Research Article
BibTex RIS Cite

Doğal ve Sosyal Çevreye Duyarlı Yatırımda Ortaklığa Dayalı Sukuk Modeli

Year 2021, Volume: 15 Issue: 1, 27 - 59, 10.08.2021
https://doi.org/10.46520/bddkdergisi.986627

Abstract

İslam iktisadı anlayışında tüm paydaşların menfaatinin gözetilmesi, refahın adil dağılımı ve doğal çevreyi koruma temel esasları oluşturur. Bu anlayışın benimsenmesiyle sosyal amaçlara zarar vermeyen bir piyasa ekonomisi gerçekleştirilmiş olur. İslami finansal kurumların işleyişinde ağırlıklı olarak yer alması gereken sözleşmelerin müşarake ve mudarabe olduğu sıklıkla ifade edilmektedir. İslami finansın, günümüzdeki egemen ekonomik kalkınma ve finans anlayışında da önemi ve gereği kabul edilen sürdürülebilirliğin iki temel unsuru olan yeşil yatırım ve iyi yönetişimi nasıl bünyesinde topladığını göstermek amacıyla bu çalışmada bir rüzgar enerjisi santrali finansmanı için Sürekli Müşareke’ye Dayalı Sukuk, Azalan Müşareke’ye Dayalı Sukuk, ve büyük payını Müşareke’nin, küçük payını İcare’nin oluşturduğu Hibrid Sukuk şeklinde üç alternatif kira sertifikası önerilmiştir. Ülke ve konjonktür şartlarındaki değişkenlik dikkate alınarak üç alternatif şeklinde geliştirilmiş bu modellerin nasıl çalışacağı, sağlayacağı faydalar ve bugünkü şartlarda uygulanmasındaki potansiyel zorluklarla çözümleri ayrıntılı olarak açıklanmıştır.

References

  • 1. AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions). (2015). Faizsiz Finans Standartları. TKBB Yayınları.
  • 2. Aassouli, D., Asutay, M., Mohieldin, M. ve Chiara Nwokike, T. (2018). Green Sukuk, Energy Poverty, and Climate Change: A Roadmap for Sub- Saharan Africa (No. 8680). http://documents1.worldbank.org/curated/ en/595861545145005026/pdf/WPS8680.pdf
  • 3. Ainger, J. ve Pornina, L. (2020, September 16). EU to Sell 225 Billion Euros of Green Bonds to Fund Recovery. Bloomberg Green. https://www. bloomberg.com/news/articles/2020-09-16/eu-plans-to-sell-225-billion-eurosof- green-bonds-for-stimulus?utm_source=google&utm_medium=cpc&utm_ campaign=dsa&utm_term=&gclid=CjwKCAjwz6_8BRBkEiwA3p02VS6Y9K 5wKgzOIT5TraVo_ygh6pcabrJSUqN4Q5_dsN_4nBEft3UFNBoCgawQAvD_ BwE
  • 4. Akyüz, Y. (2018). Azalan müşâreke ve fıkhi tahlili. Marmara Üniversitesi. http://openaccess.marmara.edu.tr//handle/11424/39028
  • 5. Bayındır, S. (2005). Bir Finansman Yöntemi Olarak Kullanılan Sermaye Ortaklığının İslâm Hukuku Açısından Değerlendirilmesi. Usul İslam Araştırmaları, 3(3). https://dergipark.org.tr/tr/pub/usul/173943
  • 6. COMCEC (Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation). (2018). The Role of Sukuk in Islamic Capital Markets. Preceedings of the 10th Meeting of the COMCEC Financial Cooperation Working Group. http://www.comcec.org/en/wpcontent/ uploads/2018/05/10-FIN-PRO.pdf
  • 7. Çelik, İ. (2017). MEŞRU’ BİR YATIRIM ARACI OLARAK MUDAREBE VE GÜ- NÜMÜZDE KULLANIMI. Al Farabi Uluslararası Sosyal Bilimler Dergisi, 1(3), 381–396. https://dergipark.org.tr/tr/pub/farabi/348450
  • 8. Cho, C., Erlandsson, U., de Fay, A., Harris, N., Laurent, I., Watson, R. ve Wigley, C. (2020). The Green + Gilt: How the UK could issue sovereign bonds that deliver climate action and social renewal. https://www.lse.ac.uk/ granthaminstitute/wp-content/uploads/2020/10/Green_Gilt_Proposal_October_ 2020.pdf
  • 9. Climate Bonds. (2020). 2019 Green Bond Market Summary. https://www. climatebonds.net/files/files/climate-resilience-principles-
  • 10. Ehlers, T. ve Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review. https://www.bis.org/publ/qtrpdf/r_qt1709h.htm
  • 11. European Comission. (2020). Financing the green transition: The European Green Deal Investment Plan and Just Transition Mechanism. https:// ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020- financing-the-green-transition-the-european-green-deal-investment-plan-andjust- transition-mechanism
  • 12. Grantham Research Institute. (2020, October 7). Investors with £10 trillion in assets call for the UK to issue a green+ sovereign bond to drive climate action and social renewal in the Covid-19 recovery. https://www.lse.ac.uk/ granthaminstitute/news/investors-with-10-trillion-in-assets-call-for-the-uk-toissue- a-green-sovereign-bond-to-drive-climate-action-and-social-renewal-inthe- covid-19-recovery/
  • 13. Haneef, R. (2018). Responsible Finance and Investment Summit. http:// rfisummit.org/wp-content/uploads/2018/08/Green_Sukuk_CIMB_Islamic. pptx
  • 14. ICMA (International Capital Market Association). (2018). The Green Bond Principles. https://www.icmagroup.org/assets/documents/Regulatory/ Green-Bonds/Green-Bonds-Principles-June-2018-270520.pdf
  • 15. IsDB (Islamic Development Bank). (2019, November 28). Islamic Development Bank Achieves New Milestone with Debut Green Sukuk Worth EUR 1 Billion for Green Financing in its Member Countries. https://www.isdb.org/ news/islamic-development-bank-achieves-new-milestone-with-debut-greensukuk- worth-eur-1-billion-for-green-financing-in-its-member-countries
  • 16. Mardi, M., Mohamed Osman, M. R. ve Abdul Aziz, A. H. (2020). Pioneering the Green Sukuk: Three Years On. https://openknowledge.worldbank.org/ bitstream/handle/10986/34569/Pioneering-the-Green-Sukuk-Three-Years- On.pdf?sequence=1&isAllowed=y
  • 17. MIFC (Malaysia International Islamic Finance Centre). (2017). SUKUK GOING GREEN: MALAYSIA CONTINUES TO DRIVE INNOVATION. https://www.mifc. com/index.php?ch=28&pg=72&ac=187&bb=uploadpdf
  • 18. Özer, M. (2017). Yeşil Tahviller. TSPB Gösterge Dergisi, 2017 Kış, 73–81. https://www.tspb.org.tr/wp-content/uploads/2015/07/GOSTERGE_ KIS_2017_opt.pdf
  • 19. Sairally, S. B., Habib, F., Furqani, H., Hassan, H. K., Muhammad, Marjan Othman, M. Z., Badri, M. B., Zada, N., Hasan, S. M. ve Al-Badani, Y. A. (2017). Sukuk: Principles & Practices. ISRA.
  • 20. TCMB. (2020, March). Koronavirüsün Ekonomik ve Finansal Etkilerine Karşı Alınan İlave Tedbirlere İlişkin Basın Duyurusu. https://www.tcmb.gov.tr/wps/ wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2020/DUY2020- 22
  • 21. T.C. Resmi Gazete. (2013, 9 Temmuz). Yatırım Fonlarına İlişkin Esaslar Tebliği. Sayı: 28702. https://www.resmigazete.gov.tr/eskiler/ 2013/07/20130709-14.htm
Year 2021, Volume: 15 Issue: 1, 27 - 59, 10.08.2021
https://doi.org/10.46520/bddkdergisi.986627

Abstract

References

  • 1. AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions). (2015). Faizsiz Finans Standartları. TKBB Yayınları.
  • 2. Aassouli, D., Asutay, M., Mohieldin, M. ve Chiara Nwokike, T. (2018). Green Sukuk, Energy Poverty, and Climate Change: A Roadmap for Sub- Saharan Africa (No. 8680). http://documents1.worldbank.org/curated/ en/595861545145005026/pdf/WPS8680.pdf
  • 3. Ainger, J. ve Pornina, L. (2020, September 16). EU to Sell 225 Billion Euros of Green Bonds to Fund Recovery. Bloomberg Green. https://www. bloomberg.com/news/articles/2020-09-16/eu-plans-to-sell-225-billion-eurosof- green-bonds-for-stimulus?utm_source=google&utm_medium=cpc&utm_ campaign=dsa&utm_term=&gclid=CjwKCAjwz6_8BRBkEiwA3p02VS6Y9K 5wKgzOIT5TraVo_ygh6pcabrJSUqN4Q5_dsN_4nBEft3UFNBoCgawQAvD_ BwE
  • 4. Akyüz, Y. (2018). Azalan müşâreke ve fıkhi tahlili. Marmara Üniversitesi. http://openaccess.marmara.edu.tr//handle/11424/39028
  • 5. Bayındır, S. (2005). Bir Finansman Yöntemi Olarak Kullanılan Sermaye Ortaklığının İslâm Hukuku Açısından Değerlendirilmesi. Usul İslam Araştırmaları, 3(3). https://dergipark.org.tr/tr/pub/usul/173943
  • 6. COMCEC (Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation). (2018). The Role of Sukuk in Islamic Capital Markets. Preceedings of the 10th Meeting of the COMCEC Financial Cooperation Working Group. http://www.comcec.org/en/wpcontent/ uploads/2018/05/10-FIN-PRO.pdf
  • 7. Çelik, İ. (2017). MEŞRU’ BİR YATIRIM ARACI OLARAK MUDAREBE VE GÜ- NÜMÜZDE KULLANIMI. Al Farabi Uluslararası Sosyal Bilimler Dergisi, 1(3), 381–396. https://dergipark.org.tr/tr/pub/farabi/348450
  • 8. Cho, C., Erlandsson, U., de Fay, A., Harris, N., Laurent, I., Watson, R. ve Wigley, C. (2020). The Green + Gilt: How the UK could issue sovereign bonds that deliver climate action and social renewal. https://www.lse.ac.uk/ granthaminstitute/wp-content/uploads/2020/10/Green_Gilt_Proposal_October_ 2020.pdf
  • 9. Climate Bonds. (2020). 2019 Green Bond Market Summary. https://www. climatebonds.net/files/files/climate-resilience-principles-
  • 10. Ehlers, T. ve Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review. https://www.bis.org/publ/qtrpdf/r_qt1709h.htm
  • 11. European Comission. (2020). Financing the green transition: The European Green Deal Investment Plan and Just Transition Mechanism. https:// ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020- financing-the-green-transition-the-european-green-deal-investment-plan-andjust- transition-mechanism
  • 12. Grantham Research Institute. (2020, October 7). Investors with £10 trillion in assets call for the UK to issue a green+ sovereign bond to drive climate action and social renewal in the Covid-19 recovery. https://www.lse.ac.uk/ granthaminstitute/news/investors-with-10-trillion-in-assets-call-for-the-uk-toissue- a-green-sovereign-bond-to-drive-climate-action-and-social-renewal-inthe- covid-19-recovery/
  • 13. Haneef, R. (2018). Responsible Finance and Investment Summit. http:// rfisummit.org/wp-content/uploads/2018/08/Green_Sukuk_CIMB_Islamic. pptx
  • 14. ICMA (International Capital Market Association). (2018). The Green Bond Principles. https://www.icmagroup.org/assets/documents/Regulatory/ Green-Bonds/Green-Bonds-Principles-June-2018-270520.pdf
  • 15. IsDB (Islamic Development Bank). (2019, November 28). Islamic Development Bank Achieves New Milestone with Debut Green Sukuk Worth EUR 1 Billion for Green Financing in its Member Countries. https://www.isdb.org/ news/islamic-development-bank-achieves-new-milestone-with-debut-greensukuk- worth-eur-1-billion-for-green-financing-in-its-member-countries
  • 16. Mardi, M., Mohamed Osman, M. R. ve Abdul Aziz, A. H. (2020). Pioneering the Green Sukuk: Three Years On. https://openknowledge.worldbank.org/ bitstream/handle/10986/34569/Pioneering-the-Green-Sukuk-Three-Years- On.pdf?sequence=1&isAllowed=y
  • 17. MIFC (Malaysia International Islamic Finance Centre). (2017). SUKUK GOING GREEN: MALAYSIA CONTINUES TO DRIVE INNOVATION. https://www.mifc. com/index.php?ch=28&pg=72&ac=187&bb=uploadpdf
  • 18. Özer, M. (2017). Yeşil Tahviller. TSPB Gösterge Dergisi, 2017 Kış, 73–81. https://www.tspb.org.tr/wp-content/uploads/2015/07/GOSTERGE_ KIS_2017_opt.pdf
  • 19. Sairally, S. B., Habib, F., Furqani, H., Hassan, H. K., Muhammad, Marjan Othman, M. Z., Badri, M. B., Zada, N., Hasan, S. M. ve Al-Badani, Y. A. (2017). Sukuk: Principles & Practices. ISRA.
  • 20. TCMB. (2020, March). Koronavirüsün Ekonomik ve Finansal Etkilerine Karşı Alınan İlave Tedbirlere İlişkin Basın Duyurusu. https://www.tcmb.gov.tr/wps/ wcm/connect/TR/TCMB+TR/Main+Menu/Duyurular/Basin/2020/DUY2020- 22
  • 21. T.C. Resmi Gazete. (2013, 9 Temmuz). Yatırım Fonlarına İlişkin Esaslar Tebliği. Sayı: 28702. https://www.resmigazete.gov.tr/eskiler/ 2013/07/20130709-14.htm
There are 21 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Articles
Authors

Mehmet Saraç 0000-0001-7502-3328

Esma Karabulut This is me 0000-0001-8707-6857

Publication Date August 10, 2021
Published in Issue Year 2021 Volume: 15 Issue: 1

Cite

APA Saraç, M., & Karabulut, E. (2021). Doğal ve Sosyal Çevreye Duyarlı Yatırımda Ortaklığa Dayalı Sukuk Modeli. BDDK Bankacılık Ve Finansal Piyasalar Dergisi, 15(1), 27-59. https://doi.org/10.46520/bddkdergisi.986627