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An investigation of sukuk in the gcc countries

Yıl 2020, Cilt: 2020 Sayı: 42, 7 - 40, 30.10.2020
https://doi.org/10.28949/bilimname.799483

Öz

Since the 1970s, the GCC (Gulf Cooperation Council which is composed of Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman) members succeeded to have economic development through their natural resource endowment. Nevertheless, starting from the 2000s, they have been struggling with local and international economic and political shocks. It became indispensable to diversify their economies to protect their economies from unexpected external shocks. Islamic financial instruments, particularly sukuk offers alternative solutions to these countries. In this vein, this study focuses on sukuk and its possible role in the macroeconomic performance and sustainable economic growth of the GCC. As a relatively new Islamic financial instrument, sukuk was first issued in 2001-2002 for drawing funds from international funds. Since then, sukuk became one of the most crucial Islamic financial instrument in passing 20 years. The aim of this study is to pinpoint the benefits of sukuk practices for the the GCC economies and analyze how sukuk can contribute to the economic growth in the member countries. The anaysis will be based on the case study. It is concluded that sukuk market has a great potential to contribute to the macroeconomic performance of the GCC. Development of sukuk markets in the GCC will not only promote the financial inclusion but also induce economic growth.

Kaynakça

  • Abdel-Khaleq, A. H. and Richardson, C. F. (2007). New horizons for Islamic securities: Emerging trends in sukuk offerings. Chicago Journal of International Law, 7(2), Article 5, Winter 2007, 409-425.
  • Abdelrahman, A. Y. (2019). Sukuk: A critique of experience, and their possible developmental role in Muslim countries. International Journal of Islamic Economics and Finance Studies, 1, 1-19.
  • Abduh, M. and Chowdhury, N. T. (2012). Does Islamic banking matter for economic growth in Bangladesh? Journal of Islamic Economics, Banking and Finance, 8, 104-113.
  • Ahmed, H. (2014). Islamic financial markets: Stocks and sukuk. https://www.tkbb.org.tr/Documents/Yonetmelikler/Habib%20Ahmed_Islamic%20Capital%20Markets_Istanbul_1406.pdf
  • Ali, S. S. (2005). Islamic capital market products: Developments and challenges. Islamic Development Bank Group Islamic Research and Training Institute, Occasional Paper No:9.
  • Al-Khawarizmi Group (2012). Les Sukuks Une- nouvelle alternative de financement pour le Maroc. 18 December 2012. https://ribh.files.wordpress.com/2013/02/alkhawarizmi_sukuk_report_20131.pdf
  • Amrani, M. B., Hamza, F., and Mostapha, E. H. (2017). Sukuk: Literature review. Journal of Social and Administrative Sciences, 4(1), 124-131.
  • Ayub, M. (2007). Understanding Islamic finance. John Wiley and Sons, England.
  • Balli, F., Billah, M., Balli Özer, H., Gregory-Allen, R. (2020). Economic uncertainities, macroeconomic announcements and sukuk spread. Applied Economics, 52(35), 3748-3769.
  • Beck, T., Demirgüç-Kunt, A., and Merrouche, O. (2013). Islamic vs. conventional banking: Business models, efficiency and stability. Journal of Banking and Finance, 37(2), February 2013, 433-447.
  • Bitar, I. (2019). GCC sukuk-A trader’s perspective of 2018. IIFM Sukuk Report, July 2019, 107-108.
  • Cakir, S. and Raei, F. (2007). Sukuk vs. eurobonds: Is there a difference in value-at-risk? IMF Working Paper, WP/07/237, October 2007, 1-20.
  • Damak, M., Roy, D., and Mensah, S. (2020). Islamic Finance 2020-2021: COVID-19 offers an opportunity for transformative developments. S&P Global Ratings, 15 June 2020. https://www.spglobal.com/ratings/en/research/articles/200615-islamic-finance-2020-2021-covid-19-offers-an-opportunity-for-transformative-developments-11533355
  • Damak, M., McGraw, M., and Roy, D. (2020). Global sukuk market: A window of opportunity is opening. S&P Global Ratings, 07 June 2020. https://www.spglobal.com/ratings/en/research/articles/200707-global-sukuk-market-a-window-of-opportunity-is-opening-11561119
  • Damak, M. and Roy, D. (2020). The sukuk market starts 2019 well, but activity might taper off. In Islamic Finance Outlook- 2020 Edition. S&P Global Rating, 14-17.
  • De Gregoria, J. and Duidotti, P. E (1995). Financial development and economic growth. World Development, 23(3), 433-448.
  • Di Mauro, F., Caristi, P., Couderc, S., Di Maria, A., Ho, L., Grewal, B. J., Masciantonia, S., Ongena, S., and Zaher, S. (2013). Islamic finance in Europe. European Central Bank, Occasional Paper Series, No. 146, June 2013, Frankfurt.
  • Erdoğan, S., Gedikli, A., and Çevik, E. İ. (2020), Volatility Spillover Effects Between Islamic Stock Markets and Exchange Rates: Evidence from Three Emerging Countries. Borsa İstanbul Review. https://doi.org/10.1016/j.bir.2020.04.003, In Press, Available online 16 May 2020.
  • Erdoğan, S., Gedikli, A., and Derindağ, M. R. (2020). An Investigation on Islamic Finance and Islamic Banking in Iran. Bilimname, XXXIX, 2020/1.
  • Godlewski, C. J., Turk-Ariss, R., and Weill, L. (2013). Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41, 745-761.
  • Haider, J. and Azhar, M. (2010). Islamic capital markets-Sukuk and its risk management in the current scenario. UMEA University, School of Business, Master Thesis.
  • IDB (2004). Glossary of IDB Group terminology. Sukuk, No.211, 10 April 2004. https://www.isdb.org/sites/default/files/media/documents/2018-12/Glossary%20of%20IDB%20Group%20Terminologies-2004.pdf
  • Islamic Finance Foundation (2020). Sukuk market developing fastest in Saudi Arabia, 18 July 2020. https://www.sukuk.com/article/sukuk-market-developing-fastest-in-saudi-arabia-13400/#/?playlistId=0&videoId=0
  • International Islamic Financial Markets (IIFM) (2020). Sukuk report- A comprehensive study of the global sukuk market, July 2020, 9th edition.
  • IIFM (2019). IIFM sukuk report. July 2019. https://www.iifm.net/wp-content/uploads/2019/08/IIFM-Sukuk-Report-8th-Edition_4.pdf
  • IIFM (2013). Sukuk report, a comprehensive study of the global sukuk market. 3rd Edition. https://www.iifm.net/wp-content/uploads/2019/08/IIFM-Sukuk-Report-3rd-Edition-A-Comprehensive-study-of-the-Global-Sukuk-Market_1.pdf
  • Iqbal, Z. and Tsubato, H. (2006). Emerging Islamic capital markets- A quickening pace and new potential. In The Euromoney International Debt Capital Markets Handbook. Euromoney Years Book. http://documents1.worldbank.org/curated/en/645801506678255058/pdf/120140-BRI-PUBLIC-euromoney-handbook-2006-emerging-islamic-capital-markets.pdf
  • IMF (2020a). Real GDP growth. https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD
  • IMF (2020b). World economic outlook update. June 2020.
  • Levine, R. (2004). Finance and growth: theory and evidence. NBER Working Paper No. 10766.
  • Mirzoev, T., Zhu, L., Yang, Y., Pescatori, A., and Matsumoto, A. (2020). The future of oil and fiscal sustainability in the GCC region. IMF Middle East and Cetral Asia and Research Departments, No. 20/01.
  • Moody’s (2019). Moody's - Global sukuk issuance to rise for fourth year. August 27, 2019, Dubai. https://www.moodys.com/research/Moodys-Global-sukuk-issuance-to-rise-for-fourth-year--PBC_1190997?showPdf=true
  • Moody’s (2020). Moddy’s-Declien in sukuk issuance to be limited by GCC financinf needs. August 06, 2020, Dubai. https://www.moodys.com/research/Moodys-Decline-in-sukuk-issuance-to-be-limited-by-GCC--PBC_1240731?showPdf=true
  • Newlyn, W. T. (1974). "Financial deepening in economic development : E. S. Shaw, (Oxford University Press, New York, 1973), xii+260" Economica, New Series, 42(167), (Aug., 1975), 347-347.
  • Othman, R. A., Iyer, A. S., and Al Buaijan, F. (2019). GCC bonds and sukuk market survey, H1 2019 highlights. July 2019, Kuwait Financial Centre, Markaz, Fixed Income Research.
  • Puri-Mirza, A. (2020). Value of Islamic bond (sukuk) assets outstanding 2019, by region. Statista, https://www.statista.com/statistics/649254/value-of-sukuk-assets-outstanding-by-region/
  • Radzi, R. M. (2018). Evolution in the sukuk (Islamic bonds) structure: How do market demands and Shariah (Islamic Law) solutions shape them? Journal of Islamic Banking and Finance, June 2018, 6(1), 16-28.
  • Saba, I.; Rizvi, S. A.; and Alabed, A. (2017). Diversitifaction of Islamic financial instruments. COMCEC Coordination Office, October 2017.
  • Saleem, S. (2007). Roles of Islamic banks in economic development. MPRA, Paper No. 7332, 25 December 2007, 1-72.
  • Saturna Capital (2020). GCC Sukuk: A primer investment characteristics of US-dollar denominated sukuk originating from the Gulf Cooperation Council. June 2020. https://www.saturna.com/sites/saturna.com/files/files/2020/WP-2020_06-GCC-Sukuk-web.pdf
  • Schumpeter, J. (2003). The theory of economic development. In the Economy as a whole, Seventh Chapter, J. Backhaus (ed.), Kluwer Academic Publishers, Netherlands, 61-116. https://sci-hub.st/https://link.springer.com/content/pdf/10.1007/0-306-48082-4_3.pdf
  • Smaoui, H. and Nechi, S. (2017). Does sukuk market development spur economic growth? Research in International Business and Finance, 41, 136-147.
  • The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (2008). http://www.aaoifi.com/Objectives.html
  • Thomson Reuters (2018). Islamic finance development report, Building momentum. https://ceif.iba.edu.pk/pdf/Reuters-Islamic-finance-development-report2018.pdf

GCC ülkelerinde sukuk üzerine bir inceleme

Yıl 2020, Cilt: 2020 Sayı: 42, 7 - 40, 30.10.2020
https://doi.org/10.28949/bilimname.799483

Öz

1970’lerle birlikte özellikle muhafazakar müslümanların faizin haram olması ilkesinden hareketle alternatif bir finansman modeli konusunda artan taleplerini karşılamak üzere İslam ekonomisi ilgi görmeye başlamıştır. Öte yandan, sömüge sonrası dönemde, bağımsızlığını ilan eden Müslüman ülkeler ve kalkınma çabası içine giren diğer Müslüman topluluklar, yüksek düzeyde artan fon ihtiyaçlarını karşılamak üzere kaynak arayışı içine girmişlerdir. Petrolün küresel ekonomide önemli bir hammadde olması ve hızla artan fiyatları ile birlikte, 1970’lerden itibaren Suudi Arabistan, BAE, Katar, Bahreyn, Kuveyt ve Umman’dan oluşan Körfez İşbirliği Ülkeleri (GCC) ekonomik kalkınmalarını yer altı zenginliklerinin çıkartılması ve ihracına dayalı olarak gerçekleştirmişlerdir. Ancak bu ülkeler, 2000’li yıllarla birlikte yerel ve dış kaynaklı ekonomik ve siyasi şoklarla sarsılmışlardır. Gelirleri neredeyse tamamen doğal gaz ihracatına bağlı olan bu ülkelerin dış kaynaklı şoklara karşı ekonomilerini koruyabilmek için sektör çeşitlenmesine gitmeleri kaçınılmaz olmuştur. Islami finans ve İslami finansal enstrümanlar bu çerçevede giderek daha fazla dikkat çekmektedir. 2001-2002 döneminde ilk defa ihraç edilen sukuk, geçen 20 yıllık süre içinde küresel ölçekte en önemli İslami finansal araçlardan birisi haline gelmiştir. Bu çalışmada, sukukun GCC ülkelerindeki yeri yanında makroekonomik performans ve ekonomik büyümeye katkıları vaka analizi çerçevesinde incelenecektir. Çalışmada GCC ülkelerinde sukuk piyasasının önemli bir yeri olduğu ve bu ülkelerin makroekonomik performanslarına önemli bir fon kaynağı olarak katkı sağlayabileceği sonucuna ulaşılmıştır. Bölgede sukuk piyasasının gelişmesi sadece finansal piyasaların gelmişmesini sağlamakla kalmayacak aynı zamanda kamu ve özel sektöre sağlayacağı fonlarla ekonomik büyümeye katkı sağlayacaktır.

Kaynakça

  • Abdel-Khaleq, A. H. and Richardson, C. F. (2007). New horizons for Islamic securities: Emerging trends in sukuk offerings. Chicago Journal of International Law, 7(2), Article 5, Winter 2007, 409-425.
  • Abdelrahman, A. Y. (2019). Sukuk: A critique of experience, and their possible developmental role in Muslim countries. International Journal of Islamic Economics and Finance Studies, 1, 1-19.
  • Abduh, M. and Chowdhury, N. T. (2012). Does Islamic banking matter for economic growth in Bangladesh? Journal of Islamic Economics, Banking and Finance, 8, 104-113.
  • Ahmed, H. (2014). Islamic financial markets: Stocks and sukuk. https://www.tkbb.org.tr/Documents/Yonetmelikler/Habib%20Ahmed_Islamic%20Capital%20Markets_Istanbul_1406.pdf
  • Ali, S. S. (2005). Islamic capital market products: Developments and challenges. Islamic Development Bank Group Islamic Research and Training Institute, Occasional Paper No:9.
  • Al-Khawarizmi Group (2012). Les Sukuks Une- nouvelle alternative de financement pour le Maroc. 18 December 2012. https://ribh.files.wordpress.com/2013/02/alkhawarizmi_sukuk_report_20131.pdf
  • Amrani, M. B., Hamza, F., and Mostapha, E. H. (2017). Sukuk: Literature review. Journal of Social and Administrative Sciences, 4(1), 124-131.
  • Ayub, M. (2007). Understanding Islamic finance. John Wiley and Sons, England.
  • Balli, F., Billah, M., Balli Özer, H., Gregory-Allen, R. (2020). Economic uncertainities, macroeconomic announcements and sukuk spread. Applied Economics, 52(35), 3748-3769.
  • Beck, T., Demirgüç-Kunt, A., and Merrouche, O. (2013). Islamic vs. conventional banking: Business models, efficiency and stability. Journal of Banking and Finance, 37(2), February 2013, 433-447.
  • Bitar, I. (2019). GCC sukuk-A trader’s perspective of 2018. IIFM Sukuk Report, July 2019, 107-108.
  • Cakir, S. and Raei, F. (2007). Sukuk vs. eurobonds: Is there a difference in value-at-risk? IMF Working Paper, WP/07/237, October 2007, 1-20.
  • Damak, M., Roy, D., and Mensah, S. (2020). Islamic Finance 2020-2021: COVID-19 offers an opportunity for transformative developments. S&P Global Ratings, 15 June 2020. https://www.spglobal.com/ratings/en/research/articles/200615-islamic-finance-2020-2021-covid-19-offers-an-opportunity-for-transformative-developments-11533355
  • Damak, M., McGraw, M., and Roy, D. (2020). Global sukuk market: A window of opportunity is opening. S&P Global Ratings, 07 June 2020. https://www.spglobal.com/ratings/en/research/articles/200707-global-sukuk-market-a-window-of-opportunity-is-opening-11561119
  • Damak, M. and Roy, D. (2020). The sukuk market starts 2019 well, but activity might taper off. In Islamic Finance Outlook- 2020 Edition. S&P Global Rating, 14-17.
  • De Gregoria, J. and Duidotti, P. E (1995). Financial development and economic growth. World Development, 23(3), 433-448.
  • Di Mauro, F., Caristi, P., Couderc, S., Di Maria, A., Ho, L., Grewal, B. J., Masciantonia, S., Ongena, S., and Zaher, S. (2013). Islamic finance in Europe. European Central Bank, Occasional Paper Series, No. 146, June 2013, Frankfurt.
  • Erdoğan, S., Gedikli, A., and Çevik, E. İ. (2020), Volatility Spillover Effects Between Islamic Stock Markets and Exchange Rates: Evidence from Three Emerging Countries. Borsa İstanbul Review. https://doi.org/10.1016/j.bir.2020.04.003, In Press, Available online 16 May 2020.
  • Erdoğan, S., Gedikli, A., and Derindağ, M. R. (2020). An Investigation on Islamic Finance and Islamic Banking in Iran. Bilimname, XXXIX, 2020/1.
  • Godlewski, C. J., Turk-Ariss, R., and Weill, L. (2013). Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41, 745-761.
  • Haider, J. and Azhar, M. (2010). Islamic capital markets-Sukuk and its risk management in the current scenario. UMEA University, School of Business, Master Thesis.
  • IDB (2004). Glossary of IDB Group terminology. Sukuk, No.211, 10 April 2004. https://www.isdb.org/sites/default/files/media/documents/2018-12/Glossary%20of%20IDB%20Group%20Terminologies-2004.pdf
  • Islamic Finance Foundation (2020). Sukuk market developing fastest in Saudi Arabia, 18 July 2020. https://www.sukuk.com/article/sukuk-market-developing-fastest-in-saudi-arabia-13400/#/?playlistId=0&videoId=0
  • International Islamic Financial Markets (IIFM) (2020). Sukuk report- A comprehensive study of the global sukuk market, July 2020, 9th edition.
  • IIFM (2019). IIFM sukuk report. July 2019. https://www.iifm.net/wp-content/uploads/2019/08/IIFM-Sukuk-Report-8th-Edition_4.pdf
  • IIFM (2013). Sukuk report, a comprehensive study of the global sukuk market. 3rd Edition. https://www.iifm.net/wp-content/uploads/2019/08/IIFM-Sukuk-Report-3rd-Edition-A-Comprehensive-study-of-the-Global-Sukuk-Market_1.pdf
  • Iqbal, Z. and Tsubato, H. (2006). Emerging Islamic capital markets- A quickening pace and new potential. In The Euromoney International Debt Capital Markets Handbook. Euromoney Years Book. http://documents1.worldbank.org/curated/en/645801506678255058/pdf/120140-BRI-PUBLIC-euromoney-handbook-2006-emerging-islamic-capital-markets.pdf
  • IMF (2020a). Real GDP growth. https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD
  • IMF (2020b). World economic outlook update. June 2020.
  • Levine, R. (2004). Finance and growth: theory and evidence. NBER Working Paper No. 10766.
  • Mirzoev, T., Zhu, L., Yang, Y., Pescatori, A., and Matsumoto, A. (2020). The future of oil and fiscal sustainability in the GCC region. IMF Middle East and Cetral Asia and Research Departments, No. 20/01.
  • Moody’s (2019). Moody's - Global sukuk issuance to rise for fourth year. August 27, 2019, Dubai. https://www.moodys.com/research/Moodys-Global-sukuk-issuance-to-rise-for-fourth-year--PBC_1190997?showPdf=true
  • Moody’s (2020). Moddy’s-Declien in sukuk issuance to be limited by GCC financinf needs. August 06, 2020, Dubai. https://www.moodys.com/research/Moodys-Decline-in-sukuk-issuance-to-be-limited-by-GCC--PBC_1240731?showPdf=true
  • Newlyn, W. T. (1974). "Financial deepening in economic development : E. S. Shaw, (Oxford University Press, New York, 1973), xii+260" Economica, New Series, 42(167), (Aug., 1975), 347-347.
  • Othman, R. A., Iyer, A. S., and Al Buaijan, F. (2019). GCC bonds and sukuk market survey, H1 2019 highlights. July 2019, Kuwait Financial Centre, Markaz, Fixed Income Research.
  • Puri-Mirza, A. (2020). Value of Islamic bond (sukuk) assets outstanding 2019, by region. Statista, https://www.statista.com/statistics/649254/value-of-sukuk-assets-outstanding-by-region/
  • Radzi, R. M. (2018). Evolution in the sukuk (Islamic bonds) structure: How do market demands and Shariah (Islamic Law) solutions shape them? Journal of Islamic Banking and Finance, June 2018, 6(1), 16-28.
  • Saba, I.; Rizvi, S. A.; and Alabed, A. (2017). Diversitifaction of Islamic financial instruments. COMCEC Coordination Office, October 2017.
  • Saleem, S. (2007). Roles of Islamic banks in economic development. MPRA, Paper No. 7332, 25 December 2007, 1-72.
  • Saturna Capital (2020). GCC Sukuk: A primer investment characteristics of US-dollar denominated sukuk originating from the Gulf Cooperation Council. June 2020. https://www.saturna.com/sites/saturna.com/files/files/2020/WP-2020_06-GCC-Sukuk-web.pdf
  • Schumpeter, J. (2003). The theory of economic development. In the Economy as a whole, Seventh Chapter, J. Backhaus (ed.), Kluwer Academic Publishers, Netherlands, 61-116. https://sci-hub.st/https://link.springer.com/content/pdf/10.1007/0-306-48082-4_3.pdf
  • Smaoui, H. and Nechi, S. (2017). Does sukuk market development spur economic growth? Research in International Business and Finance, 41, 136-147.
  • The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (2008). http://www.aaoifi.com/Objectives.html
  • Thomson Reuters (2018). Islamic finance development report, Building momentum. https://ceif.iba.edu.pk/pdf/Reuters-Islamic-finance-development-report2018.pdf
Toplam 44 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Ayfer Gedikli 0000-0002-7128-1976

Fatma Erdoğan 0000-0003-2218-7315

Cihan Yavuz Taş Bu kişi benim 0000-0002-2211-9614

Yayımlanma Tarihi 30 Ekim 2020
Gönderilme Tarihi 24 Eylül 2020
Kabul Tarihi 16 Ekim 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 2020 Sayı: 42

Kaynak Göster

APA Gedikli, A., Erdoğan, F., & Taş, C. Y. (2020). An investigation of sukuk in the gcc countries. Bilimname, 2020(42), 7-40. https://doi.org/10.28949/bilimname.799483