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Analysis of Sukuk Types According to the Prohibition on Trading in Secondary Markets and Sale of Debt

Year 2023, Volume: 13 Issue: 2, 331 - 359, 31.12.2023
https://doi.org/10.31679/adamakademi.1019069

Abstract

The ability of sukuk types, which play an important role in the liquidity management of interest-free financial institutions, to be traded in the secondary market is of vital importance for these institutions. In order for sukuk certificates to be traded in secondary markets, the sukuk must be issued as asset-based, not debt-based. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has published a standard on sukuk, and a clear understanding of this standard is very important for interest-free financial institutions that issue sukuk and use it in liquidity management. This is because these financial institutions should not trade some sukuk certificates in the secondary market and use them in liquidity management, as the sale of debt is prohibited by law. The purpose of this article is to investigate the types of sukuk issued by the state institutions of various countries and to determine whether these sukuk types are suitable for trading in the secondary market according to the AAOIFI sukuk standard and the prohibition of debt sale (bay'al-dayn). In the article, it was determined that some of these sukuk types were introduced to the market for liquidity management purposes even though they are not suitable for the secondary market in terms of fiqh.

References

  • AAOIFI (2010). El-Meâyirü’ş-şeriyye. Manama. Türkçe çevirisi: Faizsiz Bankacılık Standartları. Türkiye Katılım Bankaları Birliği, Yayın No: 2. İstanbul: 2012.
  • AAOIFI (2021). Objectives. http://aaoifi.com/objectives/?lang=en [04.11.2021].
  • Ahroum, R. et al. (2018). Investment Strategies with Rebalancing: How Could They Serve Sukuk Secondary Market? Borsa Istanbul Review, 18(2), 91-100.
  • Al-Ali, S. (2019). Raising Capital on Şukuk Market, Structural, Legal and Regulatory Issues. Palgrave Macmillan.
  • Amin, H. (2007). An Analysis of the Classical and Contemporary Juristic Opinions on Bay al-Dayn. Labuan a Journal of Muamalat and Society, 1, 29-40.
  • Arif, M. (2014). Sukuk Securities. New Ways of Debt Contracting. Wiley.
  • Aydın, M.A. (1994). Deyn. TDV İslam Ansiklopedisi. Cilt: 9, s. 266-268.
  • Billah, M.M. (2019). Islamic Financial Products (Principles, Instruments and Structures). Palgrave Macmillan.
  • Cebeci, İ. (2016). Sukuk. TDV İslam Ansiklopedisi, Cilt Ek 2, s. 529-533.
  • COMCEC (2018). The Role of Sukuk in Islamic Capital Markets. COMCEC Coordination Office. February 2018.
  • Haneef, R. (2009). “Asset-Backed” to “Asset-Light” Structures: The Intricate History of Sukuk, ISRA International Journal of Islamic Finance, 1(1), 103-127.
  • İSEDAK (2019). İslami Sermaye Piyasalarında Sukukun Rolü. İSEDAK Koordinasyon Ofisi. Haziran 2019.
  • Kara, Y. (2012). İslam Hukuku’nda Deynin Deyn Karşılığında Satımı, İslam Hukuku Araştırmaları Dergisi, 20, 389-415.
  • Lahsasna, A. (2014). Shari’ah Non-Compliance Risk Management and Legal Documentation in Islamic Finance. Wiley.
  • Latham & Watkins LLP (2015). The Sukuk Handbook: A Guide to Structuring Sukuk. Second Edition.
  • Radzali, N. E. B., Habibi, N. A. B. M. N., Sabri, N. A. B. M., & Ismail, S. A. B. (2019). Examining Contracts Used in Islamic Trade Financing: Issues in Bai Al-Dayn and Murabahah. International Journal of Management and Applied Research, 6(4), 366-374.
  • Razali, S. S. (2012). Revisiting the Principles of Gharar (Uncertainty) in Islamic Banking Financing Instruments with Special Reference to Bay al-Inah and Bay al-Dayn towards A New Modified Model. International Journal of Financial Management, 2(1), 15.
  • Resmî Gazete, (2013). Kira Sertifikaları Tebliği, Sayı: 28670, https://www.resmi gazete.gov.tr/eskiler /2013/06/20130607-14.htm [12.05.2020].
  • Rizvi, S.A.R., Bacha, O.İ., & Mirakhor, A. (2016). Public Finance and Islamic Capital Markets: Theory and Application. Springer.
  • Rosly, S.A. & Sanusi, M. (1999). The Application of Bay’ al-Inah and Bay’ al-Dayn in Malaysian Islamic Bonds: An Islamic Analysis. International Journal of Islamic Financial Services, 1(2).
  • Securities Commission Malaysia (2015). Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework. Kuala Lumpur: Securities Commission Malaysia.
  • South China Morning Post (28 May 2015). Hong Kong Government Sells Second Islamic Sukuk Bond to Raise US$1.1 Billion. Available at http://www.scmp.com/business/markets/article/1811139/hong-kong-governmentsells-second-islamic-sukuk-bond-raise-us1 [04.12.2022].
  • Thomson Reuters & IRTI (2016). Indonesia Islamic Finance Report Prospects for Exponential Growth. Available at https://ceif.iba.edu.pk/pdf/ThomsonReutersIndonesiaIslamicFinanceReportProspect sfExponentialGrowth.pdf [04.12.2022].
  • Ulusoy, A. & Ela, M. (2016). Sukukun İkinci El Piyasa Sorunu. Hukuk ve İktisat Araştırmaları Dergisi, 8(1), 55-70.
  • Ulusoy, A. & Ela, M. (2018). Secondary Market of Sukuk: An Overview. International Journal of Islamic Economics and Finance Studies, 4(2), 17-32.

Sukuk Türlerinin İkincil Piyasalarda İşlem Görebilmesi ve Borç Satışı Yasağına Göre Analizi

Year 2023, Volume: 13 Issue: 2, 331 - 359, 31.12.2023
https://doi.org/10.31679/adamakademi.1019069

Abstract

Faizsiz finans kuruluşlarının likidite yönetimlerinde önemli bir rol oynayan sukuk türlerinin ikincil piyasada işlem görebilme kabiliyeti bu kuruluşlar için hayati önem taşımaktadır. Sukuk sertifikalarının ikincil piyasalarda işlem görebilmesi için sukukun borca dayalı değil varlığa dayalı olarak ihraç edilmiş olması gerekir. İslami Finans Kuruluşları için Muhasebe ve Denetim Kurumu (AAOIFI), sukuk hakkında bir standart yayınlamış olup, bu standardın açıkça anlaşılması, sukuk ihraç eden ve likidite yönetiminde kullanan faizsiz finansal kurumlar için oldukça önemlidir. Bunun nedeni, borç satışının fıkhen yasak olması nedeniyle bu finansal kuruluşların bazı sukuk sertifikalarını ikincil piyasada alıp satmamaları ve likidite yönetiminde kullanmamaları gerekliliğidir. Makalenin yazılma amacı; çeşitli ülkelerin devlet kurumlarının ihraç ettikleri sukuk türlerini araştırarak, bu sukuk türlerinin AAOIFI sukuk standardına ve borç satışı (bay’al-dayn) yasağına göre ikincil piyasada alınıp satılmaya uygun olup olmadıklarını tespit etmektir. Makalede bu sukuk türlerinden bazılarının fıkhi açıdan ikincil piyasaya uygun olmadıkları halde likidite yönetimi amacıyla piyasaya sürüldükleri belirlenmiştir.

References

  • AAOIFI (2010). El-Meâyirü’ş-şeriyye. Manama. Türkçe çevirisi: Faizsiz Bankacılık Standartları. Türkiye Katılım Bankaları Birliği, Yayın No: 2. İstanbul: 2012.
  • AAOIFI (2021). Objectives. http://aaoifi.com/objectives/?lang=en [04.11.2021].
  • Ahroum, R. et al. (2018). Investment Strategies with Rebalancing: How Could They Serve Sukuk Secondary Market? Borsa Istanbul Review, 18(2), 91-100.
  • Al-Ali, S. (2019). Raising Capital on Şukuk Market, Structural, Legal and Regulatory Issues. Palgrave Macmillan.
  • Amin, H. (2007). An Analysis of the Classical and Contemporary Juristic Opinions on Bay al-Dayn. Labuan a Journal of Muamalat and Society, 1, 29-40.
  • Arif, M. (2014). Sukuk Securities. New Ways of Debt Contracting. Wiley.
  • Aydın, M.A. (1994). Deyn. TDV İslam Ansiklopedisi. Cilt: 9, s. 266-268.
  • Billah, M.M. (2019). Islamic Financial Products (Principles, Instruments and Structures). Palgrave Macmillan.
  • Cebeci, İ. (2016). Sukuk. TDV İslam Ansiklopedisi, Cilt Ek 2, s. 529-533.
  • COMCEC (2018). The Role of Sukuk in Islamic Capital Markets. COMCEC Coordination Office. February 2018.
  • Haneef, R. (2009). “Asset-Backed” to “Asset-Light” Structures: The Intricate History of Sukuk, ISRA International Journal of Islamic Finance, 1(1), 103-127.
  • İSEDAK (2019). İslami Sermaye Piyasalarında Sukukun Rolü. İSEDAK Koordinasyon Ofisi. Haziran 2019.
  • Kara, Y. (2012). İslam Hukuku’nda Deynin Deyn Karşılığında Satımı, İslam Hukuku Araştırmaları Dergisi, 20, 389-415.
  • Lahsasna, A. (2014). Shari’ah Non-Compliance Risk Management and Legal Documentation in Islamic Finance. Wiley.
  • Latham & Watkins LLP (2015). The Sukuk Handbook: A Guide to Structuring Sukuk. Second Edition.
  • Radzali, N. E. B., Habibi, N. A. B. M. N., Sabri, N. A. B. M., & Ismail, S. A. B. (2019). Examining Contracts Used in Islamic Trade Financing: Issues in Bai Al-Dayn and Murabahah. International Journal of Management and Applied Research, 6(4), 366-374.
  • Razali, S. S. (2012). Revisiting the Principles of Gharar (Uncertainty) in Islamic Banking Financing Instruments with Special Reference to Bay al-Inah and Bay al-Dayn towards A New Modified Model. International Journal of Financial Management, 2(1), 15.
  • Resmî Gazete, (2013). Kira Sertifikaları Tebliği, Sayı: 28670, https://www.resmi gazete.gov.tr/eskiler /2013/06/20130607-14.htm [12.05.2020].
  • Rizvi, S.A.R., Bacha, O.İ., & Mirakhor, A. (2016). Public Finance and Islamic Capital Markets: Theory and Application. Springer.
  • Rosly, S.A. & Sanusi, M. (1999). The Application of Bay’ al-Inah and Bay’ al-Dayn in Malaysian Islamic Bonds: An Islamic Analysis. International Journal of Islamic Financial Services, 1(2).
  • Securities Commission Malaysia (2015). Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework. Kuala Lumpur: Securities Commission Malaysia.
  • South China Morning Post (28 May 2015). Hong Kong Government Sells Second Islamic Sukuk Bond to Raise US$1.1 Billion. Available at http://www.scmp.com/business/markets/article/1811139/hong-kong-governmentsells-second-islamic-sukuk-bond-raise-us1 [04.12.2022].
  • Thomson Reuters & IRTI (2016). Indonesia Islamic Finance Report Prospects for Exponential Growth. Available at https://ceif.iba.edu.pk/pdf/ThomsonReutersIndonesiaIslamicFinanceReportProspect sfExponentialGrowth.pdf [04.12.2022].
  • Ulusoy, A. & Ela, M. (2016). Sukukun İkinci El Piyasa Sorunu. Hukuk ve İktisat Araştırmaları Dergisi, 8(1), 55-70.
  • Ulusoy, A. & Ela, M. (2018). Secondary Market of Sukuk: An Overview. International Journal of Islamic Economics and Finance Studies, 4(2), 17-32.
There are 25 citations in total.

Details

Primary Language Turkish
Subjects Participation Banking
Journal Section Articles
Authors

Fatih Kazancı 0000-0002-7865-4229

Publication Date December 31, 2023
Submission Date November 4, 2021
Published in Issue Year 2023 Volume: 13 Issue: 2

Cite

APA Kazancı, F. (2023). Sukuk Türlerinin İkincil Piyasalarda İşlem Görebilmesi ve Borç Satışı Yasağına Göre Analizi. Adam Academy Journal of Social Sciences, 13(2), 331-359. https://doi.org/10.31679/adamakademi.1019069

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