Menkul kıymet olarak sukuk ihracı ve analizi
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Date
2015-11-08
Authors
Günaydın, Avni
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Publisher
Uludağ Üniversitesi
Abstract
Yüksek kapasiteli üretim yapan firmaların kurulması, uluslar arası sermaye hareketliliğinin artması ve teknik gelişmeler menkul kıymetleştirme çalışmalarının ekonomilerdeki ağırlığını artmıştır. Menkul kıymetleştirme çalışmaları; fona ihtiyacı olanların fon temini, elinde fon fazlası bulunanların ise gelir elde etmelerine imkân sağlarken, İslâmi kurallara göre hayatını tanzim eden kişiler kapitalist finansman yöntemlerine uzak durduklarından bir yandan ellerindeki fonlar atıl kalmakta, diğer taraftan da ihtiyaç duyulan kaynaklara erişimde zorluk yaşamaktadırlar. İktisadi verimsizliğe sebebiyet veren bu durumun ortadan kaldırılabilmesi için İslâmi prensiplere uygun finansal ürünlerin iktisadi hayattaki etkinliğini artırmaya yönelik çalışmaların sonucunda; önce faizsiz bankacılık ardından da menkul kıymetleştirme ve sigortacılık ürünleri geliştirilmiştir. 2013 yılı itibarıyla İslâmi finansal ürünlerin aktif toplamı 1,7 trilyon USD'ye ulaşmıştır. İslâm ülkelerinde faaliyet gösteren faizsiz bankalar konvansiyonel bankalardan daha yüksek ivme ile büyüme göstermektedir. Konvansiyonel menkul kıymetlere ilaveten İslâmi prensiplere uygun olarak geliştirilen sukuklar, Malezya'da uygulanmaya başlamış kısa sürede diğer İslâm ülkelerine ve ekonomik gelişmesi yüksek seviyede olan ülkelere yayılmıştır. Ülkemiz hukuk literatüründe "kira sertifikası" olarak tanımlanan sukuklar, İslâmi kurallara uygun bir menkul kıymet olmasının yanısıra, iktisadi gerçekliğe de uyum sağladığından, hem kamu hem de özel sektör şirketleri tarafından ihraç edilen sukuklar yatırımcılardan beklenen seviyede talep görmektedir. Kira sertifikalarının ihracı öncesinde ve ihracı sonrasındaki aşamalarla ilgili olarak; asimetrik bilgiyi önleyecek ve iktisadi riski asgaride tutacak düzenlemelerin yapılması ihtiyacı ortaya çıkmaktadır. Bu konularda, ortaya çıkacak aksaklıklar, henüz yeni sayılan bir ürünün taraflarında zarar ve moral değer aşınmasına sebebiyet vererek, ürünün geleceğini riskli hale getirebilir. Çalışmamız; İslâmda finansman ve finansman araçları, menkul kıymet, menkul kıymet olarak sukuk, sonuç ve değerlendirme olmak üzere dört bölümden oluşmaktadır. Birinci bölümde, finansman ve İslamda finansal ürün ve müesseseler tetkik edilmiş, İkinci bölümde, menkul kıymetleştirme ve İslâmda menkul kıymetleştirme çalışmaları analiz edilmiş, Üçüncü bölümde; sukuk'un tanımı, gelişimi, İslâmi prensiplerle uyumu, ülkemizdeki uygulamaları incelenmiş, Sonuç ve değerlendirme bölümünde ise; uygulamadaki aksaklıklar ve alınması gereken tedbirlere ilişkin tespitler yapılmıştır.
The establishment of a high-capacity production firms, growth and technical development of international capital mobility has increased its weight in the economy of the securitization operation. Securitization activities; Providing funds to those who need funds, while having more funds in the hands, while allowing them to generate revenue, according to Islamic rules life issuing entities would be idle funds on the one hand hand they stay away from the capitalist method of financing, have difficulty in access to the resources needed from the other side. Economically inefficient, giving rise to Islamic principles in order to eliminate this situation as a result of efforts to increase the effectiveness of the economic life of appropriate financial products; Before then the securitization Islamic banking and insurance products are developed. As of 2013, the total assets of Islamic financial products has reached 1.7 trillion. Interest-free Islamic banks operating in the country shows growth with higher acceleration than conventional banks. In addition to conventional securities, developed in accordance with the principles of Islamic Sukuk and, as soon as the other Islamic countries have begun to be implemented in Malaysia and spread to countries where economic development is high. Our country is in the legal literature "Sukuk" is defined as sukuk, in addition to being suitable securities to Islamic rule, economic reality also is fit, both public and private sector companies issued by Sukuk are in demand at the expected level of investors With regard to step in before and after the issuance of Sukuk issuance; to prevent asymmetric information and making arrangements to keep to a minimum the risk of economic need arises. These issues will emerge disruptions, damage to the side of a new product not yet listed and moral values giving rise to wear, can make the risk the future of the product. Our study; In Islam funding and financing instruments, securities, Sukuk are securities, consists of four parts, including results and evaluation. In the first chapter, financing and financial products and institutions it has been examined in Islam, In the second part, securitization and securitization activities were analyzed in Islam, In the third part; Sukuk in the definition, development, compliance with Islamic principles, examined practices in our country, In the conclusion and evaluation; disruptions related to application detection and measures to be taken are made.
The establishment of a high-capacity production firms, growth and technical development of international capital mobility has increased its weight in the economy of the securitization operation. Securitization activities; Providing funds to those who need funds, while having more funds in the hands, while allowing them to generate revenue, according to Islamic rules life issuing entities would be idle funds on the one hand hand they stay away from the capitalist method of financing, have difficulty in access to the resources needed from the other side. Economically inefficient, giving rise to Islamic principles in order to eliminate this situation as a result of efforts to increase the effectiveness of the economic life of appropriate financial products; Before then the securitization Islamic banking and insurance products are developed. As of 2013, the total assets of Islamic financial products has reached 1.7 trillion. Interest-free Islamic banks operating in the country shows growth with higher acceleration than conventional banks. In addition to conventional securities, developed in accordance with the principles of Islamic Sukuk and, as soon as the other Islamic countries have begun to be implemented in Malaysia and spread to countries where economic development is high. Our country is in the legal literature "Sukuk" is defined as sukuk, in addition to being suitable securities to Islamic rule, economic reality also is fit, both public and private sector companies issued by Sukuk are in demand at the expected level of investors With regard to step in before and after the issuance of Sukuk issuance; to prevent asymmetric information and making arrangements to keep to a minimum the risk of economic need arises. These issues will emerge disruptions, damage to the side of a new product not yet listed and moral values giving rise to wear, can make the risk the future of the product. Our study; In Islam funding and financing instruments, securities, Sukuk are securities, consists of four parts, including results and evaluation. In the first chapter, financing and financial products and institutions it has been examined in Islam, In the second part, securitization and securitization activities were analyzed in Islam, In the third part; Sukuk in the definition, development, compliance with Islamic principles, examined practices in our country, In the conclusion and evaluation; disruptions related to application detection and measures to be taken are made.
Description
Keywords
Menkul kıymet, Menkul kıymetleştirme, Sukuk, Securities, Securitization, Sukuk, Finansal piyasa araçları, Finansman kaynakları, Tahvil ihracı, İslami finans teknikleri, Islamic finance techniques, Bond issues, Financial market instruments, Financial instrument
Citation
Günaydın, A. (2015). Menkul kıymet olarak sukuk ihracı ve analizi. Yayınlanmamış yüksek lisans tezi. Uludağ Üniversitesi Sosyal Bilimler Enstitüsü.