SUKUK PİYASALARINDA DOLANDIRICILIK RİSKLERİ: KURUMSAL ZAFİYETLER VE ÖNLEYİCİ STRATEJİLER

Öz

Bu araştırma, İslami finansal enstrümanlar arasında giderek artan bir öneme sahip olan sukuk piyasalarında ortaya çıkan dolandırıcılık risklerini kurumsal ve yapısal boyutlarıyla incelemektedir. Literatür taramasında sukukun hukuki ve yapısal özellikleri ile İslami finans ilkeleri ele alınmış, dolandırıcılık davranışları ise “hile üçgeni” çerçevesinde değerlendirilmiştir. Araştırmada beş çarpıcı vaka (Dana Gas, The Investment Dar, IIG Kademeli Temerrüd Vakası, Saad Group & Al Gosaibi ve Goldman Sachs Sukuk) üzerinden risk türleri analiz edilmiş; bu vakalarda görülen temel sorunların sahte varlık beyanları, fonların amacı dışında kullanımı, Ponzi benzeri yapılandırmalar ve şeriat uyumluluğunun manipülasyonu olduğu ortaya koyulmuştur. Ayrıca, Şeriat Danışma Kurullarının bağımsızlık eksikliği, uluslararası düzenlemelerdeki uyumsuzluk, denetim ve şeffaflık açıkları gibi sistemsel kurumsal zafiyetler irdelenmiştir. Araştırma, bağımsız varlık doğrulama süreçleri, AAOIFI/IFSB standartlarının zorunlu hale getirilmesi, kamuoyu bilgilendirmesinin kurumsallaşması ve şeriat danışmanlarının profesyonel sertifikasyonu gibi önleyici mekanizmalar önermektedir. Araştırma, sukuk piyasalarının hem etik hem de finansal sürdürülebilirliği için güçlü regülasyon, denetim ve yönetişim yapılarına ihtiyaç duyduğunu vurgulamaktadır.

Anahtar Kelimeler

• Sukuk
• İslami Finans
• Dolandırıcılık
• Şeriat Uyumlu Yatırımlar
• Finansal Regülasyon

FRAUD RISKS IN SUKUK MARKETS: INSTITUTIONAL VULNERABILITIES AND PREVENTIVE STRATEGIES

Öz

This study examines the risks of fraud emerging in sukuk markets—which are gaining increasing importance among Islamic financial instruments—through both institutional and structural dimensionss. The literature review covers the legal and structural characteristics of sukuk as well as the principles of Islamic finance, while fraudulent behaviors are assessed within the framework of the “fraud triangle”. The study analyzes types of risk through five notable cases (Dana Gas, The Investment Dar, the IIG Gradual Default Case, Saad Group & Al Gosaibi and Goldman Sachs Sukuk), revealing that the main issues in these cases include false asset declarations, misuse of funds, Ponzi-like structures, and manipulation of Shariah compliance. Additionally, systemic institutional weaknesses such as the lack of independence of Shariah Supervisory Boards, inconsistencies in international regulations, and deficiencies in audit and transparency mechanisms are examined. The research proposes preventive mechanisms such as independent asset verification processes, mandatory implementation of AAOIFI/IFSB standards, institutionalized public disclosure, and professional certification of Shariah advisorss. The research emphasizes the need for robust regulatory, supervisory, and governance frameworks to ensure both the ethical and financial sustainability of sukuk marketss.

Anahtar Kelimeler

• Sukuk
• Islamic Finance
• Fraud
• Shariah Compliant Investments
• Financial Regulation

Kaynakça

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