ORTAKLIĞA DAYALI İSLÂMÎ YAPILANDIRILMIŞ FINANSMAN ÜRÜNÜ: MUŞARAKA SUKUK

Sukuk ihraçları, son dönemde sermaye ve finans piyasalarında hızla çoğalmaktadır. Sukuk, ihraç edildikten sonra eşit değerleri temsil eden; ihraç ile elde edilen tutarların önceden planlanmış şekilde yatırımda kullanıldığı; yapılan yatırım türüne göre duran varlıklar ve benzerleri üzerinde hak ve payların temsil edildiği bir projede ya da özel bir yatırım faaliyetinde ortaklık hakkı veren İslâmi easaslara uygun nitelikteki sertifikalar olarak tanımlanabilecektir. “The Accounting and Auditing Organization for Islamic Financial Institutions –AAOIFI” tarafından 14 farklı sukuk türü öngörülmüştür. Sukuk türleri, başta dayandıkları gelir getiren sözleşmeler olmak üzere çeşitli özellikleri ile birbirlerinden ayrılırlar. Muşaraka sukuk özel amaçlı kuruluşun (special purpose vehicle-SPV) nakdi sermaye, diğer ortakların ise kişisel emek veya ticari itibar haricinde sermaye koyduğu ortak girişimlerin (joint venture) finanse edildiği ortaklığa dayalı (equity-based) sukuk ihraçlarıdır. Bu sukuk türü, kar-zarar ortaklığına endeksli şekilde ortak girişim tesisi şeklinde çalışmaktadır. Joint-venture’dan farklı olarak buradaki ortaklık tüzel kişilik sahibi olabilecektir. Bu bildiride Musharaka sukukun (MS) bir İslâmi yapılandırılmış finansman yolu olarak genel özellik ve yapılandırılması ele alınacaktır.

Anahtar Kelimeler:

Hukuk, İslami Yapılandırılmış Finans, Sermaye Piyasası Hukuku, Menkul kıymetler, Muşaraka Sukuk

EQUITY-BASED ISLAMIC STRUCTURED FINANCIAL PRODUCT: MUSHARAKA SUKUK

Sukuk issuances is rapidly growing in worldwide capital and financial markets in last decade. Sukuk or “İslamic bonds” can be defined as certifcates of equal value representing undivided shares in ownership of tangible assets, usufruct and services or (in the ownership of) the assets of particular projects or special investment activity. Sukuk certificates evidence undivided ownership or investment in the assets which have compliance to Shariah and Shariah principles. The Accounting and Auditing Organization for Islamic Financial Institutions –AAOIFI has specified 14 categories of permissible sukuk type. The choice of sukuk structure type will depend on various factors, including the character of the underlying assets (income producing contract type), taxation and regulatory considerations, the targeted investor base. Musharaka sukuk is based on musharaka (partnership) arrangements. In its simplest form, a musharaka arrangement is a partnership arrangement between at least two parties. Eeach of the partners have to make a capital (cash or cash like) contribution to the musharaka/ partnership. Essentially, a musharaka is akin to an unincorporated joint venture. But, unlike joint-ventures it can take the form of a legal entity. The musharaka partners share the profits of the musharaka in pre-agreed proportions and share the losses of the musharaka in proportion to their initial capital investment. The purpose and scope of this paper is to explain general aspects of Musharaka sukuk and its structure as an İslamic structured financial product.

Keywords:

Capital Market Law, Law, Islamic Structured Finance, Securities, Musharaka Sukuk,

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