Case Analysis With Regard To Significant Sukuk Defaults

Yıl 2024, Cilt: 4 Sayı: 1, 16 - 41, 30.06.2024

Nurullah Tırman , İbrahim Keçeci

https://doi.org/10.58686/marufiktisat.1440420

Öz

Sukuk, the most popular instrument of the Islamic capital markets, is defined as the securitization of an asset or a project that offers economic value within the framework of Islamic finance contracts. Sukuk holders earn income based on trading (murabaha), leasing (ijarah), management agreement (al-wakala bi'l-istismar), realization of a project with a joint venture (mudarabah/musharakah), or production through forward manufacturing (istisna/salam) contracts. Securitized from different contract structures in accordance with Shariah principles, sukuk can be structured as asset-based and/or asset-backed. Although there is an underlying asset behind the issuance of sukuk, it still carries various financial risks. In addition to the risks of existing securities in the financial system, such as the risks arising from the originator, investor and the market, sukuk is exposed to additional risks such as the problem of Shariah compliance in line with the principles of Islamic finance, and insufficient legal infrastructure. In this study, by considering the risks related to sukuk, nine important case examples that have defaulted as a result of the realization of sukuk risks and have been examined and analyzed. The default cases in the examined emerged when the originator could not meet their obligations to sukuk investors on time due to problems arising from their commercial, financial and/or external factors.

Anahtar Kelimeler

sukuk, sukuk risks, default, sukuk defaults, sukuk cases

Temerrüde Düşen Önemli Sukuk İhraçlarına İlişkin Vaka Analizi

Öz

İslami sermaye piyasasının en önemli enstrümanı olarak görülen sukuk, iktisadi değer sunan bir varlık veya projenin İslami finans sözleşmeleri çerçevesinde menkul kıymetleştirilmesi olarak tanımlanmaktadır. Sukuk sahipleri, menkul kıymetleştirilen varlıklar üzerinden alım-satıma (murabaha), kiralamaya (icâre), vekâlet yoluyla yönetime (el-vekâle bi’l-istismar), ortak girişim (mudârebe/müşâreke) ile bir projenin hayata geçirilmesine veya vadeli üretim sözleşmeleri üzerinden üretime (istisnâ/selem) dayalı olarak gelir elde edebilmektedir. İslami finans prensiplerine uyumlu olarak farklı sözleşme yapıları üzerinden menkul kıymetleştirilen sukuk, varlık-temelli (asset-based) ve/veya varlığa-dayalı (asset-backed) olarak yapılandırılabilmektedir. Sukuk ihracının arkasında dayanak bir varlık bulunsa da çeşitli finansal risklere maruz kalmaktadır. Sukuk; kaynak kuruluş, yatırımcı ve piyasa yapısından kaynaklanan riskler gibi konvansiyonel finansal sistemdeki mevcut menkul kıymetlerin sahip olduğu risklerin yanı sıra İslami finans esasları doğrultusunda fıkhî uyum sorunu, hukuki altyapının yetersiz olması gibi ilave risklere de maruz kalmaktadır. Bu çalışmada, sukuka ilişkin riskler ele alınarak, bu risklerin gerçekleşmesi sonucunda temerrüde düşen ve sukuk piyasasında yankı uyandıran dokuz farklı vaka örneği incelenmiş ve analiz edilmiştir. İncelenen vakalardaki temerrüt durumları, kaynak kuruluşların ticari, mali ve/veya dış faktörlerden kaynaklı problemler nedeniyle, sukuk yatırımcılarına olan yükümlülüklerini tam olarak karşılayamaması ya da zamanında karşılayamaması durumunda ortaya çıkmıştır.

Anahtar Kelimeler

sukuk, sukuka ilişkin riskler, temerrüt, sukuk temerrüdü, sukuk vakaları

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