SUKUK AS ONE THE ISLAMIC FINANCIAL INSTRUMENTES: INVESTIGATION OF THE MURABAHAH CONTRACTS IN THE HYBRID SUKUK IN TERMS OF COMPLIANCE WITH THE ISLAMIC PROVISION

Abstract

Sukuk is an interest-free Capital market tool developed for use in Islamic finance. Sukuk is an Islamic compliant certificate, which is developed as an alternative to traditional bonds and which is based on asset-based securities with different characteristics from bond-based securities and revenue-share certificates, which are traditional financial market instruments by structure. It is seen that sukuk certificates resemble bonds in order to provide the financing required by the investor. However, while bonds are indebted to the structure while investors offer interest income, sukuk is not a debt instrument, but should be based on an asset and its investor, not a fixed interest income, but right to benefit from the income from the underlying asset. Sukuk, on the other hand, is also different from the company shares that give the company the right to partnership and management. Although the sukuk may grant the right of ownership to the holders of the underlying rights subject to sukuk, this right of ownership has a limited rights structure that does not contain any management exc. rights on the underlying assets.
In this study, firstly, types of sukuk and its importance are mentioned and the differences between the traditional financial market instruments are revealed. Then, it is mentioned about the issue sukuk and types of issues in the World and Turkey.
Purpose of the study; one of the types of sukuk, and both in the World and in our country is issued with large numbers of hybrid sukuk which is including in murabahah sukuk are examined the direction of conformity to Islam. In this study, it was found that there was no consistent legal basis for the use of murabahah in the hybrid sukuk and the fact that it was/was not suitable for Islam in the secondary markets.
According to this, an important financial source hybrid sukuk based asset pool in the secondary markets will be experienced in the process of trading problems should not be placed in murabahah contracts. Murabahah sukuk should be issued separately and these murabahah certificates should not be traded in the secondary markets.
As a result; The insertion of murabahah contracts into hybrid sukuk is not appropriate as it will create a ban on trading in the secondary markets. The fact that all parties, especially Islamıc Banking activities are more sensitive about this issue is very important for the future of Islamic financial market.