Araştırma Makalesi
BibTex RIS Kaynak Göster

AN ANALYSIS ON THE USE OF SUKUK AS A FINANCIAL INSTRUMENT FOR SUSTAINABLE GOALS: A STUDY ON GREEN SUKUK

Yıl 2024, Cilt: 14 Sayı: 1, 443 - 472, 01.07.2024
https://doi.org/10.54704/akdhfd.1441899

Öz

A sustainable world is becoming an increasingly important goal, which has led to the introduction of investment instruments in banking that align with this purpose in recent years. One important interest-free investment instrument that has surfaced in the financial industry to support green projects is green sukuk. The world’s first green sukuk was issued by Malaysia-based renewable energy company Tadau Energy in 2017, making green sukuk an interest-free investment option. This article looks at the role of interest-free financial products like green sukuk in aiding national efforts to attain sustainability goals. The essay first examines sukuk’s place in Turkish banking and securities laws. Then, comprehensive details regarding green sukuk are given, analyzing how green sukuk-the favored option for investing in environmentally friendly projects-can be used to finance environmentally friendly projects and function according to the sustainability principle. In this context, issues related to green sukuk issuance are also discussed. In conclusion, the significance and possibilities of green sukuk for both local and international markets are highlighted to add analyses to the literature thatm irror the expanding interest in sustainable investments.

Kaynakça

  • AAOIFI, el-Meâyîru’ş-Şer’iyye, 17. Standart, 240.
  • Abdullah Norhayati ve Nayan Masri Azrul, “Green Sukuk: Financing the Future to Sustainable Environment,” International Journal of Zakat and Islamic Philanthropy 2, S. 2, (2020): 14-23.
  • Abraham Ibrahim, “Riba and Recognition: Religion, Finance and Multiculturalism”, Essays from the AASR Conference, 2008.
  • Ahmed ve diğerleri, “On the sustainable development goals and the role of Islamic finance,” Policy Research Working Paper; No. 7266. World Bank 2015, Erişim Tarihi: Şubat 17, 2024, https://openknowledge.worldbank.org/handle/10986/22000.
  • Alam ve diğerleri, “Development and evaluation of Islamic green financing: A systematic review of green sukuk,” Environmental Economics 1, S. 14 (2023): 61-72.
  • Alam, N., Duygun, M., & Ariss, R. T., “Green Sukuk: An Innovation in Islamic Capital Markets BT - Energy and Finance: Sustainability in the Energy Industry” (A. Dorsman, Ö. Arslan-Ayaydin, & M. B. Karan (eds.); (Springer International Publishing 2016): 167-185).
  • Araminta Donna Vanny, Qudziyah ve Timur Yan Putra, “The Role of Green Sukuk in Realizing the Sustainable Development Goals 2030 Agenda,” Jurnal Ekonomi & Bisnis Islam 8, S. 2, (2022): 251-266.
  • Aslan Hakan, Alternatif Bir Yatırım ve Finansman Aracı Olarak Sukuk: Yapısı, İşleyişi ve Türkiye Piyasası İçin Öneriler, Yüksek Lisans Tezi, (2012).
  • Aslan Hakan, “Türkiye’de Tekafül (İslami Sigorta) Uygulamaları: Problemler ve Çözüm Önerileri,” Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi, 2015, Y. 1, C. 1, S. 1.
  • Azhgaliyeva, D., Kapoor, A., ve Liu, Y., “Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies,” Journal of Sustainable Finance & Investment 10, S. 2, (2020): 113-140.
  • Azhgaliyeva, D. “Green Islamic Bonds” Asian Development Outlook 2021 Background Paper. Erişim Tarihi: Aralık, 30, 2023, https://www.adb.org/sites/default/files/instit utional-document/691951/ado2021bn-green-islamic-bonds.pdf.
  • Azhgaliyeva Dina ve Kapsalyamova Zhanna, “Financing Climate Change Mitigation Using Green Sukuk,” International Association for Energy Economics, (2022).
  • Basov Suren ve Bhatti Ishaq, “Islamic Finance in the Light of Modern Economic Theory,” 1 (London: Palgrave mac millan, 2016).
  • Bennett Michael S. ve Iqbal Zamir, “How socially responsible investing can help bridge the gap between Islamic and conventional financial markets,” International Journal of Islamic and Middle Eastern Finance and Management 6, S. 3, (2013): 211-226.
  • Claquin, T., “Green bonds - a promising tool for climate finance,” Proparco Magazine, (2015): 6-9.
  • Corapi, E. “Current Issues on the Transition to a Sustainable Economy in the European, Italian and Middle East Framework: Green Bonds Standards and Greenwashing,” European Business Law Review 34, S. 7, (2023): 1167-1192.
  • Çatakoğlu, Buket, “Türk Sermaye Piyasası Hukuku’nda Borçlanma Araçları” Marmara Üniversitesi Sosyal Bilimler Enstitüsü Özel Hukuk Anabilim Dalı, Doktora Tezi, (2015).
  • Çetin, D. T., “Green bonds in climate finance and forecasting of corporate green bond index value with artificial intelligence” Journal of Research in Business 7, S. 1, (2022): 138-157.
  • Delle Foglie, A. and Keshminder, J.S. “Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review”, International Journal of Emerging Markets, (2022). Erişim Tarihi: Ocak 22, 2024, https://doi.org/10.1108/IJOEM-04-2022-0601.
  • Delle Fogie A. ve Keshminder J.S., “Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review,” International Journal of Emerging Markets, (2022). Erişim Tarihi: Ocak 22, 2024, https:// doi.org/10.1108/IJOEM-04-2022-0601.
  • Deloitte Islamic finance Insights Series Leading by engaging. https://www2.deloitte. com/content/dam/Deloitte/xe/Documents/financial-services/Deloitte-solar-energyreport. pdf.
  • Deloitte, “Corporate Sukuk: Building the ecosystem to finance sustainable infrastructure,” Deloitte Islamic Finance insights series: Leading by engaging, (2016).
  • Feisal Khan, Iqbal Zamir, “Islamic finance: Principles and practice” (Edward Elgar Publishing, 2008).
  • Felicia Ho Ming Liu, ‘The Development of Climate Finance in Asia Drivers, Processes, Outcomes’ (PhD thesis, King’s College London 2021).
  • Fernando, Y., Jabbour, C. J. C., ve Wah, W. X., “Pursuing green growth in technology firms through the connections between environmental innovation and sustainable business performance: Does service capability matter?” Resources, Conservation and Recycling, S. 141, (2019): 8-20.
  • Halitoğlu, İsmail, “Menkul Kıymet İhracı ve Tedavülünün Meşruiyeti (Hisse Senetleri, Sukûk, Yatırım Fonları),” Kilis 7 Aralık Üniversitesi İlahiyat Fakültesi Dergisi 7, S. 1 (2020): 351-387.
  • Han Tarık, Habib Ahmad, “Risk Yönetimi - İslami Finans Endüstrisindeki Sorunların Analizi,” İslami Araştırma ve Eğitim Enstitüsü, İslami Kalkınma Bankası, (2003).
  • Hossain, G.M.S., “Predicting corporate green sukuk rating, Hamad bin Khalifa university” (2020). Erişim Tarihi: Ocak 30, 2024, https://search.proquest.com/openview/6 f63f2da402b916f4ccd2e16c0dfc317/1?pq-origsite=gscholar&cbl=2026366&diss=y.
  • Hyun, S., Park, D. and Tian, S., “The price of greenness: some evidence from green bond markets,” Issue August, (2018): 1-23.
  • ICMA. (2018, June). Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. International Capital Market Association. https://www.icmagroup.org/ sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principlesgbp/# translations.
  • Islamic Law and Law of the Muslim World Paper No. 08-47, 21st Australasian Finance and Banking Conference 2008 Paper, bknz. https://ssrn.com/abstract=1260110 or http://dx.doi.org/10.2139/ssrn.1260110.
  • Irvine, L., Grifferty, M. P., & Cowman, A., “Green Sukuk: The race to be first,” Islamic Finance News, (2014).
  • Jun, M., Kaminker, C., Kidney, S. and Pfaff, N., “Green bonds: country experiences, barriers and options,” (2016). Erişim Tarihi: Ocak 22, 2024, http://unepinquiry.org/ wp-content/uploads/2016/09/6_Green_Bonds_Country_ Experiences_Barriers_and_ Options.pdf.
  • Kamil, W.A.R., Bakhor, S.A.S.M., Luna-Martinez, J. De, Zhang, W. and Aziz, A.H.A., “Islamic green finance: development, ecosystem and prospects”, World Bank, (2019) (Working Paper - 135952).
  • Kammer, A., Norat, M., Pinon, M., Prasad, A., Towe, C. M., & Zeidane, Z., “Islamic Finance: Opportunities, Challenges, and Policy Options” (2015) (SDN/15/05; IMF Staff Discussion Note). https://www.imf.org/en/Publications/ Staff-Discussion- Notes/Issues/2016/12/31/Islamic-Finance-Opportunities- Challenges-and-Policy- Options-42816.
  • Kamu Gözetimi Kurumu, bknz. https://kgk.gov.tr/sürdürülebilirlik. Karina Luthfia Ayu, “Peluang dan tantangan perkembangan green sukuk di Indonesia,” Conference on Islamic Management Accounting and Economics 259, S. 2, (2019): 259-265.
  • Kassim, S., & Abdullah, A., “Pushing the frontiers of Islamic finance through socially responsible investment sukuk,” Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), (2018): 187-213.
  • Kendigelen, Abuzer ve Kırca, İsmail, Kıymetli Evrak Hukuku. İstanbul: On iki Levha Yayıncılık, 2023.
  • Keshminder ve diğerleri “Green sukuk: Malaysia taking the lead,” Malaysian Journal of Consumer and Family Economics 22, S. 2, (2019): 1-22.
  • Keshminder, J.S., Abdullah, M.S. and Mardi, M., “Green sukuk - Malaysia surviving the bumpy road: performance, challenges and reconciled issuance framework”, Qualitative Research in Financial Markets 14, S. 1, (2022): 76-94.
  • Kidd, Charles V, “The evolution of sustainability,” Journal of Agricultural and Environmental Ethics 5, (1992): 1-26.
  • Luthfia Ayu Karina, “Peluang dan tantangan perkembangan green sukuk di Indonesia,” Conference on Islamic Management Accounting and Economics 259, S. 2, (2019): 259-265.
  • Mat Rahim, S. R., ve Mohamad, Z. Z., “Green Sukuk for Financing Renewable Energy Projects,” Turkish Journal of Islamic Studies 5, S. 2, (2018): 129-144. Mecm’au’l-Fkhi’l-İslamî, Karârât, 576.
  • Meo, M. S., & Abd Karim, M. Z. “The role of green finance in reducing CO 2 emissions: An empirical analysis. Borsa Istanbul,” Review 22, S. 1, (2022): 169-178.
  • Muchtar ve diğerleri, “Literature study on climate change financing in Indonesia: Mapping sources, distribution mechanisms, and beneficiaries of climate change-related funds,” The Indonesian Institute Center for Public Policy Research, (Indonesia: The Indonesian Institute, 2012).
  • Mohamed Cherif El Amri, Mustafa Omar Mohammed ve Mohamed Hamoud Abdi, “How Green Sukuk Structure Contributes to SDGs?”, in: Mohd Ma’Sum Billah, Islamic Wealth and the SDGs, (1. Baskı, Springer 2021), 621-637.
  • Mohamad, Saadiah and Tabatabaei, Ali, “Islamic Hedging: Gambling or Risk Management?,” (August 27, 2008).
  • Mohammed Abdullah Syafiq, Keshminder Singh, “What Drives Green Sukuk? A Leader’s Perspective,” Journal of Sustainable Finance and Investment 12, S. 1 (2020): 985- 1005.
  • Moghul Umar, Aly Samir Safar, “Green Sukuk: The Introduction of Islam’s Environmental Ethics to Contemporary Islamic Finance” Georgetown International Environmental Law Review 27, S. 1, (2015).
  • Naciti, V., Cesaroni, F. & Pulejo, L. “Corporate governance and sustainability: a review of the existing literature,” J Manag Gov 26, (2022): 55-74.
  • Obaidullah Mohammed, “Managing Climate Change: The Role of Islamic Finance,” Jeddah: Islamic Research and training Institute 32, (2017).
  • Obaidullah, M, “Managing climate change: the role of Islamic finance” IES 26, S. 1, (2018): 31-62; Visser, H. ‘Islamic finance: Principles and practice’ (Edward Elgar Publishing 2013).
  • Poddar, A., Narula, S. A., & Zutshi, A. “A study of corporate social responsibility practices of the top Bombay Stock Exchange 500 companies in India and their alignment with the Sustainable Development Goal” Corporate Social Responsibility and Environmental Management 26, S. 6, (2019): 1184-1205.
  • Pollard, J., ve Samers, M. “Islamic banking and finance: postcolonial political economy and the decentring of economic geography,” Transactions of the Institute of British Geographers 32, S. 3, (2007): 313-330.
  • Poroy, Reha ve Tekinalp, Ünal, Kıymetli Evrak Hukuku Esasları. İstanbul: Vedat Kitapçılık, 2021.
  • Prakash, N. ve Sethi, M. “A review of innovative bond instruments for sustainable development in Asia”, International Journal of Innovation Science, (2021).
  • Pulaşlı, Hasan. Kıymetli Evrak Hukukunun Esasları. Ankara: Adalet Yayınevi, 2023.
  • Rasoulinezhad, E., & Taghizadeh-Hesary, F., “Role of green finance in improving energy efficiency and renewable energy development” Energy Efficiency 15, S. 2, (2022).
  • Rethel, L., ‘Whose legitimacy? Islamic finance and the global financial order’, Review of International Political Economy 18 S. 1, (2011): 75-98.
  • Rozman Ahmad Tajjudin ve Azmi Nurul Afiqah, “Green Sukuk, Environmental Issues and Strategy,” IOP Conf. Series: Earth and Environmental Science 1067, (2022).
  • Salman Ahmed Shaikh, M. Kabir Hassan, “Progress on Sustainable Development Goals in Muslim Majority Countries,” Islamic Perspective for Sustainable Financial System, (Ed. Mehmet Saraç, Mohammed Kabir Hassan) (Istanbul University Press, 2020).
  • Sermaye Piyasası Kurulu’nun 07.06.2013 tarih ve 28670 sayılı Resmi Gazete’de yayımlanan III-61.1 sayılı Kira Sertifikaları Tebliği, 2013; bknz. https://www.resmigazete. gov.tr/eskiler/2013/06/20130607-14.htm.
  • Sisodia, G., Joseph, A. ve Dominic, J., “Whether corporate green bonds act as armour during crises? Evidence from a natural experiment,” International Journal of Managerial Finance 18, S. 4, (2022): 701-724.
  • Siddiqi, M. N. (2006). Introduction to Islamic banking and finance. International Institute of Islamic Thought (IIIT).
  • Suroso ve diğerleri, “Revisiting the role of international climate finance (ICF) towards achieving the nationally determined contribution (NDC) target: A case study of the Indonesian energy sector,” Environmental Science and Policy 131, S. 188 (2022): 188-195.
  • Suwanan ve diğerleri, “Analysis of the impacts and challenges of Covid-19 on green sukuk in Indonesia,” Halal Development: Trends, Opportunities and Challenges (2021).
  • Tabassum, A., Diengdoh, M. and Vincent, G., “Green sukuk: challenges and potential,” International Journal of Social Science and Economic Research 4, S. 2, (2019): 1461- 1470, bknz. http://ijsser.org/files_2019/ijsser_04__106.pdf.
  • The Paris Agreement. Erişim Tarihi: Şubat 23, 2024, https://unfccc.int/files/essential_ background/convention/application/pdf/english_paris_agreement.pdf.
  • Türkay, Kaan, Limanlı, Ömer ve Tuna, Gülfen, “Kira Sertifikası (Sukuk), BİST Sürdürülebilirlik Endeksi ve Devlet Tahvili Arasındaki Zamanla Değişen Nedensellik İlişkisi: Türkiye Örneği,” Fiscaoeconomia 7, S. 2, (2023): 1028-1066.
  • Ulfah, I.F., Sukmana, R., Laila, N. and Sulaeman, S. “A structured literature review on green sukuk (Islamic bonds): implications for government policy and future studies,” Journal of Islamic Accounting and Business Research, S. 3, (2023).
  • Yazicioğlu, İsabet Ebru ve Kazak, Hasan, “İslami Finansal Enstrümanlardan Birisi Olarak Sukuk: Hibrid Sukuk İçerisinde Yer Alan Murabaha Sözleşmelerinin İslami Hükümlere Uygunluk Yönünden İncelenmesi” Journal of Life Economics 6, S. 1, (2019): 91-118.
  • Yeşil Mutabakat Eylem Planı, bknz. https://ticaret.gov.tr/dis-iliskiler/yesil-mutabakat.
  • Yeşil Sukuk Çalışma Raporu, T.C. Cumhurbaşkanlığı Finans Ofisi. Erişim Tarihi: Aralık 26, 2023, https://www.cbfo.gov.tr/sites/default/files/docs/2022-05/cbfo-yesil-sukukcalisma- raporu.pdf.
  • Yılmaz Erdal, “Yeni Bir Finansal Araç Olarak Sukuk: Çeşitleri, Türkiye Uygulaması ve Vergilendirilmesi,” Muhasebe ve Finansman Dergisi, S. 61, (2014): 81-100.
  • Yurtseven ve diğerleri, “Islamic Finance System as a Catalyst for Sustainability in the Economy in Kabir Hassan, Mehmet Saraç, Ashraf Khan, Islamic Finance and Sustainable Development. A Sustainable Economic Framework for Muslim and Non- Muslim Countries, 285 (heidelberg: Springer, 2021).
  • White and Case, “Green Bonds and Islamic Finance,” (2016) Erişim tarihi: 14 Şubat, 2024, https://www.whitecase.com/publications/alert/green-bonds-islamic-finance.
  • Zhang ve diğerleri, “Energy financing for energy retrofit in COVID-19: Recommendations for green bond financing,” Environmental Science and Pollution Research 29, S. 16, (2022): 23105-23116.
  • İnternet Kaynakları
  • “Climate Bonds Initiative, Green Sukuk” (2020). Erişim Tarihi: Ocak 20, 2024, climatebonds. net/projects/facilitation/green-sukuk.
  • “Do You Know When Sustainability First Appeared?,” Erişim tarihi: Ekim 26, 2023, https://www.activesustainability.com/sustainable-development/do-you-know-whensustainability- first-appeared/?_adin=02021864894.
  • “Islamic Development Bank Issues Largest Sustainability Sukuk Ever,” Erişim Tarihi: Aralık 25, 2024. https://www.isdb.org/news/islamic-development-bank-issueslargest- sustainability-sukuk-ever.
  • “Kuveyt Türk’ten Türkiye’nin ve Dünyanın Ilk Sürdürülebilir Sermaye Benzeri Sukuk Ihracı | Bizden Haberler | Kuveyt Türk Hakkında | Hakkımızda | Kuveyt Türk Katılım Bankası.” Erişim tarihi: Şubat 14, 2024, https://www.kuveytturk.com.tr/hakkimizda/ kuveyt-turk-hakkinda/bizden-haberler/kuveyt-turkten-turkiyenin-ve-dunyanin-ilksurdurulebilir- sermaye-benzeri-sukuk-ihraci.
  • “Responsible Capitalism,” ECGI, Erişim tarihi: Şubat 12, 2024, https://www.ecgi.global/ content/responsible-capitalism.

BİR KIYMETLİ EVRAK TÜRÜ OLARAK SUKUKUN SÜRDÜRÜLEBİLİR HEDEFLER İÇİN KULLANILMASI: YEŞİL SUKUK ÜZERİNE BİR ANALİZ

Yıl 2024, Cilt: 14 Sayı: 1, 443 - 472, 01.07.2024
https://doi.org/10.54704/akdhfd.1441899

Öz

Son yıllarda sürdürülebilir bir dünya hedefinin önem kazanmasıyla birlikte bankacılıkta da bu hedefe uygun yatırım araçları ortaya çıkmıştır. Yeşil sukuk bankacılık alanında ortaya çıkan ve yeşil projelere katkı sağlamayı amaçlayan önemli faizsiz yatırım araçlarından biridir. 2017 yılında Malezya merkezli bir yenilenebilir enerji şirketi olan Tadau Energy’nin dünyanın ilk yeşil sukukunu ihraç etmesiyle birlikte faizsiz bir yatırım aracı olan yeşil sukuk piyasalarda yerini almıştır. Bu makalede, yeşil sukuk gibi faizsiz finansal araçların ülkelerin sürdürülebilirlik hedeflerine ulaşmasında nasıl bir rol oynadığı ve bu çabaları nasıl desteklediği incelenmektedir. Makalede öncelikle sukukun Türk kıymetli evrak hukukundaki ve bankacılıktaki yeri incelenmektedir. Devamında yeşil sukuka ilişkin detaylı bilgi verilerek yeşil projelere yatırım yapmak için tercih edilen yeşil sukukun çevre dostu projelerin finansmanında nasıl kullanılabileceği ve sürdürülebilirlik ilkesiyle uyumlu olarak nasıl faaliyet gösterebileceği değerlendirilmektedir. Bu kapsamda yeşil sukuk ihracına ilişkin karşılaşılan zorluklar da çalışmada ele alınmaktadır. Son olarak, yeşil sukukun ülkemiz ve dünya piyasaları için önemi ve potansiyeli üzerinde durulmakta ve sürdürülebilir yatırımlara olan ilginin artmasıyla birlikte yapılan analizlerin literatüre katkı sağlaması amaçlanmaktadır.

Kaynakça

  • AAOIFI, el-Meâyîru’ş-Şer’iyye, 17. Standart, 240.
  • Abdullah Norhayati ve Nayan Masri Azrul, “Green Sukuk: Financing the Future to Sustainable Environment,” International Journal of Zakat and Islamic Philanthropy 2, S. 2, (2020): 14-23.
  • Abraham Ibrahim, “Riba and Recognition: Religion, Finance and Multiculturalism”, Essays from the AASR Conference, 2008.
  • Ahmed ve diğerleri, “On the sustainable development goals and the role of Islamic finance,” Policy Research Working Paper; No. 7266. World Bank 2015, Erişim Tarihi: Şubat 17, 2024, https://openknowledge.worldbank.org/handle/10986/22000.
  • Alam ve diğerleri, “Development and evaluation of Islamic green financing: A systematic review of green sukuk,” Environmental Economics 1, S. 14 (2023): 61-72.
  • Alam, N., Duygun, M., & Ariss, R. T., “Green Sukuk: An Innovation in Islamic Capital Markets BT - Energy and Finance: Sustainability in the Energy Industry” (A. Dorsman, Ö. Arslan-Ayaydin, & M. B. Karan (eds.); (Springer International Publishing 2016): 167-185).
  • Araminta Donna Vanny, Qudziyah ve Timur Yan Putra, “The Role of Green Sukuk in Realizing the Sustainable Development Goals 2030 Agenda,” Jurnal Ekonomi & Bisnis Islam 8, S. 2, (2022): 251-266.
  • Aslan Hakan, Alternatif Bir Yatırım ve Finansman Aracı Olarak Sukuk: Yapısı, İşleyişi ve Türkiye Piyasası İçin Öneriler, Yüksek Lisans Tezi, (2012).
  • Aslan Hakan, “Türkiye’de Tekafül (İslami Sigorta) Uygulamaları: Problemler ve Çözüm Önerileri,” Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi, 2015, Y. 1, C. 1, S. 1.
  • Azhgaliyeva, D., Kapoor, A., ve Liu, Y., “Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies,” Journal of Sustainable Finance & Investment 10, S. 2, (2020): 113-140.
  • Azhgaliyeva, D. “Green Islamic Bonds” Asian Development Outlook 2021 Background Paper. Erişim Tarihi: Aralık, 30, 2023, https://www.adb.org/sites/default/files/instit utional-document/691951/ado2021bn-green-islamic-bonds.pdf.
  • Azhgaliyeva Dina ve Kapsalyamova Zhanna, “Financing Climate Change Mitigation Using Green Sukuk,” International Association for Energy Economics, (2022).
  • Basov Suren ve Bhatti Ishaq, “Islamic Finance in the Light of Modern Economic Theory,” 1 (London: Palgrave mac millan, 2016).
  • Bennett Michael S. ve Iqbal Zamir, “How socially responsible investing can help bridge the gap between Islamic and conventional financial markets,” International Journal of Islamic and Middle Eastern Finance and Management 6, S. 3, (2013): 211-226.
  • Claquin, T., “Green bonds - a promising tool for climate finance,” Proparco Magazine, (2015): 6-9.
  • Corapi, E. “Current Issues on the Transition to a Sustainable Economy in the European, Italian and Middle East Framework: Green Bonds Standards and Greenwashing,” European Business Law Review 34, S. 7, (2023): 1167-1192.
  • Çatakoğlu, Buket, “Türk Sermaye Piyasası Hukuku’nda Borçlanma Araçları” Marmara Üniversitesi Sosyal Bilimler Enstitüsü Özel Hukuk Anabilim Dalı, Doktora Tezi, (2015).
  • Çetin, D. T., “Green bonds in climate finance and forecasting of corporate green bond index value with artificial intelligence” Journal of Research in Business 7, S. 1, (2022): 138-157.
  • Delle Foglie, A. and Keshminder, J.S. “Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review”, International Journal of Emerging Markets, (2022). Erişim Tarihi: Ocak 22, 2024, https://doi.org/10.1108/IJOEM-04-2022-0601.
  • Delle Fogie A. ve Keshminder J.S., “Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review,” International Journal of Emerging Markets, (2022). Erişim Tarihi: Ocak 22, 2024, https:// doi.org/10.1108/IJOEM-04-2022-0601.
  • Deloitte Islamic finance Insights Series Leading by engaging. https://www2.deloitte. com/content/dam/Deloitte/xe/Documents/financial-services/Deloitte-solar-energyreport. pdf.
  • Deloitte, “Corporate Sukuk: Building the ecosystem to finance sustainable infrastructure,” Deloitte Islamic Finance insights series: Leading by engaging, (2016).
  • Feisal Khan, Iqbal Zamir, “Islamic finance: Principles and practice” (Edward Elgar Publishing, 2008).
  • Felicia Ho Ming Liu, ‘The Development of Climate Finance in Asia Drivers, Processes, Outcomes’ (PhD thesis, King’s College London 2021).
  • Fernando, Y., Jabbour, C. J. C., ve Wah, W. X., “Pursuing green growth in technology firms through the connections between environmental innovation and sustainable business performance: Does service capability matter?” Resources, Conservation and Recycling, S. 141, (2019): 8-20.
  • Halitoğlu, İsmail, “Menkul Kıymet İhracı ve Tedavülünün Meşruiyeti (Hisse Senetleri, Sukûk, Yatırım Fonları),” Kilis 7 Aralık Üniversitesi İlahiyat Fakültesi Dergisi 7, S. 1 (2020): 351-387.
  • Han Tarık, Habib Ahmad, “Risk Yönetimi - İslami Finans Endüstrisindeki Sorunların Analizi,” İslami Araştırma ve Eğitim Enstitüsü, İslami Kalkınma Bankası, (2003).
  • Hossain, G.M.S., “Predicting corporate green sukuk rating, Hamad bin Khalifa university” (2020). Erişim Tarihi: Ocak 30, 2024, https://search.proquest.com/openview/6 f63f2da402b916f4ccd2e16c0dfc317/1?pq-origsite=gscholar&cbl=2026366&diss=y.
  • Hyun, S., Park, D. and Tian, S., “The price of greenness: some evidence from green bond markets,” Issue August, (2018): 1-23.
  • ICMA. (2018, June). Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds. International Capital Market Association. https://www.icmagroup.org/ sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principlesgbp/# translations.
  • Islamic Law and Law of the Muslim World Paper No. 08-47, 21st Australasian Finance and Banking Conference 2008 Paper, bknz. https://ssrn.com/abstract=1260110 or http://dx.doi.org/10.2139/ssrn.1260110.
  • Irvine, L., Grifferty, M. P., & Cowman, A., “Green Sukuk: The race to be first,” Islamic Finance News, (2014).
  • Jun, M., Kaminker, C., Kidney, S. and Pfaff, N., “Green bonds: country experiences, barriers and options,” (2016). Erişim Tarihi: Ocak 22, 2024, http://unepinquiry.org/ wp-content/uploads/2016/09/6_Green_Bonds_Country_ Experiences_Barriers_and_ Options.pdf.
  • Kamil, W.A.R., Bakhor, S.A.S.M., Luna-Martinez, J. De, Zhang, W. and Aziz, A.H.A., “Islamic green finance: development, ecosystem and prospects”, World Bank, (2019) (Working Paper - 135952).
  • Kammer, A., Norat, M., Pinon, M., Prasad, A., Towe, C. M., & Zeidane, Z., “Islamic Finance: Opportunities, Challenges, and Policy Options” (2015) (SDN/15/05; IMF Staff Discussion Note). https://www.imf.org/en/Publications/ Staff-Discussion- Notes/Issues/2016/12/31/Islamic-Finance-Opportunities- Challenges-and-Policy- Options-42816.
  • Kamu Gözetimi Kurumu, bknz. https://kgk.gov.tr/sürdürülebilirlik. Karina Luthfia Ayu, “Peluang dan tantangan perkembangan green sukuk di Indonesia,” Conference on Islamic Management Accounting and Economics 259, S. 2, (2019): 259-265.
  • Kassim, S., & Abdullah, A., “Pushing the frontiers of Islamic finance through socially responsible investment sukuk,” Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), (2018): 187-213.
  • Kendigelen, Abuzer ve Kırca, İsmail, Kıymetli Evrak Hukuku. İstanbul: On iki Levha Yayıncılık, 2023.
  • Keshminder ve diğerleri “Green sukuk: Malaysia taking the lead,” Malaysian Journal of Consumer and Family Economics 22, S. 2, (2019): 1-22.
  • Keshminder, J.S., Abdullah, M.S. and Mardi, M., “Green sukuk - Malaysia surviving the bumpy road: performance, challenges and reconciled issuance framework”, Qualitative Research in Financial Markets 14, S. 1, (2022): 76-94.
  • Kidd, Charles V, “The evolution of sustainability,” Journal of Agricultural and Environmental Ethics 5, (1992): 1-26.
  • Luthfia Ayu Karina, “Peluang dan tantangan perkembangan green sukuk di Indonesia,” Conference on Islamic Management Accounting and Economics 259, S. 2, (2019): 259-265.
  • Mat Rahim, S. R., ve Mohamad, Z. Z., “Green Sukuk for Financing Renewable Energy Projects,” Turkish Journal of Islamic Studies 5, S. 2, (2018): 129-144. Mecm’au’l-Fkhi’l-İslamî, Karârât, 576.
  • Meo, M. S., & Abd Karim, M. Z. “The role of green finance in reducing CO 2 emissions: An empirical analysis. Borsa Istanbul,” Review 22, S. 1, (2022): 169-178.
  • Muchtar ve diğerleri, “Literature study on climate change financing in Indonesia: Mapping sources, distribution mechanisms, and beneficiaries of climate change-related funds,” The Indonesian Institute Center for Public Policy Research, (Indonesia: The Indonesian Institute, 2012).
  • Mohamed Cherif El Amri, Mustafa Omar Mohammed ve Mohamed Hamoud Abdi, “How Green Sukuk Structure Contributes to SDGs?”, in: Mohd Ma’Sum Billah, Islamic Wealth and the SDGs, (1. Baskı, Springer 2021), 621-637.
  • Mohamad, Saadiah and Tabatabaei, Ali, “Islamic Hedging: Gambling or Risk Management?,” (August 27, 2008).
  • Mohammed Abdullah Syafiq, Keshminder Singh, “What Drives Green Sukuk? A Leader’s Perspective,” Journal of Sustainable Finance and Investment 12, S. 1 (2020): 985- 1005.
  • Moghul Umar, Aly Samir Safar, “Green Sukuk: The Introduction of Islam’s Environmental Ethics to Contemporary Islamic Finance” Georgetown International Environmental Law Review 27, S. 1, (2015).
  • Naciti, V., Cesaroni, F. & Pulejo, L. “Corporate governance and sustainability: a review of the existing literature,” J Manag Gov 26, (2022): 55-74.
  • Obaidullah Mohammed, “Managing Climate Change: The Role of Islamic Finance,” Jeddah: Islamic Research and training Institute 32, (2017).
  • Obaidullah, M, “Managing climate change: the role of Islamic finance” IES 26, S. 1, (2018): 31-62; Visser, H. ‘Islamic finance: Principles and practice’ (Edward Elgar Publishing 2013).
  • Poddar, A., Narula, S. A., & Zutshi, A. “A study of corporate social responsibility practices of the top Bombay Stock Exchange 500 companies in India and their alignment with the Sustainable Development Goal” Corporate Social Responsibility and Environmental Management 26, S. 6, (2019): 1184-1205.
  • Pollard, J., ve Samers, M. “Islamic banking and finance: postcolonial political economy and the decentring of economic geography,” Transactions of the Institute of British Geographers 32, S. 3, (2007): 313-330.
  • Poroy, Reha ve Tekinalp, Ünal, Kıymetli Evrak Hukuku Esasları. İstanbul: Vedat Kitapçılık, 2021.
  • Prakash, N. ve Sethi, M. “A review of innovative bond instruments for sustainable development in Asia”, International Journal of Innovation Science, (2021).
  • Pulaşlı, Hasan. Kıymetli Evrak Hukukunun Esasları. Ankara: Adalet Yayınevi, 2023.
  • Rasoulinezhad, E., & Taghizadeh-Hesary, F., “Role of green finance in improving energy efficiency and renewable energy development” Energy Efficiency 15, S. 2, (2022).
  • Rethel, L., ‘Whose legitimacy? Islamic finance and the global financial order’, Review of International Political Economy 18 S. 1, (2011): 75-98.
  • Rozman Ahmad Tajjudin ve Azmi Nurul Afiqah, “Green Sukuk, Environmental Issues and Strategy,” IOP Conf. Series: Earth and Environmental Science 1067, (2022).
  • Salman Ahmed Shaikh, M. Kabir Hassan, “Progress on Sustainable Development Goals in Muslim Majority Countries,” Islamic Perspective for Sustainable Financial System, (Ed. Mehmet Saraç, Mohammed Kabir Hassan) (Istanbul University Press, 2020).
  • Sermaye Piyasası Kurulu’nun 07.06.2013 tarih ve 28670 sayılı Resmi Gazete’de yayımlanan III-61.1 sayılı Kira Sertifikaları Tebliği, 2013; bknz. https://www.resmigazete. gov.tr/eskiler/2013/06/20130607-14.htm.
  • Sisodia, G., Joseph, A. ve Dominic, J., “Whether corporate green bonds act as armour during crises? Evidence from a natural experiment,” International Journal of Managerial Finance 18, S. 4, (2022): 701-724.
  • Siddiqi, M. N. (2006). Introduction to Islamic banking and finance. International Institute of Islamic Thought (IIIT).
  • Suroso ve diğerleri, “Revisiting the role of international climate finance (ICF) towards achieving the nationally determined contribution (NDC) target: A case study of the Indonesian energy sector,” Environmental Science and Policy 131, S. 188 (2022): 188-195.
  • Suwanan ve diğerleri, “Analysis of the impacts and challenges of Covid-19 on green sukuk in Indonesia,” Halal Development: Trends, Opportunities and Challenges (2021).
  • Tabassum, A., Diengdoh, M. and Vincent, G., “Green sukuk: challenges and potential,” International Journal of Social Science and Economic Research 4, S. 2, (2019): 1461- 1470, bknz. http://ijsser.org/files_2019/ijsser_04__106.pdf.
  • The Paris Agreement. Erişim Tarihi: Şubat 23, 2024, https://unfccc.int/files/essential_ background/convention/application/pdf/english_paris_agreement.pdf.
  • Türkay, Kaan, Limanlı, Ömer ve Tuna, Gülfen, “Kira Sertifikası (Sukuk), BİST Sürdürülebilirlik Endeksi ve Devlet Tahvili Arasındaki Zamanla Değişen Nedensellik İlişkisi: Türkiye Örneği,” Fiscaoeconomia 7, S. 2, (2023): 1028-1066.
  • Ulfah, I.F., Sukmana, R., Laila, N. and Sulaeman, S. “A structured literature review on green sukuk (Islamic bonds): implications for government policy and future studies,” Journal of Islamic Accounting and Business Research, S. 3, (2023).
  • Yazicioğlu, İsabet Ebru ve Kazak, Hasan, “İslami Finansal Enstrümanlardan Birisi Olarak Sukuk: Hibrid Sukuk İçerisinde Yer Alan Murabaha Sözleşmelerinin İslami Hükümlere Uygunluk Yönünden İncelenmesi” Journal of Life Economics 6, S. 1, (2019): 91-118.
  • Yeşil Mutabakat Eylem Planı, bknz. https://ticaret.gov.tr/dis-iliskiler/yesil-mutabakat.
  • Yeşil Sukuk Çalışma Raporu, T.C. Cumhurbaşkanlığı Finans Ofisi. Erişim Tarihi: Aralık 26, 2023, https://www.cbfo.gov.tr/sites/default/files/docs/2022-05/cbfo-yesil-sukukcalisma- raporu.pdf.
  • Yılmaz Erdal, “Yeni Bir Finansal Araç Olarak Sukuk: Çeşitleri, Türkiye Uygulaması ve Vergilendirilmesi,” Muhasebe ve Finansman Dergisi, S. 61, (2014): 81-100.
  • Yurtseven ve diğerleri, “Islamic Finance System as a Catalyst for Sustainability in the Economy in Kabir Hassan, Mehmet Saraç, Ashraf Khan, Islamic Finance and Sustainable Development. A Sustainable Economic Framework for Muslim and Non- Muslim Countries, 285 (heidelberg: Springer, 2021).
  • White and Case, “Green Bonds and Islamic Finance,” (2016) Erişim tarihi: 14 Şubat, 2024, https://www.whitecase.com/publications/alert/green-bonds-islamic-finance.
  • Zhang ve diğerleri, “Energy financing for energy retrofit in COVID-19: Recommendations for green bond financing,” Environmental Science and Pollution Research 29, S. 16, (2022): 23105-23116.
  • İnternet Kaynakları
  • “Climate Bonds Initiative, Green Sukuk” (2020). Erişim Tarihi: Ocak 20, 2024, climatebonds. net/projects/facilitation/green-sukuk.
  • “Do You Know When Sustainability First Appeared?,” Erişim tarihi: Ekim 26, 2023, https://www.activesustainability.com/sustainable-development/do-you-know-whensustainability- first-appeared/?_adin=02021864894.
  • “Islamic Development Bank Issues Largest Sustainability Sukuk Ever,” Erişim Tarihi: Aralık 25, 2024. https://www.isdb.org/news/islamic-development-bank-issueslargest- sustainability-sukuk-ever.
  • “Kuveyt Türk’ten Türkiye’nin ve Dünyanın Ilk Sürdürülebilir Sermaye Benzeri Sukuk Ihracı | Bizden Haberler | Kuveyt Türk Hakkında | Hakkımızda | Kuveyt Türk Katılım Bankası.” Erişim tarihi: Şubat 14, 2024, https://www.kuveytturk.com.tr/hakkimizda/ kuveyt-turk-hakkinda/bizden-haberler/kuveyt-turkten-turkiyenin-ve-dunyanin-ilksurdurulebilir- sermaye-benzeri-sukuk-ihraci.
  • “Responsible Capitalism,” ECGI, Erişim tarihi: Şubat 12, 2024, https://www.ecgi.global/ content/responsible-capitalism.
Toplam 83 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Hukuk (Diğer)
Bölüm Araştırma Makaleleri
Yazarlar

Meltem Karatepe Kaya 0000-0003-3428-0293

Yayımlanma Tarihi 1 Temmuz 2024
Gönderilme Tarihi 23 Şubat 2024
Kabul Tarihi 22 Mayıs 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 14 Sayı: 1

Kaynak Göster

APA Karatepe Kaya, M. (2024). BİR KIYMETLİ EVRAK TÜRÜ OLARAK SUKUKUN SÜRDÜRÜLEBİLİR HEDEFLER İÇİN KULLANILMASI: YEŞİL SUKUK ÜZERİNE BİR ANALİZ. Akdeniz Üniversitesi Hukuk Fakültesi Dergisi, 14(1), 443-472. https://doi.org/10.54704/akdhfd.1441899

24280This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.