Author
TIRMAN, Nurullah, KEÇECİ, İbrahim
Publication Place
University of Afyon Kocatepe -
University of Afyon Kocatepe
Subject
Purification, Stocks
Type
Book
Language
ara,eng
Digital
Yes
Manuscript
No
Library
Leitir Library
Library Asset ID
ISSN: 2757-8399, EISSN: 2757-8399, DOI: 10.52637/kiid.1352980
Record ID
cdi_doaj_primary_oai_doaj_org_article_7468365243ea46119f5e197585675126
Library Location
DOAJ Directory of Open Access Journals
Notes
Participation-based investment funds; lease certificates (sukuk), real estate certificates, participation accounts, shares, gold, precious metals, etc. These are funds that create portfolio assets through money and capital market instruments that comply with the participation finance principles determined in the fiqh framework. One of the most important issues regarding fund assets is that the shares that participation-based investment funds will include in their portfolios are in compliance with fiqh rules. In this context, the main field of activity of the company whose shares will be included in the portfolio must be appropriate in terms of jurisprudence. Within the framework of the determined standards, the buying and selling of shares of companies whose main field of activity is legitimate, but which have non-operational income up to a certain threshold due to exceptional circumstances arising from the legislation and/or the necessity of continuing their activities, has been approved by the religious scholars. This view, which was first discussed globally by a group of fiqh scholars in 1987, has been made more systematic by developing various standards since the 1990s, and then Islamic share market indices began to be created at the global level. In 2008, the participation index was established in Turkey by Bizim Menkul Değerler. Standards for companies that could be included in the participation index were published by the TKBB Advisory Board in 2020, and with the subsequent decision taken in 2021, the calculation and management of participation indices were transferred to Borsa Istanbul. As a matter of fact, the TKBB Advisory Board, which determines the standards for the participation index where fiqh-compliant stocks are listed in Turkey, has expressed an opinion that the disadvantageous gains from stock investments should be purified. In this context, investors who buy and sell shares within the framework of participation finance principles can also purify their undesirable earnings through the rates announced to the public through the Public Disclosure Platform, in line with the standards published by the TKBB Advisory Board. Although a standard has been established for the purification of shares, participation-based investment funds do not purify the disadvantageous income arising from the shares they buy and sell on behalf of investors, or do not provide investors with information about the rate/amount of disadvantageous income that must be purified. In this study, a proposal has been developed to purify the disadvantageous income generated in participation-based investment funds based on customer preference and transfer them to social aid activities. In this regard, in the study, firstly, opinions on the necessity of purifying the disadvantageous income generated in participation-based investment funds were discussed. Subsequently, the participation-based investment funds market in Turkey was examined and the potential amount of disadvantageous income generated in participation-based investment funds was tried to be determined and a suggestion was made. As a result of the investigations; It has been observed that the assets of participation-based investment funds have become one of the fastest growing capital market products among participation finance assets in Turkey. As a matter of fact, the assets of participation-based investment funds reached 299.2 billion TL as of June 2023, growing by 193% compared to the same month of the previous year and by 75% compared to the beginning of 2023. The size of the stocks, which have a share of 8% in the fund assets, has reached 23 billion TL. Accordingly, as of the beginning of 2023, the amount of disadvantageous income that must be cleared from the stocks in the portfolios of participation-based investment funds is calculated as 371.6 million TL. Considering this amount, it is thought that it may be more efficient to transfer the disadvantageous income generated in participation-based investment funds to various aid funds such as earthquake fund, aid fund or Disaster Reconstruction Fund if they are collected in a certain pool rather than individual movements. In addition, it is evaluated that collecting the amount that needs to be purified in a certain pool will have a positive impact on the public budget regarding social aid expenditures. When we look at the practices in the world regarding the purification of Islamic funds; In some countries, only the amount that needs to be purified is reported to the investor by the fund managers and the purification process is left to the investor's initiative, while in some countries, the problematic part is purified by the fund managers and the fund income is transferred to the investor. In the study, it is suggested that the purification of the disadvantageous income to be carried out by the fund managers is left to the investor's preference and the purification procedures are carried out by the fund managers. In this respect, the system planned to be established in Turkey differs from global examples. Participation-based investment funds are the investment funds that constitute a portfolio of assets through monetary and capital market instruments which are compliant with the principles of participation finance. These funds include lease certificates (sukuk), real estate certificates, participation accounts, equities, precious metals etc. One of the most important aspects regarding fund assets is that the equities to be included in the portfolios of participation-based investment funds must be in compliance with Shariah principles. Thus, the main activity areas of the company to be included in the portfolio must be suitable from Shariah perspective. Because of the exceptional circumstances arising from regulations or necessity to sustain activities, companies with legitimate main activity areas but a limited amount of non-compliant income or debt up to a certain threshold have been approved by the Shariah scholars for trading of their equities. However, it's not permissible in Shariah for a Muslim to earn income through illegitimate means, it has been stated that the non-permissible earnings derived from prohibited sources owned by a company must be purified. The view, first discussed by a group of Shariah Scholars on a global scale in 1987, became more systematic with the development of various standards from the 1990s onwards. Subsequently, global Islamic stock market indices began to establish. In Türkiye side, Bizim Menkul Degerler established an Islamic participation index in 2008. TKBB Shariah Board published standards for that could be included in the participation index in 2020. Thereafter the calculation and management of participation indices were transferred to Borsa İstanbul with a decision taken in 2021. Thus, TKBB Shariah Board which sets the standards for companies listing Shariah-compliant equities in Turkey has expressed their opinions on the necessity of purifying non-permissible earnings derived from equity. investments. Investors, who are trading equities within the framework of participation finance principles, can purify their non-permissible earnings based on the ratios that announced to the public via Public Disclosure Platform, in accordance with the standards published by TKBB Shariah Board. Even standards published for purification, participation-based investment funds do not purify the non-permissible earnings arising from the equities which they trade; or provide information to investors about the ratio/amount of non-permissible earnings that must be purified on behalf of the investors. In this study, a proposal has been developed for purification of non-permissible income which generated from participation-based investment funds, with consideration for customer preferences, and their allocation towards social aid activities. In this context, firstly, opinions regarding the necessity of purifying non-permissible earnings generated in participation-based funds have been discussed in this study. After that the outlook of participation-based investment funds market in Turkey was examined, aiming to determine the potential amount of non-permissible earnings generated in these funds. The proposal regards to the subject also take part in the last section. As a result, it has been determined that the assets of participation-based investment funds have become one of the fastest-growing capital market instruments among Islamic finance assets in Turkey. Indeed, the assets of participation-based investment funds have reached 299.2 billion TL by June 2023, growing by 193% compared to the same month of the previous year and by 75% since the beginning of 2023. The size of the equity shares, which accounted for 8% of the fund assets, has reached 23 billion TL. In this regard, the amount of non-permissible earnings generated in participation-based investment funds could be more efficiently utilized if they were aggregated into specific social aid funds (such as earthquake funds, aid funds, or disaster relief funds) rather than being handled through individual. actions Moreover, it is also considered that this could have a positive impact on the public budget concerning social aid expenditures. When examining global practices related to the purification of Islamic investment funds; It is observed that in some countries, fund managers just give to inform investors about the amount that needs to be purified, and leave the purification process to the initiative of the investors. In some other countries, the non-permissible earnings portion is purified by fund managers, and remaining fund revenues are transferred to investors.
Detaylı Başlık
Katılım-esaslı Yatırım Fonlarında Oluşan Mahzurlu Gelirlerin Sosyal Yardım Faaliyetlerine Aktarılmasına İlişkin Bir Öneri
