manama, Bahreyn: European Central Bank.
  • Rezaei, Z. (2013). Sukuk:An Islamic financial instrument. Management and administrative sciences review, 2(3), 261-267.
  • Said, A. (2011). Does the use of sukuk (Islamic bonds) impact Islamic bak performance? A case study of relative performance during 2007-2009. Middle Eastern Finace and Economics, 12, 65-76.
  • Salah, O. (2010). Islamic finance: the impact of the AAOIFI Resolution on equity-based sukuk structures. Law and Financial Markets Review, 4(5), 507-517.
  • Testa, D. (2008). Fixed income sukuk: prospects for corporate issuance. Islamic Finance. Globe Law and Business.
  • Tok, A. (2009). İslami Finans Çerçevesinde Sukuk (İslami Tahvil) Uygulamaları, Katılım Bankaları ve Türkiye Açısından Değerlendirmeler. Sermaye Piyasası Kurulu Hukuk İşleri Dairesi Yeterlilik Etüdü.
  • Vishwanath, S. R., & Azmi, S. (2009). An overview of Islamic Sukuk bonds. The Journal of Structured Finance, 14(4), 58-67.
  • Zaher, T. S., & Hassan, M. K. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions & INSTRUMENTS, 10(4), 155-199.

Bono Piyasasında Yeni Bir Finansal Araç Olarak Kiralama Sertifikaları (Sukuk): Türk Sermaye Piyasası Vaka Analizi

Year 2019, Volume: 22 Issue: 2, 999 - 1006, 30.11.2019
https://doi.org/10.29249/selcuksbmyd.595673

Abstract

Modern anlamdaki ilk uygulamaları 40 yıl öncesine dayanan İslami
finans, İslamiyet'in getirdiği ilke ve kuralların finansal işlemlere
uygulanması olarak tanımlanmaktadır. Temel olarak İslami bankacılık,
sigortacılık ve sermaye piyasasından oluşan İslami finans sektörü %10-15’lik
yıllık büyüme oranı ile son yıllarda önemli bir gelişme kaydetmiş ve alternatif
bir finansal aracılık modeli olarak görülmeye başlanmıştır. Bu model, tüm
bileşenleri ile tamamlanmış ve olgunlaşmış sayılamasa da, özellikle günümüzde
birçok ülke tarafından yürütülen çalışmalar önümüzdeki yıllarda İslami finans
sektöründeki büyümenin devam edeceği ve sektörün daha rekabetçi hale geleceği
hakkında fikir vermektedir. İslami finans sektörü, her ne kadar dini sebeplerle
ortaya çıkmışsa da İslamiyet dininin mensupları dışındaki yatırımcıların da
ilgisini çekmeyi başarmıştır. Bu ilgiden en büyük payı alan hiç kuşkusuz Sukuk
olmuştur.  İslami finans sisteminin
günümüzdeki temel enstrümanı sayılabilen “sukuk”, bir varlığa sahip olmayı veya
ondan yararlanma hakkını gösteren bir menkul kıymettir. Bu çalışmada öncelikle
tüm dünyada İslami Finansın gelişimi ele alınacak daha sonra ise İslami Finans
uygulaması olarak Sukuk işlemlerinin çeşitleri ve Türkiye’de ki uygulamalarına
yer verilecektir.

References

  • Abbas, M., & Ibdal, Z. (2007). Profit-and-loss sharing contracts in Islamic finance. Handbook of Islamic Banking. Bodmin, Cornwall: Edward Elgard Publishing Limited.
  • Afshar, T. A. (2013, Şubat). Compare and contrast sukuk (Islamic bonds) with conventional bonds, are thay compatible? The Journal of global business management, 9(1), 44-52.
  • Ayub, M. (2009). Understanding Islamic Finance (Vol. 462). John Wiley & Sons.
  • Büyükakın, F., & Önyılmaz, O. (2012). Faizsiz finansman bonosu sukuk ve Türkiye uygulamaları. Finasal Araştırmalar ve Çalışmalar Dergisi, 3(7).
  • Duran, J. J., & Garcia-Lopez, M. J. (2012). The Internationalization of Islamic banking anf finance: the co-evolution of institutional changes and financial services integration. International journal of business and management, 7(13), 49-74.
  • HSBC Amanah. (2012). Global Sukuk Markets:Structures & Case Studies.
  • International Islamic Financial Market. (2016). Sukuk Report. Manama,Bahreyn.
  • Jobst, A. A. (2007). The economics of Islamic finance and securitization. IMF Working Papers, 1-35.
  • Mauro, F., Caristi, P., Couderc, S., Maria, A., Ho, L., Grewal, B. K., et al. (2013). İslamic finance in Europe. Manama, Bahreyn: European Central Bank.
  • Rezaei, Z. (2013). Sukuk:An Islamic financial instrument. Management and administrative sciences review, 2(3), 261-267.
  • Said, A. (2011). Does the use of sukuk (Islamic bonds) impact Islamic bak performance? A case study of relative performance during 2007-2009. Middle Eastern Finace and Economics, 12, 65-76.
  • Salah, O. (2010). Islamic finance: the impact of the AAOIFI Resolution on equity-based sukuk structures. Law and Financial Markets Review, 4(5), 507-517.
  • Testa, D. (2008). Fixed income sukuk: prospects for corporate issuance. Islamic Finance. Globe Law and Business.
  • Tok, A. (2009). İslami Finans Çerçevesinde Sukuk (İslami Tahvil) Uygulamaları, Katılım Bankaları ve Türkiye Açısından Değerlendirmeler. Sermaye Piyasası Kurulu Hukuk İşleri Dairesi Yeterlilik Etüdü.
  • Vishwanath, S. R., & Azmi, S. (2009). An overview of Islamic Sukuk bonds. The Journal of Structured Finance, 14(4), 58-67.
  • Zaher, T. S., & Hassan, M. K. (2001). A comparative literature survey of Islamic finance and banking. Financial Markets, Institutions & INSTRUMENTS, 10(4), 155-199.
There are 16 citations in total.

Details

Primary Language English
Journal Section Konferans Bildirisi
Authors

Aziz Kagıtcı 0000-0002-3331-655X

Baki Yılmaz 0000-0002-5392-2485

Yılmaz Bademli This is me 0000-0002-1647-0336

Publication Date November 30, 2019
Submission Date July 23, 2019
Published in Issue Year 2019 Volume: 22 Issue: 2

Cite

APA Kagıtcı, A., Yılmaz, B., & Bademli, Y. (2019). Lease Certificates (Sukuk) As A New Finacial Instrument In Bond Market: A Case Study Of Turkish Capital Market. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 22(2), 999-1006. https://doi.org/10.29249/selcuksbmyd.595673

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