Abstract
Sukuk son yıllarda İslami finans piyasasında en hızlı büyüyen faizsiz finans enstrümanıdır. Varlığa dayalı bir menkul kıymetleştirme olan sukukun gelişimi ve önündeki engellerin analizi son zamanlarda birçok uluslararası akademik çalışmaya konu olmuştur. Bu makalenin amacı da Türkiye’deki katılım bankaları tarafından ihraç edilen sukuklar üzerindeki etkilerin neler olduğunu tespit etmektir. Bu bağlamda katılım bankaları tarafından 2015Q1-2021Q4 dönemlerinde ihraç edilen sukuklar üzerindeki parametreler panel veri yöntemi ile analiz edilmiştir. Analizde kullanılan Gayri Safi Yurtiçi Hasıla (GSYH), döviz kuru, faiz oranı, işsizlik, enflasyon, kâr payı oranları, doğrudan yabancı yatırımlar, borsa, kamu harcamaları, ihracat, katılım banka büyüklüğü ve bankacılık sektörü büyüklüğü değişkenlerine ait veriler Türkiye Katılım Bankaları Birliği (TKBB), Türkiye İstatistik Kurumu (TUİK) ve Türkiye Cumhuriyet Merkez Bankası Elektronik Veri Dağıtım Sistemi (EVDS)’nden temin edilmiştir. Analiz sonuçlarına göre ilgili parametrelerin sukuk piyasalarının gelişimini olumlu ve olumsuz yönde etkilediğine dair sonuçlara ulaşılmıştır. Çalışma Türkiye’deki sukuk piyasalarını etkileyen parametrelerin ele alındığı en kapsamlı çalışmalar içerisinde yer almakta olup literatüre katlı sağlaması hedeflenmektedir.
Keywords
References
- Al-Ali, S. (2019). An Overview of Ṣukūk. Içinde S. Al-Ali (Ed.), Raising Capital on Ṣukūk Markets: Structural, Legal and Regulatory Issues (ss. 29-62). Springer International Publishing.
- Alfalah, A., Stevenson, S., & D’arcy, E. (2022). The Portfolio Advantages of Sukuk: Dynamic Correlations Between Bonds and Sukuk. The Journal of Asian Finance, Economics and Business, 9(4), 13-28. https://doi.org/10.13106/JAFEB.2022.VOL9.NO4.0013
- Al-raeai, A. M., Zainol, Z., & Rahim, A. (2018). The Role of Macroeconomic Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries. International Journal of Economics and Financial Issues, 8(3), 333-339.
- Aman, A. U., Naim, A. M., & Isa, M. Y. (2019). What Determines Sukuk Market Development? New Theoretical Insights. Global Review of Islamic Economics and Business, 7(1), 021-027. https://doi.org/10.14421/grieb.2019.071-02
- Aman, A. U., Naim, A. M., Isa, M. Y., & Ali, S. E. A. (2021). Factors affecting sukuk market development: Empirical evidence from sukuk issuing economies. International Journal of Islamic and Middle Eastern Finance and Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IMEFM-03-2020-0105
- Ayub, M. (2007). Understanding Islamic Finance. John Wiley & Sons.
Abstract
Sukuk is the fastest growing interest-free financial instrument in the Islamic finance market in recent years. The development of sukuk, an asset-backed securitization, and the analysis of barriers to it have been the subject of many international academic studies recently. The purpose of this article is to determine the effects on the sukuk issued by participation banks in Turkey. In this context, the parameters on the sukuk issued by participation banks in the 2015Q1-2021Q4 periods were analyzed by panel data method. Data on the variables of Gross Domestic Product (GDP), exchange rate, interest rate, unemployment, inflation, profit share rates, foreign direct investments, stock market, public expenditures, exports, participation bank size and banking sector size used in the analysis. TKBB), Turkish Statistical Institute (TUIK) and Electronic Data Distribution System (EVDS) of the Central Bank of the Republic of Turkey. According to the results of the analysis, it was concluded that the relevant parameters affected the development of the sukuk markets positively and negatively. The study is one of the most comprehensive studies in which the parameters affecting the sukuk markets in Turkey are discussed and it is aimed to add to the literature.
Keywords
References
- Al-Ali, S. (2019). An Overview of Ṣukūk. Içinde S. Al-Ali (Ed.), Raising Capital on Ṣukūk Markets: Structural, Legal and Regulatory Issues (ss. 29-62). Springer International Publishing.
- Alfalah, A., Stevenson, S., & D’arcy, E. (2022). The Portfolio Advantages of Sukuk: Dynamic Correlations Between Bonds and Sukuk. The Journal of Asian Finance, Economics and Business, 9(4), 13-28. https://doi.org/10.13106/JAFEB.2022.VOL9.NO4.0013
- Al-raeai, A. M., Zainol, Z., & Rahim, A. (2018). The Role of Macroeconomic Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries. International Journal of Economics and Financial Issues, 8(3), 333-339.
- Aman, A. U., Naim, A. M., & Isa, M. Y. (2019). What Determines Sukuk Market Development? New Theoretical Insights. Global Review of Islamic Economics and Business, 7(1), 021-027. https://doi.org/10.14421/grieb.2019.071-02
- Aman, A. U., Naim, A. M., Isa, M. Y., & Ali, S. E. A. (2021). Factors affecting sukuk market development: Empirical evidence from sukuk issuing economies. International Journal of Islamic and Middle Eastern Finance and Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IMEFM-03-2020-0105
- Ayub, M. (2007). Understanding Islamic Finance. John Wiley & Sons.
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Finance |
| Journal Section | Business |
| Authors | |
| Publication Date | October 19, 2022 |
| Submission Date | April 29, 2022 |
| Acceptance Date | August 19, 2022 |
| Published in Issue | Year 2022 Volume: 21 Issue: 4 |