MURABAHA SUKUK AS A FINANCING MODEL ITS IMPLEMENTATION AND RECOGNITION IN TURKEY

Abstract

In an economic system, individuals and operations reap a positive or negative profit. Those who make positive profit spend from their earnings and turn the remaining money into savings. Operations want to provide fund for their investments. While the operations provide fund for their investments from these savings, those who hold money in savings convert these savings into investment in terms of several variables such as risk, belief, economic structure and profit through using different various investment tools. In Turkey, leasing certificates have got a foothold among the investment tools, as a new and popular insturment. The investment tools, known as “sukuk” worldwide and characterized as Islamic bond, have also been utilized inTurkey as leasing certificates in order to attract the resources of Gulf countries, which have religious sensivities. Trade-Based Lease Certificates, which are based on Muharaba financing management, are exported in Turkey and used as a finance insturment by the businesses as well. Accounting process of these operations are tried to be explained on the model implementation, from the point of the parties of the leasing certificates that are exported based on trade, the fund-providing originator company, asset leasing company exporting certificate and raising fund, and the investor utilizing the savings.

Keywords

• Suquq
• lease certificate
• sukuk al-murabaha