Mavi Sukuk: Bir Model Önerisi ve Potansiyeli
Yıl 2023,
Cilt: 23 Sayı: 3, 1609 - 1620, 30.11.2023
Mehmet Ela
,
Selim Coşkun
Öz
Mavi ekonomi gerek insan hayatı ve gerekse de ülke ekonomileri için önemli bir yere sahiptir. Ancak okyanus ve denizlerde ortaya çıkan kirlilik ve diğer problemler mavi ekonominin geleceğini tehlikeye atmaktadır. Bu nedenle Sürdürülebilir Kalnma Hederleri’nin 14’üncü maddesi okyanus ve denizlerin sürdürülebilirliğine değinmektedir. Sürdürülebilirlik için atılacak çeşitli adımlar olmasına karşın, söz konusu adımlar kısıtlı kaynaklar nedeniyle yeterince etkili olamamaktadır. Kaynak kısıtına karşı son dönemde geliştirilen inovatif bir araç mavi tahvildir. Diğer yandan literatürde üzerinde durulmaya başlanan diğer bir finansal araç ise mavi sukuktur. Bu çalışmada betimsel bir analiz kullanılarak mavi sukuka ilişkin bir model önerisi şeklinde hibrid mavi sukuk ele alınmış ve mavi sukukun gelecekteki ihraç potansiyeli incelenmiştir. Sonuca göre hibrid sürdürülebilirlik için atılacak adımlara kaynak sağlamak üzere kullanılabilecek olup gelecek dönemlerde önemli derecede ihraç potansiyeli barındırmaktadır.
Destekleyen Kurum
Yoktur.
Kaynakça
- AAOIFI (2004), Shari’ah Standard No. (17) Investment Sukuk, https://aaoifi.com/ss-17-investment-sukuk/?lang=en, (Erişim Tarihi: 20.08.2023).
- ADB (2021a), Sovereign Blue Bonds Quick Start Guide, https://www.adb.org/sites/default/files/publication/731026/adb-sovereign-blue-bonds-start-guide.pdf, (Erişim Tarihi: 20.08.2023).
- ADB (2021b), Green and Blue Bond Framework, https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf, (Erişim Tarihi: 20.03.2023).
- Adil, M., Hoogendoorn, H. J. ve Jumat Z. H. (2023), Sukuk Innovation: Powering Sustainable Finance, Z. H.
Jumat, S. H. Khateeb ve S. N. Ali (Eds), Islamic Finance, FinTech, and the Road to Sustainability Reframing the
Approach in the Post-Pandemic Era, (s. 145-158), Switzerland: Palgrave Macmillan.
- Bosmans, P. ve Mariz, F. (2023), The Blue Bond Market: A Catalyst for Ocean and Water Financing, Journal of Risk and Financial Management, 16(3), s.1-48.
- Buana, G. K. (2020), Bridging Islamic finance and SDGs Impact Investing Through Sukuk, https://gregetkallabuana.medium.com/bridging-islamic-finance-and-sdgs-impact-investing-through-sukuk-93c8bb6ff70a, (Erişim Tarihi: 15.03.2023).
- Clifford Chance (2019), Blue Bonds Expanding to The Oceans, https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2019/11/blue-bonds-expanding-to-the-oceans.pdf, (Erişim Tarihi: 20.03.2023).
- European Union (2021), Sustainability Criteria for The Blue Economy Main Report, Luxembourg: Publications Office of the European Union.
- Gulf Times (2017), Innovative Approach in Islamic Finance: Hybrid Sukuk Issue, https://www.gulf-times.com/story/542266/innovative-approach-in-islamic-finance-hybrid-sukuk-issue, (Erişim Tarihi: 20.08.2023).
- Huang, M. ve Morgan P. J. (2022), Overview of the Blue Economy and Blue Finance, P. J. Morgan, M. C. Huang, M. Voyer, D. Benzaken ve A. Watanabe (Eds), Blue Economy and Blue Finance Toward Sustainable Development and Ocean Governance, (s. 1-7), Japan: Asian Development Bank Institute.
- IIFM (2022), IIFM Sukuk Report A Comprehensive Study Of The Global Sukuk Market. https://www.iifm.net/frontend/general-documents/b387b56a6a4c664ff1fa2bc16f2ef1be1662443654.pdf, (Erişim Tarihi: 20.03.2023).
- Maulana, A. ve Zahro F. (2021), Blue Sukuk as A Solution to Indonesia Maritime Economic Crisis Due to The Global Covid Pandemic, Journal of Islamic Finance, 10(1), s.36-45.
- Morgan Stanley (2019), Blue Bonds: The Next Wave of Sustainable Bonds, https://www.morganstanley.com/content/dam/msdotcom/ideas/blue-bonds/2583076-FINAL-MS_GSF_Blue_Bonds.pdf, (Erişim Tarihi: 20.03.2023).
- Mutmainah, L., Fauziyyah, N. E., Taqwa, K. Z. ve Indrawan I. W. (2022), Cash Waqf Linked Blue Sukuk (CWLBS) For Sustainable Marine Ecosystem: a Conceptual Model, Badan Wakaf Indonesia, Working Paper, No:3/PKTD/BWI/XI/2022.
- Nomura (2023), Blue Bonds – A Blueprint for Ocean Conservation, https://www.nomuraconnects.com/focused-thinking-posts/blue-bonds-a-blueprint-for-ocean-conservation/, (Erişim Tarihi: 21.08.2023).
- OECD (2016), The Ocean Economy in 2030, Paris: OECD Publishing.
- OECD (2018), OECD Sovereign Borrowing Outlook 2018, Paris: OECD Publishing.
- Pelaez, P., Meirovich, H., Ruperez, V. ve Mckee C. (2021), Accelerating Blue Bonds Issuances in Latin America and the Caribbean, https://www.idbinvest.org/en/publications/accelerating-blue-bonds-issuances-latin-america-and-caribbean, (Erişim Tarihi: 20.03.2023).
- Pratama, C. D., Wanta, D., Inamdar, N., Aromokeye, D. A., Ekaputra, E. Putra, J. H., Gosselin, B. M. J. J. ve Bar R. (2022), Indonesia Blue Finance Policy Note, Ver. 3.0, https://www.icctf.or.id/wp-content/uploads/2022/12/Blue-Finance-Policy-Note_Publish.pdf, (Erişim Tarihi: 15.03.2023).
- Radzi, R. M. (2018), Evolution in The Sukuk (Islamic Bonds) Structure: How Do Market Demands And Shariah (Islamic Law) Solutions Shape Them, Journal of Islamic Banking and Finance, 6(1), s.16-28.
- Ramdhani, F. B., bin Masruhen, M. F., Ibrahim, M. Y., Pramitha, D. ve Lubis R. H. (2022), The Opportunity of Sovereign Blue Sukuk Issuance in Maritime Sectors: Case Study of Indonesia, Al-Tasyree: Jurnal Bisnis,
Keuangan dan Ekonomi Syariah, 14(02), s.123-134.
- Refinitiv (2021), Islamic Finance Development Report 2021. Advancing Economies #IFDI2021, https://static.zawya.com/pdf/Islamic%20Finance%20Development%20Reports/2021%20IFDI%20Report.pdf, (Erişim Tarihi: 15.03.2023).
- Refinitiv (2022a), Sustainable Islamic Finance Monitor Q4 2021, https://www.refinitiv.com/content/dam/marketing/en_us/documents/reports/refinitiv-sustainable-islamic-finance-monitor-q4-2021.pdf, (Erişim Tarihi: 15.03.2023).
- Refinitiv (2022b), Green and Sustainability Sukuk Report 2022 Financing A Sustainable Future, https://www.refinitiv.com/en/resources/special-report/green-sustainability-sukuk-2022-financing-future, (Erişim Tarihi: 15.03.2023).
- Richardson, E. (2019), Responsible Finance Sukuk—Can They Bring Societal Value to A Value-Neutral Market?, Capital Markets Law Journal, 14(3), s.394-428.
- Rusydiana, A. S. ve Irfany M. I. (2021), Proposing Blue Sukuk in Indonesia: An Interpretive Structural Model, Shirkah: Journal of Economics and Business, 6(1), s.101-114.
- Tadau Energy (2017), An Islamic Medium Term Notes Programme of up to RM250.0 Million in Nominal Value. Principal Terms and Conditions, https://fast.bnm.gov.my/fastweb/public/PublicInfoServlet.do?fileId=201700000050&fileName=PTC-Tadau.pdf&mode=DOWNLOAD&dlTbl=m&module=Facility, (Erişim Tarihi: 20.03.2023).
- Thaker, M. A. M. T., Amin, M. F. B., Thaker, H. M. T., Khaliq, A., Pitchay, A. A., Fauziyyah, N. E. ve Imon R. A. (2022), Waqf Land and Sukuk Framework for Waste Disposal Management–A Conceptual Study, Labuan E-Journal of Muamalat and Society (LJMS), 16, s.1-12.
- UN (2020), Practical Guidance to Issue a Blue Bond, https://ungc-communications-assets.s3.amazonaws.com/docs/publications/Practical-Guidance-to-Issue-a-Blue-Bond.pdf, (Erişim Tarihi: 20.03.2023).
- UN (2022), Blue Economy: Oceans as The Next Great Economic Frontier, https://unric.org/en/blue-economy-oceans-as-the-next-great-economic-frontier/, (Erişim Tarihi: 20.03.2023).
- UN (2023a), Sustainable Development Goal 14. Conserve and Sustainably Use the Oceans, Seas and Marine Resources, https://www.un.org/en/conf/ocean/background.shtml, (Erişim Tarihi: 15.03.2023).
- UN (2023b), Blue Economy Definitions, https://www.un.org/regularprocess/sites/www.un.org.regularprocess/files/rok_part_2.pdf, (Erişim Tarihi: 15.03.2023).
- UNDP (2022), Blue Financing Strategic Document, https://www.aisforum.org/blue-financing-strategic, (Erişim Tarihi: 15.03.2023).
- World Bank (2016), Blue Economy Development Framework, https://thedocs.worldbank.org/en/doc/446441473349079068-0010022016/original/AMCOECCBlueEconomyDevelopmentFramework.pdf, (Erişim Tarihi: 20.03.2023).
- World Bank (2017), The Potential of the Blue Economy: Increasing Long-term Benefits of the Sustainable Use of Marine Resources for Small Island Developing States and Coastal Least Developed Countries, Washington DC: World Bank.
- World Bank (2020), Pioneering the Green Sukuk: Three Years On, Washington DC: World Bank.
Blue Sukuk: A Model Proposal and Its Potential
Yıl 2023,
Cilt: 23 Sayı: 3, 1609 - 1620, 30.11.2023
Mehmet Ela
,
Selim Coşkun
Öz
Blue economy has an important place for both human life and national economies. However, pollution and other problems in the oceans and seas endanger the future of the blue economy. For this reason, article 14 of the Sustainable Development Goals refers to the sustainability of the oceans and seas. Although there are various steps to be taken for sustainability, these steps cannot be effective enough due to limited resources. An innovative tool developed recently against resource constraints is the blue bond. On the other hand, another financial instrument that has started to be emphasized in the literature is the blue sukuk. In this study, hybrid blue sukuk is discussed as a model proposal for blue sukuk and the future issuance potential of blue sukuk is examined using a descriptive analysis. According to the result, hybrid blue sukuk can be used to provide resources for the steps to be taken for sustainability and has a significant export potential in the future periods.
Kaynakça
- AAOIFI (2004), Shari’ah Standard No. (17) Investment Sukuk, https://aaoifi.com/ss-17-investment-sukuk/?lang=en, (Erişim Tarihi: 20.08.2023).
- ADB (2021a), Sovereign Blue Bonds Quick Start Guide, https://www.adb.org/sites/default/files/publication/731026/adb-sovereign-blue-bonds-start-guide.pdf, (Erişim Tarihi: 20.08.2023).
- ADB (2021b), Green and Blue Bond Framework, https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf, (Erişim Tarihi: 20.03.2023).
- Adil, M., Hoogendoorn, H. J. ve Jumat Z. H. (2023), Sukuk Innovation: Powering Sustainable Finance, Z. H.
Jumat, S. H. Khateeb ve S. N. Ali (Eds), Islamic Finance, FinTech, and the Road to Sustainability Reframing the
Approach in the Post-Pandemic Era, (s. 145-158), Switzerland: Palgrave Macmillan.
- Bosmans, P. ve Mariz, F. (2023), The Blue Bond Market: A Catalyst for Ocean and Water Financing, Journal of Risk and Financial Management, 16(3), s.1-48.
- Buana, G. K. (2020), Bridging Islamic finance and SDGs Impact Investing Through Sukuk, https://gregetkallabuana.medium.com/bridging-islamic-finance-and-sdgs-impact-investing-through-sukuk-93c8bb6ff70a, (Erişim Tarihi: 15.03.2023).
- Clifford Chance (2019), Blue Bonds Expanding to The Oceans, https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2019/11/blue-bonds-expanding-to-the-oceans.pdf, (Erişim Tarihi: 20.03.2023).
- European Union (2021), Sustainability Criteria for The Blue Economy Main Report, Luxembourg: Publications Office of the European Union.
- Gulf Times (2017), Innovative Approach in Islamic Finance: Hybrid Sukuk Issue, https://www.gulf-times.com/story/542266/innovative-approach-in-islamic-finance-hybrid-sukuk-issue, (Erişim Tarihi: 20.08.2023).
- Huang, M. ve Morgan P. J. (2022), Overview of the Blue Economy and Blue Finance, P. J. Morgan, M. C. Huang, M. Voyer, D. Benzaken ve A. Watanabe (Eds), Blue Economy and Blue Finance Toward Sustainable Development and Ocean Governance, (s. 1-7), Japan: Asian Development Bank Institute.
- IIFM (2022), IIFM Sukuk Report A Comprehensive Study Of The Global Sukuk Market. https://www.iifm.net/frontend/general-documents/b387b56a6a4c664ff1fa2bc16f2ef1be1662443654.pdf, (Erişim Tarihi: 20.03.2023).
- Maulana, A. ve Zahro F. (2021), Blue Sukuk as A Solution to Indonesia Maritime Economic Crisis Due to The Global Covid Pandemic, Journal of Islamic Finance, 10(1), s.36-45.
- Morgan Stanley (2019), Blue Bonds: The Next Wave of Sustainable Bonds, https://www.morganstanley.com/content/dam/msdotcom/ideas/blue-bonds/2583076-FINAL-MS_GSF_Blue_Bonds.pdf, (Erişim Tarihi: 20.03.2023).
- Mutmainah, L., Fauziyyah, N. E., Taqwa, K. Z. ve Indrawan I. W. (2022), Cash Waqf Linked Blue Sukuk (CWLBS) For Sustainable Marine Ecosystem: a Conceptual Model, Badan Wakaf Indonesia, Working Paper, No:3/PKTD/BWI/XI/2022.
- Nomura (2023), Blue Bonds – A Blueprint for Ocean Conservation, https://www.nomuraconnects.com/focused-thinking-posts/blue-bonds-a-blueprint-for-ocean-conservation/, (Erişim Tarihi: 21.08.2023).
- OECD (2016), The Ocean Economy in 2030, Paris: OECD Publishing.
- OECD (2018), OECD Sovereign Borrowing Outlook 2018, Paris: OECD Publishing.
- Pelaez, P., Meirovich, H., Ruperez, V. ve Mckee C. (2021), Accelerating Blue Bonds Issuances in Latin America and the Caribbean, https://www.idbinvest.org/en/publications/accelerating-blue-bonds-issuances-latin-america-and-caribbean, (Erişim Tarihi: 20.03.2023).
- Pratama, C. D., Wanta, D., Inamdar, N., Aromokeye, D. A., Ekaputra, E. Putra, J. H., Gosselin, B. M. J. J. ve Bar R. (2022), Indonesia Blue Finance Policy Note, Ver. 3.0, https://www.icctf.or.id/wp-content/uploads/2022/12/Blue-Finance-Policy-Note_Publish.pdf, (Erişim Tarihi: 15.03.2023).
- Radzi, R. M. (2018), Evolution in The Sukuk (Islamic Bonds) Structure: How Do Market Demands And Shariah (Islamic Law) Solutions Shape Them, Journal of Islamic Banking and Finance, 6(1), s.16-28.
- Ramdhani, F. B., bin Masruhen, M. F., Ibrahim, M. Y., Pramitha, D. ve Lubis R. H. (2022), The Opportunity of Sovereign Blue Sukuk Issuance in Maritime Sectors: Case Study of Indonesia, Al-Tasyree: Jurnal Bisnis,
Keuangan dan Ekonomi Syariah, 14(02), s.123-134.
- Refinitiv (2021), Islamic Finance Development Report 2021. Advancing Economies #IFDI2021, https://static.zawya.com/pdf/Islamic%20Finance%20Development%20Reports/2021%20IFDI%20Report.pdf, (Erişim Tarihi: 15.03.2023).
- Refinitiv (2022a), Sustainable Islamic Finance Monitor Q4 2021, https://www.refinitiv.com/content/dam/marketing/en_us/documents/reports/refinitiv-sustainable-islamic-finance-monitor-q4-2021.pdf, (Erişim Tarihi: 15.03.2023).
- Refinitiv (2022b), Green and Sustainability Sukuk Report 2022 Financing A Sustainable Future, https://www.refinitiv.com/en/resources/special-report/green-sustainability-sukuk-2022-financing-future, (Erişim Tarihi: 15.03.2023).
- Richardson, E. (2019), Responsible Finance Sukuk—Can They Bring Societal Value to A Value-Neutral Market?, Capital Markets Law Journal, 14(3), s.394-428.
- Rusydiana, A. S. ve Irfany M. I. (2021), Proposing Blue Sukuk in Indonesia: An Interpretive Structural Model, Shirkah: Journal of Economics and Business, 6(1), s.101-114.
- Tadau Energy (2017), An Islamic Medium Term Notes Programme of up to RM250.0 Million in Nominal Value. Principal Terms and Conditions, https://fast.bnm.gov.my/fastweb/public/PublicInfoServlet.do?fileId=201700000050&fileName=PTC-Tadau.pdf&mode=DOWNLOAD&dlTbl=m&module=Facility, (Erişim Tarihi: 20.03.2023).
- Thaker, M. A. M. T., Amin, M. F. B., Thaker, H. M. T., Khaliq, A., Pitchay, A. A., Fauziyyah, N. E. ve Imon R. A. (2022), Waqf Land and Sukuk Framework for Waste Disposal Management–A Conceptual Study, Labuan E-Journal of Muamalat and Society (LJMS), 16, s.1-12.
- UN (2020), Practical Guidance to Issue a Blue Bond, https://ungc-communications-assets.s3.amazonaws.com/docs/publications/Practical-Guidance-to-Issue-a-Blue-Bond.pdf, (Erişim Tarihi: 20.03.2023).
- UN (2022), Blue Economy: Oceans as The Next Great Economic Frontier, https://unric.org/en/blue-economy-oceans-as-the-next-great-economic-frontier/, (Erişim Tarihi: 20.03.2023).
- UN (2023a), Sustainable Development Goal 14. Conserve and Sustainably Use the Oceans, Seas and Marine Resources, https://www.un.org/en/conf/ocean/background.shtml, (Erişim Tarihi: 15.03.2023).
- UN (2023b), Blue Economy Definitions, https://www.un.org/regularprocess/sites/www.un.org.regularprocess/files/rok_part_2.pdf, (Erişim Tarihi: 15.03.2023).
- UNDP (2022), Blue Financing Strategic Document, https://www.aisforum.org/blue-financing-strategic, (Erişim Tarihi: 15.03.2023).
- World Bank (2016), Blue Economy Development Framework, https://thedocs.worldbank.org/en/doc/446441473349079068-0010022016/original/AMCOECCBlueEconomyDevelopmentFramework.pdf, (Erişim Tarihi: 20.03.2023).
- World Bank (2017), The Potential of the Blue Economy: Increasing Long-term Benefits of the Sustainable Use of Marine Resources for Small Island Developing States and Coastal Least Developed Countries, Washington DC: World Bank.
- World Bank (2020), Pioneering the Green Sukuk: Three Years On, Washington DC: World Bank.