İslami Sermaye Piyasaları

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