Doğal ve Sosyal Çevreye Duyarlı Yatırımda Ortaklığa Dayalı Sukuk Modeli

Islam iktisadı anlayışında tüm paydaşların menfaatinin gözetilmesi, refahın adil dağılımı ve doğal çevreyi koruma temel esasları oluşturur. Bu anlayışın benimsenmesiyle sosyal amaçlara zarar verme- yen 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 topladı- ğını 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 şartla- rındaki değişkenlik dikkate alınarak üç alternatif şeklinde geliştirilmiş bu modellerin nasıl çalışacağı, sağlayacağı faydalar ve bugünkü şartlarda uygulanmasındaki potansiyel zorluklarla çözümleri ayrıntılı olarak açıklanmıştır.

Partnership Based Sukuk Model in Environmental and Social Investments

The stakeholder approach, just distribution of wealth and preservation of the environment are essential in Islamic economics. In short, a market economy that is not harmful for social goals is achieved through Islamic understanding. One of the fundamentals of Islamic finance is adopting the profit and loss sharing-based financial tools. That is why that the musharakah and mudarabah are the two essential contracts that Islamic financial institutions should focus on. In order to show how green investment and good governence, two essential elements of sustainability of which the importance and necessity have been accepted by today’s dominant economic development and financing manner are inherent in Islamic finance, three sukuk models, namely “Continuous Musharakah-Based Sukuk”, “Diminishing Musharakah-Based Sukuk” and “Hybrid Sukuk” of which the major portion consists of Musharakah and minor portion consists of İjarah” are proposed in this study for financing a wind power plant. The rationale behind proposing three alternative models is to consider the variability of the conditions in the country and business cycles. Modus operandies and benefits of the models are explained in detail along with the prospective difficulties in the implementation and solutions.

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