İslami Sermaye Piyasaları

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İSLAMİ FİNANSIN TEMELLERİ İSLAMİ SERMAYE PİYASALARI İSLAMİ HİSSE SENEDİ PİYASASI YASAL VE DÜZENLEYİCİ ÇERÇEVE BİRİNCİ BÖLÜM İSLAMİ FİNANSIN TEMELLERİ 1.1. İslam’da Temel Ekonomik Kurum ve Kavramlar..........................................................3 1.1.1. Mülkiyet Hakları .....................................................................................................3 1.1.2. Akitler .....................................................................................................................4 1.1.3. Vakıf Kurumu .........................................................................................................6 1.2. İslami Finansta Temel İlkeler ve Akit Türleri ................................................................7 1.2.1. Kâr Zarar Paylaşımı ..............................................................................................7 1.2.1.1. Mudârebe.......................................................................................................8 1.2.1.2. Müşâreke .....................................................................................................10 1.2.2. Ticarete Dayalı Finansman .................................................................................11 1.2.2.1. Murâbaha.....................................................................................................12 1.2.2.2. Selem ...........................................................................................................13 1.2.2.3. İstisnâ...........................................................................................................14 1.2.3. Varlığa Dayalı Finansman...................................................................................15 1.2.3.1. Sukuk ...........................................................................................................15 1.3. İslami Finansta Haramlar ............................................................................................16 1.3.1. Faiz.......................................................................................................................16 1.3.2. Garar ....................................................................................................................19 1.3.3. Kumar / Meysir.....................................................................................................21 1.3.4. İllegal Mal ve Hizmetler .......................................................................................23 İKİNCİ BÖLÜM İSLAMİ SERMAYE PİYASALARI 2.1. Tarihsel Gelişim Süreci ...............................................................................................25 2.2. Ekonomik Potansiyel ...................................................................................................28 2.3. İslami Sermaye Piyasası.............................................................................................31 2.4. Sermaye Piyasasında İslami İlkeler............................................................................32 2.4.1. Finansal Varlıklar.................................................................................................33 2.4.2. Operasyonel İşlemler ..........................................................................................34 2.4.2.1. Spekülasyon ................................................................................................34 2.4.2.2. Manipülasyon...............................................................................................36 2.4.2.3. Açığa satış ...................................................................................................37 2.4.2.4. Marj hesabı ..................................................................................................38 2.5. Temel Enstrümanlar ....................................................................................................39 2.5.1. Sukuk ...................................................................................................................39 2.5.2. Türev Ürünler.......................................................................................................42 2.5.3. Gayrimenkul Yatırım Ortaklıkları ........................................................................45 2.5.4. Yatırım Fonları .....................................................................................................47 2.5.5. Borsa Yatırım Fonları ..........................................................................................50 2.5.6. Hisse Senetleri.....................................................................................................51 ÜÇÜNCÜ BÖLÜM İSLAMİ HİSSE SENEDİ PİYASASI 3.1. İslami Hisse Senedi Yatırımı İlkeleri...........................................................................53 3.2. İslami Hisse Senedi İzleme Metodolojisi ....................................................................57 3.2.1. Sektörel İzleme....................................................................................................57 3.2.2. Finansal İzleme....................................................................................................58 3.2.2.1. Borç Düzeyi..................................................................................................59 3.2.2.2. Likidite Düzeyi..............................................................................................60 3.2.2.3. Faiz Geliri Düzeyi ........................................................................................60 3.2.2.4. Caiz Olmayan Gelir Düzeyi.........................................................................60 3.2.3. Arındırma (Purification) .......................................................................................61 3.3. Temel İzleme Metodolojileri ........................................................................................63 3.3.1. Dow Jones ...........................................................................................................64 3.3.2. MSCI.....................................................................................................................66 3.3.3. FTSE Russel........................................................................................................68 3.3.4. S&P Global ..........................................................................................................69 3.3.5. SAC Malezya (Shariah Advisory Council Malaysia)..........................................71 3.3.6. Katılım Endeksleri................................................................................................75 3.4. İzleme Metodolojilerinin Karşılaştırılması...................................................................77 3.5. İzleme Metodolojilerine Yönelik Eleştiriler..................................................................80 DÖRDÜNCÜ BÖLÜM YASAL VE DÜZENLEYİCİ ÇERÇEVE 4.1. Uluslararası Kurum ve Düzenlemeler.........................................................................84 4.1.1. AAOIFI..................................................................................................................84 4.1.2. IFSB......................................................................................................................84 4.1.3. IIFM ......................................................................................................................85 4.1.4. IIRA.......................................................................................................................85 4.1.5. CIBAFI..................................................................................................................85 4.2. Ulusal Kurum ve Düzenlemeler ..................................................................................86 4.2.1. Türkiye..................................................................................................................86 4.2.2. Malezya................................................................................................................87 4.2.3. Amerika Birleşik Devletleri ..................................................................................90 4.2.4. İngiltere.................................................................................................................90 GENEL DEĞERLENDİRME VE SONUÇ..........................................................................93 KAYNAKÇA........................................................................................................................95 DİZİN .................................................................................................................................103