Sukuk ve Kamu Borç Yönetimi: Genel Değerlendirme Ve Geleceği

Öz

Ülkeler değişen finansal koşullar ve iklim koşulları gibi faktörlerin neticesinde son yıllarda yenilikçi borçlanma araçları geliştirmekte ve ihraç etmektedir. Söz konusu yenilikçi araçlardan birisi ise hiç şüphesiz sukuktur. Sukuk, 1970’li yıllarda İslami bir finansal araç geliştirme yönünde gösterilen çabaların ardından ilk olarak özel sektör kuruluşu olan Shell DMS tarafından Malezya’da 1990 yılında ihraç edilmiştir. Devletler tarafından ilk ihraçlar ise 2001 yılında Bahreyn’den ve 2002 yılında Malezya’dan gelmiştir. İlk devlet sukuku (sovereign sukuk) ihraçlarının ardından 2000’li yıllarda Birleşik Krallık ve Lüksemburg gibi Müslüman olmayan ülkeler yanında Türkiye, Kuveyt ve Suudi Arabistan gibi birçok Müslüman ülke tarafından devlet sukuku ihracı gerçekleştirilmiştir. Ülkeden ülkeye farklılaşmakla birlikte söz konusu ülkelerin sukuk ihraç etmekle ulaşmaya çalıştıkları amaçlara bakıldığında genellikle; a) yeni bir yatırımcı sınıfının çekilmesi (yatırımcı tabanının çeşitlendirilmesi), b) daha yüksek düzeyde finansal katılımın teşvik edilmesi ve c) kamu borçlanma maliyetlerinin düşürülmesi amaçlarının öne çıktığı görülmektedir. Bu noktadan hareketle oluşturulan bu çalışmada, sukukun ülkelerin kamu borç yönetimine sağladığı faydalar ve kamu borç yönetimi hedeflerine ulaşılmasını desteklemedeki rolü incelemekte, bu rolün gerçekleştirilmesinin önündeki engellere değinilmekte ve sukukun borç yönetimine katkısını iyileştirmek için gerekli olan çeşitli önlemler değerlendirilmektedir. Betimsel bir yöntemle ele alınan bu çalışmada, sukuk ve kamu borç yönetimine ilişkin literatür taranmış, ülke örnekleri incelenmiş ve tablo ve grafiklerle çalışma bulguları desteklenmiştir. Kamu borç yönetimine göre, ülkeler finansman sağlamak amacıyla bir enstrüman ihraç ettiğinde söz konusu enstrümanın çeşitli hedefleri gerçekleştirme düzeyini incelemektedir. Bu bakımdan kamu borç yönetiminin hedefleri genel olarak a) minimum maliyet ve uygun bir risk düzeyi ile borçlanılması, b) finansman ihtiyacının karşılanması, c) finansal piyasaların geliştirilmesi ve piyasalara erişimin sürdürülmesi, d) borçlanma araçlarının ve yatırımcı tabanının çeşitlendirilmesi, e) dengeli vade yapısının sürdürülmesi ve f) hane halkı tasarruflarının arttırılmasıdır. Sukuk, kamu borç yönetiminin birçok amacını yerine getirmekte ve bu anlamda ülkelerin kamu borç yönetimi işlevlerini desteklemektedir. Bu açıdan, bu çalışmanın sonucuna göre sukuk, birtakım kamu borç yönetimi hedeflerine ulaşmayı kolaylaştırmaktadır. Söz konusu hedeflerden ilki a) finansman ihtiyacının karşılanmasıdır. Buna göre ülkelerin finansman ihtiyaçlarının karşılanabilmesi için özellikle global finansal kriz ve Avrupa borç krizinde başvurdukları finansal araçlardan birisi sukuktur. Nitekim devlet sukuku ihraçları AAOIFI’nın eleştirisine rağmen söz konusu krizlerin ardından artmıştır İkinci bir hedef b) finansal piyasaların geliştirilmesi ve piyasaya erişimin sürdürülmesidir. Sukuk ülkelerin yerel sermaye piyasalarını geliştirmek ve çeşitlendirmek için başvurdukları bir araçtır. Diğer yandan sukukun İslami yatırımcı tabanına sahip olması, geleneksel piyasalarda oluşan kredi sıkışıklığı ve kriz gibi dönemlerde piyasaya erişimin (İslami finans piyasası) sürdürülmesini sağlamaktadır. Üçüncü hedef c) borçlanma araçlarının ve yatırımcı tabanının çeşitlendirilmesidir. Sukukun en temel özelliği, farklı bir yatırımcı segmentine sahip olmasıdır. Bu açıdan sukuka bir yandan geleneksel tahvilden farklı bölgelerden ve diğer yandan da yine geleneksel tahvilden farklı yatırımcı segmentinden talep gelmektedir. Dördüncü hedef d) dengeli vade yapısının sürdürülmesidir. Sukuk farklı vadelerde ihraç edilebilmekte olup dengeli vade yapısına ulaşılmasını destekleyebilmektedir. Burada vurgulanması gereken nokta sukukun dengeli vade yapısına ulaşılmasını sağlamada geleneksel yöntemlerden ayrıca bir üstünlüğünün olmamasıdır. Son olarak beşinci hedef e) hane halkı tasarruflarının artırılmasıdır. Sukuk, İslami yatırımcı tabanının geleneksel faizli araçlara yatırım yapmamasından dolayı hane halkı tasarruflarını arttırabilmekte ve piyasaya kazandırabilmektedir.

Anahtar Kelimeler

• İslami Finans
• Sukuk
• Kamu Borç Yönetimi
• Devlet Borçları

Sukuk and Public Debt Management: General Assessment and the Way Forward

Öz

In recent years, countries have started to develop and issue innovative debt instruments, with the development of financial technologies contributing to this trend. One such innovative debt instrument is sukuk. Sovereign (public) sukuk issuance began in 2001 and has since continued to grow steadily. Sovereign sukuk are issued by countries with a majority Muslim population, as well as by countries with significant Muslim populations, where the majority of the population is non-Muslim. As a result of these developments, sovereign sukuk issuance exceeded $100 billion. At present, countries issue sukuk for the general purposes of debt management, such as attracting a new class of investors (diversifying and expanding the investor base), promoting high levels of financial inclusion, and reducing public borrowing costs. In this context, the study examines the role of sukuk in supporting countries' public debt management objectives and explores ways to enhance its effectiveness. According to the findings of the study, it has been determined that sukuk is effective in achieving the basic goals of debt management, such as meeting the financing needs, developing financial markets, and maintaining market access, diversifying debt instruments and investor base, maintaining a balanced maturity structure and increasing household savings. However, there are several challenges that hinder the effectiveness of sukuk in achieving public debt management goals, including high issuance costs and a lack of standardization in the sukuk market. It is considered that overcoming these challenges will enable sukuk to play a more effective role in public debt management.

Anahtar Kelimeler

• Islamic Finance
• Sukuk
• Public Debt Management
• Sovereign Debt

Kaynakça

1. Aaoifi (2015). Shari’ah standards. Accounting and Auditing Organization for Islamic Financial Institutions Publishing. https://aaoifi.com/shariaa-standards/?lang=en
2. Abdullah, A. K. (2014). Şukūk and bonds: A comparison. In M. H. Kamali & A. K. Abdullah (Eds.), Islamic finance issues in sukuk and proposals for reform (pp. 69–95). International Institute of Advanced Islamic Studies and the Islamic Foundation.
3. ADB (2014). Asia bond monitor March 2014. https://www.adb.org/sites/default/files/publication/31219/asia-bond-monitor-march2014.pdf
4. al-Ali, S. (2019). Raising capital on şukūk markets. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-14536-1
5. Al-Amine, M. Al-B. M. (2012). Global sukūk and Islamic securitization market: financial engineering and product innovation. Brill NV.
6. Al-Amine, M. al-B. M. (2014). Unresolved shari’ah issues in şukuk structuring. In M. H. Kamali & A. K. Abdullah (Eds.), Islamic finance issues in sukuk and proposals for reform (pp. 29–57). International Institute of Advanced Islamic Studies and the Islamic Foundation.
7. Ali, M. I. (2014). Şukūk: perception, innovation and challenges. In M. H. Kamali & A. K. Abdullah (Eds.), Islamic finance issues in sukuk and proposals for reform (pp. 57–68). International Institute of Advanced Islamic Studies and the Islamic Foundation.
8. Ali, S. S. (2009). A primer on sukuk products for sovereign issuers. https://zulkiflihasan.wordpress.com/wp-content/uploads/2009/11/sukuk-presentation-8-short.pdf

9. Al-Natoor, B. (2021). The rise of green and sustainable sukuk and the road ahead. https://www.islamicfinancenews.com/the-rise-of-green-and-sustainable-sukuk-and-the-road-ahead.html
10. Ariff, M., Safari, M., & Mohamad, S. (2012). Sukuk securities, their definitions, classification and pricing issues. In M. Ariff, M. Iqbal, & S. Mohamad (Eds.), Islamic debt market for sukuk securities (pp. 11–42). Edward Elgar. https://doi.org/10.1002/9781119029236.ch2
11. Ariff, M., Zarei, A., & Bhatti, I. (2018). Test on yields of equivalently-rated bonds. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 59–77. https://doi.org/10.1108/IMEFM-02-2017-0040
12. Askari, H., Iqbal, Z., Krichene, N., & Mirakhor, A. (2010). The stability of Islamic finance: creating a resilient financial environment for a secure future. John Wiley & Sons. https://doi.org/10.1002/9781118390450
13. Asmuni, N. H., & Tan, K. S. (2021). Exploring the yield spread between sukuk and conventional bonds in Malaysia. Journal of Emerging Market Finance, 20(3), 165–191. https://doi.org/10.1177/0972652720969519
14. Awn, A. M., & Azam, S. M. F. (2020). Libyan investors’ intention to invest in Islamic sukuk: theory of planned behaviour approach. European Journal of Economic and Financial Research, 4(1), 71–90. https://doi.org/http://dx.doi.org/10.46827/ejefr.v0i0.794.
15. Balibek, E. (2017). Establishing a legal framework for sovereign sukuk issuance: a public debt management perspective (18; MFM Discussion Paper). https://documents1.worldbank.org/curated/en/907001497472893193/pdf/Establishing-a-legal-framework-for-sovereign-sukuk-issuance-a-public-debt-management-perspective.pdf
16. Balli, F., Ghassan, H., & al Jeefri, E. H. (2021). Sukuk and bond spreads. Journal of Economics and Finance, 45(3), 529–543. https://doi.org/10.1007/s12197-021-09545-9
17. Bangladesh Ministry Of Finance (2021). Debt bulletin, issue no.1. https://mof.portal.gov.bd/sites/default/files/files/mof.portal.gov.bd/page/157830c6_9eaa_4ce7_be70_72b67c0f06e5/Quarter%20Debt%20Bulletin%202021-04.pdf
18. Boujlil, R., Hassan, M. K., & Grassa, R. (2020). Sovereign debt issuance choice: sukuk vs conventional bonds. Journal of Islamic Monetary Economics and Finance, 6(2), 275–294. https://doi.org/10.21098/jimf.v6i2.1104
19. Cabral, R. (2016). Public debt auditing: the role of the debt management strategy. http://www. intosaicommunity.net/wgpd/content/anual-meeting-2015/15WBRoleDebtM_i.pdf
20. Chermi, H., & Jerbi, Y. (2015). Sukuk as an attractive alternative of funding and investment in Tunisia. Journal of Emerging Economies and Islamic Research, 3(1), 60–81. https://doi.org/10.24191/jeeir.v3i1.9052
21. Chowdhury, T. S., & Salema, S. M. K. (2023). Factors influencing the individual investors of Bangladesh to opt for investment in ṣukūk. Islamic Economic Studies, 31(1/2), 88–107. https://doi.org/10.1108/ies-01-2023-0002
22. Comcec (2017). The role of sukuk in Islamic capital markets. https://www.sbb.gov.tr/wp-content/uploads/2018/11/The_Role_of_Sukuk_in_Islamic_Capital_Markets.pdf
23. Das, U., Papaioannou, M. G., Pedras, G. B. V., Ahmed, F., & Surti, J. (2010). Managing public debt and its financial stability implications. In IMF Working Paper (10/280; IMF Working Paper). https://doi.org/10.2139/ssrn.1751392
24. Deloitte & Isra (2018). Sukuk in focus the necessity for global common practices. https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/financial-services/deloitte-isra%20sukuk.pdf
25. Egeli, H., & Tandırcıoğlu, H. (2009). Borç yönetiminde patronaj sorunu. Sosyoekonomi, 10(10), 7–30. https://doi.org/10.17233/SE.82613
26. Ela, M. (2022). Kamu borç yönetimi genel esaslar. Eğitim Yayınevi.
27. Fastenrath, F., Schwan, M., & Trampusch, C. (2017). Where states and markets meet: the financialisation of sovereign debt management. New Political Economy, 22(3), 273–293. https://doi.org/10.1080/13563467.2017.1232708
28. Federal Government Of Nigeria (n.d.). Sovereign sukuk. N100 billion investment trust certificates. Retrieved May 18, 2024, from https://www.dmo.gov.ng/fgn-bonds/sovereign-sukuk/2187-all-you-need-to-know-about-the-sovereign-sukuk/file
29. Government Of Pakistan Sukuk Privately Placed Regulations (2017). S.R.O. 836(I)/2017, sukuk (privately placed) regulations, 2017. https://www.secp.gov.pk/document/sro-836-i2017-sukuk-privately-placed-regulations-2017/
30. Hm Treasury (2023). Debt management report 2023-24. https://www.gov.uk/government/publications/debt-management-report-2023-24
31. Hoogduin, L., Öztürk, B., & Wierts, P. (2011). Public debt managers’ behaviour interactions with macro policies. Revue Economique, 62(6), 1105–1122. https://doi.org/10.3917/reco.626.1105
32. Hossain, M. S., Uddin, M. H., & Kabir, S. H. (2021). Sukuk and bond puzzle: An analysis with characteristics matched portfolios. Emerging Markets Finance and Trade, 57(13), 3792–3817. https://doi.org/10.1080/1540496X.2019.1706478
33. HSBC (2011). Development of sukuk market: global perspective. https://www3.tcmb.gov.tr/IslamicFinance/materials/day4-afternoon-hanef.pdf
34. Hubig, A. (2013). Introduction of a new conceptual framework for government debt management: With a special emphasis on modeling the term structure dynamics. Springer. https://doi.org/10.1007/978-3-658-00918-2
35. IFN (2015). Islamic finance news 2015 annual guide. REDmoney. https://www.islamicfinancenews.com/supplements/ifn-annual-guide-2015
36. IFSB (2009). Capital adequacy requirements for sukūk, securitizations and real estate investment. https://zulkiflihasan.files.wordpress.com/2008/06/ifsb7.pdf
37. IIFM (2011). Sukuk report. A comprehensive study of the global sukuk market. 1st edition. https://www.iifm.net/frontend/general-documents/8016a9e439814b84dc11b77dfa2f75c61634814285.pdf
38. IIFM (2013). Sukuk report. A comprehensive study of the global sukuk market 3rd edition. https://www.iifm.net/frontend/general-documents/aff1d5aefa1ad077dd4b492376d635381635237485.pdf
39. IIFM (2016). Sukuk report. A comprehensive study of the global sukuk market 5th edition. https://www.iifm.net/frontend/general-documents/b9f97a5295d601a56600f090c0178af61635237632.pdf
40. IIFM (2017). Sukuk report. A comprehensive study of the global sukuk market 6th edition. https://www.iifm.net/frontend/general-documents/02b43f812d4bcee22e8aac71428e3da01635237715.pdf
41. IIFM (2021). 10 years of research. sukuk report. A comprehensive study of the global sukuk market. 10th edition. https://www.iifm.net/frontend/general-documents/bcd691cfb4233fb37d783550210103921635251580.pdf
42. IIFM (2022). Sukuk report. A comprehensive study of the global sukuk market. 11th edition. https://www.iifm.net/frontend/general-documents/b387b56a6a4c664ff1fa2bc16f2ef1be1662443654.pdf
43. IIFM (2023). Sukuk report. A comprehensive study of the global sukuk market 12th edition. https://www.iifm.net/frontend/general-documents/f0a12d4a6880f8e3bc23a23a03baa8e61693983390.pdf
44. IIFM (2024). Sukuk report. A comprehensive study of the global sukuk market 13th edition. https://iifm.net/frontend/general-documents/61b62b8779cbce687eac670ce915a3b31732169124.pdf
45. IMF (2015). IMF survey: Islamic finance: meeting global aspirations. https://www.imf.org/en/News/Articles/2015/09/28/04/53/sonew110915a
46. IMF & WORLD BANK (2014). Revised guidelines for public debt management. https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Revised-Guidelines-for-PublicDebt-Management-PP4855
47. Islam, K. M. A., Islam, S., al-Kharusi, S., Bhuiyan, A. B., & Haque, M. S. (2023). Individuals’ purchase intention of the Sukuk bond: A study on developing economy. Innovative Marketing, 19(3), 187–196. https://doi.org/10.21511/im.19(3).2023.16
48. Jamaldeen, F. (2012). Islamic finance for dummies. John Wiley & Sons.
49. Jobst, A. (2009). Islamic securitisation: An ethical remedy to incentive problems? International Journal of Monetary Economics and Finance, 2(3–4), 348–365. https://doi.org/10.1504/IJMEF.2009.029068
50. Jobst, A., Kunzel, P., Mills, P., & Sy, A. (2008). Islamic bond issuance: what sovereign debt managers need to know. IMF Policy Discussion Paper, 2008/003, Art. 08/03.
51. Jonasson, T., & Papaioannou, M. (2018). A primer on managing sovereign debt-portfolio risks. IMF Working Papers, 074. https://doi.org/10.5089/9781484350546.001
52. Jordan Ministry Of Finance (2017). Medium term debt management strategy (2017-2021). https://mof.gov.jo/ebv4.0/root_storage/en/eb_list_page/medium_term_debt_management_strategy_(2017-2021).pdf
53. Karimzadeh, M. (2012). Role of sukuk in Islamic capital market: experience of Iran (1994 - 2011). Oman Chapter of Arabian Journal of Business and Management Review, 1(7), 94–105. https://doi.org/10.12816/0002138
54. Khan, H. R. (2016). Public debt management: reflections on strategy and structure. In C. Singh (Ed.), Public debt management separation of debt from monetary management in India (pp. 9–22). Springer. https://doi.org/10.1007/978-81-322-3649-8_2
55. Köstekçi, A., & Yıldız, F. (2019). Kamu borç yönetimi Türkiye ve OECD ülke uygulamaları. Ekin Yayınevi.
56. Kusuma, K. A., & Silva, A. C. (2014). Sukuk markets a proposed approach for development. World Bank Policy Research Working Paper, 7133. http://econ.worldbank.org.
57. Laila, N., Hasib, F. F., & Anshori, M. (2018). The obstacles in developing Indonesia’s sovereign sukuk. In B. M. Skoco, R. Setianto, N. Arina, A. G. Abdullah, A. Nandiyanto, & R. Hurriyati (Eds.), Increasing management relevance and competitiveness (pp. 329–334). CRC Press. https://doi.org/10.1201/9781351241892-61
58. LSEG (2023). Green and sustainability sukuk update 2023: Financing a sustainable future. LSEG. https://www.lseg.com/content/dam/data-analytics/en_us/documents/reports/lseg-green-and-sustainability-sukuk-update-2023-report.pdf
59. Lutfiani, H. (2018). Concept and application of sovereign sukuk in state budget deficit financing in Indonesia. Al Mashalih - Journal of Islamic Law, 1(2), 1–14.
60. MOODY’S (2009). Post-crisis surge in sukuk issuances: overview and trend analysis (part i). https://islamicfinancenews.com/sites/default/files/newsletters/v6i46.pdf
61. National Bank Of Egypt (2021). Economic bulletin 3rd issue - September volume 71. https://www.nbe.com.eg/AssetsManager/a0c23104-567b-425c-8c25-42c91e7bcc70.pdf
62. OECD (1996). Government debt management. In G. J. Miller (Ed.), Handbook of debt management (pp. 657–692). Marcel Dekker.
63. OECD (2018). OECD sovereign borrowing outlook 2018. OECD Publishing. https://doi.org/https://doi.org/10.1787/sov_b_outlk-2018-en
64. OECD (2021). OECD sovereign borrowing outlook 2021. OECD Publishing. https://doi.org/https://doi.org/10.1787/48828791-en
65. Paalzow, A. (1992). Public debt management [Doctoral Dissertation]. Stockholm School of Economics (Ekonomiska forskningsinstitutet vid Handelshögsk) (EFI).
66. Pakistan Debt Management Office (2023). Medium term debt management strategy (FY23-FY26). https://www.finance.gov.pk/publications/MTDS_FY23_FY26.pdf
67. Pasha, S. (2011). Western debt crisis spurs growth of Islamic finance. https://www.reuters.com/article/finance-islamic/feature-western-debt-crisis-spurs-growth-of-islamic-finance-idINL5E7MS0UB20111130/?edition-redirect=in
68. REFINITIV (2022). Sukuk perceptions and forecast study 2022. Navigating a new environment. https://static.zawya.com/pdf/Islamic%20Finance%20Development%20Reports/Refinitiv%20IFG-Sukuk%20Perceptions%20and%20Forecast%20Study%202022.pdf
69. REUTERS (2012). Text-S&P says global crisis has boosted growth in the sukuk market. http: //uk.reuters.com/article/idUKWLA293520120215
70. REUTERS (2014). Sukuk perceptions and forecast study 2014.”, http: //thomsonreuters.com
71. Safari, M., Ariff, M., & Mohamad, S. (2014). Sukuk securities: new ways of debt contracting. John Wiley & Sons.
72. Salah, O. (2014). Sukuk structures: legal engineering under Dutch law. Eleven International Publishing.
73. Sophastienphong, K., Mu, Y., & Saporito, C. (2008). South Asian bond markets: developing long-term finance for growth. World bank Publishing.
74. Srivastava, P. (2016). Debt management of the government. In C. Singh (Ed.), Public debt management. India studies in business and economics (pp. 23–39). Springer. https://doi.org/https://doi.org/10.1007/978-81-322-3649-8_3
75. STATISTA (2024). Distribution of total sovereign sukuk issuance worldwide in 2022, by country. https://www.statista.com/statistics/649298/distribution-of-sovereign-sukuk-issuance-by-country/
76. The Republic Of Indonesia Law Number 19 (2018). Law of state sharia bonds. http://www.flevin.com/id/lgso/translations/Laws/Law%20No.%2019%20of%202008%20on%20State%20Sharia%20Bonds%20(MoF).pdf
77. Turkey Undersecretariat Of Treasury (2014). Public debt management report 2014. https://ms.hmb.gov.tr/uploads/sites/2/2018/12/Public-Debt-Management-Report-2014.pdf
78. Uae Federal Debt Management Office (n.d.). T-sukuk: local currency Islamic sukuk issuance. Retrieved December 20, 2023, from https://mof.gov.ae/local-currency-islamic-sukuk-issuance
79. Ulusoy, A. (2016). Devlet borçlanması. Celepler Matbaacılık.
80. Wedderburn-Day, A. R. (2010). Sovereign sukuk: adaptation and innovation. Law and Contemporary Problems, 73(4), 325–333. https://scholarship.law.duke.edu/lcp/vol73/iss4/21
81. Wheeler, G. (2004). Sound practice in government debt management. World Bank Publishing. https://doi.org/10.1596/0-8213-5073-0