Crıtıcal Evaluatıon Of Bıst Partıcıpatıon Index In The Context Of Sharı’ah Screenıng Methodologıes

Year 2022, Volume: 10 Issue: 1, 1 - 30, 30.06.2022

Leyla Ergene , Salih Ülev

https://doi.org/10.54429/seyad.1070303

Cited By: 1

Abstract

Participation indices, published in Turkey since 2011, started to be published by Borsa Istanbul (BIST) as of 12 November 2021. To determine companies that will include in BIST participation indices, "Share Certificate Issuance and Trade Standard" published by Participation Banks Association of Turkey (TKBB) Advisory Board is adopted as a primary criterion. The aim of this study is to determine the issues that are not explicitly included in the TKBB Standard and the possible problems in the implementation phase of participation indices and to develop suggestions. In addition to the problems in the implication phase of BIST participation indices, problems that may arise for investors who will buy stocks are included in the study's scope. A dual perspective that comparatively examines the TKBB standard and implementation phase of the indices has been adopted in the study. Moreover, participation indices’ publisher changes have been evaluated within the framework of the BIST participation indices’ basic rules. In the study, a case study design was adopted among qualitative research designs and document analysis was used as a data collection technique. Determining the problems faced in practice and proposing solutions will contribute to both literature and the development of Islamic capital markets.

Keywords

Islamic Stocks, Shari’ah Screening Methodologies, BIST Participation Indices, TKBB Share Stock Standard, Case Study Design.

BİST KATILIM ENDEKSİNİN FIKHİ TARAMA METODOLOJİLERİ ÇERÇEVESİNDE DEĞERLENDİRİLMESİ

Abstract

Türkiye’de 2011 yılından beri yayımlanan katılım endeksleri, 12 Kasım 2021 itibariyle Borsa İstanbul (BİST) tarafından yayınlanmaya başlamıştır. BİST katılım endekslerine dahil edilecek şirketleri belirlemede Türkiye Katılım Bankaları Birliği (TKBB) Danışma Kurulunun yayımladığı “Pay Senedi İhracı ve Alım-Satımı Standardı” esas alınmaktadır. Bu çalışmanın amacı TKBB Standardında açıkça yer almayan hususların ve katılım endekslerinin uygulama safhasındaki muhtemel sorunların neler olduğunu tespit ederek öneriler geliştirmektir. Çalışmanın kapsamına, BİST katılım endeksinin uygulama safhasındaki sorunlar ile birlikte, hisse senetlerini satın alacak yatırımcılar nezdinde oluşabilecek sorunlar da dahil edilmiştir. Çalışmada, TKBB standardı ve endeks uygulama safhasını karşılaştırmalı olarak inceleyen ikili bir bakış açısı benimsenmiştir. Ayrıca, BİST Katılım Endeksleri temel kuralları çerçevesinde, katılım endeksleri yayıncı değişikliği değerlendirilmiştir. Çalışmada, nitel araştırma desenlerinden durum çalışması deseni benimsenmiş, veri toplama tekniği olarak doküman incelemesinden faydalanılmıştır. Uygulamada karşılaşılan sorunların tespitinin ve çözüm önerileri sunulmasının hem literatüre hem de İslami sermaye piyasalarının gelişimine katkıda bulunacağı düşünülmektedir.

Keywords

İslami Hisse Senetleri, Fıkhi Filtreleme Metodolojileri, BİST Katılım Endeksleri, TKBB Pay Senedi Standardı, Durum Çalışması Deseni.

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