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SOSYAL ETKİLİ SUKUK VE TÜRKİYE’DE UYGULANABİLİRLİĞİ

Year 2023, Volume: 32 Issue: 2, 889 - 902, 23.10.2023
https://doi.org/10.35379/cusosbil.1311556

Abstract

Son yıllarda nüfus artışı, yaşanan krizler ve salgın hastalıklar gibi etkenler toplumun sosyal gereksinimlerinde ve ülkelerin sosyal harcamalarında artışa neden olmuştur. Sosyal harcamalarda yaşanan artış sonucu ülkelerde ortaya çıkan bütçe açıkları ve mali alanda görülen daralma ile etki yatırımcısı gibi potansiyel bir yatırımcı tabanının oluşması sosyal harcamaların finansmanında inovatif yöntemlerin gerekliliğini ortaya koymuştur. Bu gerekliliğin bir sonucu olarak ortaya çıkan sosyal etkili tahviller son yıllarda global olarak yükseliş kaydetmiştir. Yeni finansal yöntemler ile sosyal sorunların giderilmesi, İslami finans ilkeleri ile uyumlu olsa da İslami finans kuruluşlarının sosyal etkili tahvil ve sosyal etkili sukuk gibi inovatif yöntemlere ilgisi zayıf kalmıştır. Nadiren görülen sosyal etkili sukuk ihraçları bu durumun kanıtı niteliğindedir. Henüz yeni bir enstrüman olan sosyal etkili sukuk birtakım dezavantajlara sahip olmakla birlikte ülkeler için birtakım faydalara da sahiptir. Bu açıdan çalışmada, sosyal etkili sukukun faydalarından yararlanabilmek adına Türkiye’deki potansiyeli araştırılmıştır. Sonuca göre sosyal etkili sukuk Türkiye için önemli bir potansiyel taşımaktadır. Bu potansiyelin harekete geçirilmesi için gerekli yasal düzenleme ve çerçevelerin oluşturulması Türkiye için önemli politika alanlarından birisidir.

References

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  • Ankara Ticaret Borsası (2021). Basın özetleri 17 Haziran 2021. https://ankaratb.org.tr/lib_upload/17.06.21%20Bas%C4%B1n%20Oezeti.pdf (Erişim: 02.06.2023).
  • Arzova, S. B. ve Şahin, B. Ş. (2019). Tarımda kira sertifikalarının (sukuk) kullanımı, muhasebeleştirilmesi ve hukuki boyutu. Muhasebe ve Finansman Dergisi, (83) , 1-24
  • Aydın, O. (2017). Sosyal etki tahvilleri: Sosyal sorunların menkul kıymetleştirilmesi. İşletme Araştırmaları Dergisi, 9(4), 916-931. https://doi.org/10.20491/isarder.2017.365
  • Bafra, E. (2016). İslami bankacılıkta sukuk (kira sertifikaları) ve uygulaması. Seçkin Yayıncılık.
  • Barajas, A., Barajas, L., Burt, K., Harper Jr, T., Johnson, P., Larsen, E., … Yeh, C. (2014). Social impact bonds: A new tool for social financing. PPIA Program, Princeton University.
  • Berkün, S. (2017). Türkiye’de sosyal belediyecilik anlayışı. Şarkiyat, 9(2), 582-598.
  • Büyükakın, F. ve Önyılmaz, O. (2012). Faizsiz finansman bonosu sukuk ve Türkiye uygulamaları. Finansal Araştırmalar ve Çalışmalar Dergisi, 4(7), 1-16.
  • Calvert, R. S. (2020). Prospects for green bonds and social impact bonds. https://www.refinitiv.com/perspectives/future-of-investing-trading/prospects-for-green-bonds-and-social-impact-bonds/ (Erişim: 01.06.2023).
  • Care, R. (2021). Developing social impact bonds to tackle emerging social needs and promote social welfare. https://www.adb.org/sites/default/files/institutional-document/691951/ado2021bn-developing-social-impact-bonds.pdf (Erişim: 01.05.2023).
  • Davies, R. (2014). Social impact bonds: Private finance that generates social returns. https://www.europarl.europa.eu/RegData/etudes/BRIE/2014/538223/EPRS_BRI(2014)538223_REV1_EN.pdf (Erişim: 01.05.2023).
  • De La Pena, I. (2015). A primer on social impact bonds. United Nations.
  • Delle Foglie, A. ve Keshminder, J. S. (2022). Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review. International Journal of Emerging Markets, (ahead-of-print).
  • Ergen, Z. ve Durak, B. (2016). Bazı sosyal problemlerin çözümünde alternatif bir finansman kaynağı: sosyal etkili tahvil programları. Hukuk ve İktisat Araştırmaları Dergisi, 8(1), 36-54.
  • Galitopoulou, S. ve Noya, A. (2016). Understanding social impact bonds. OECD Working Papers.
  • Geyik, O. ve Şeren, G. Y. (2021). Vergilerin sosyal harcamalar özelinde topluma geri dönüşü: Türkiye üzerine bir analiz. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(3), 17-28. https://doi.org/10.52791/aksarayiibd.971658
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  • İstanbul Finans Merkezi (2023). Katılım finans. https://ifm.gov.tr/b/katilim-finans (Erişim: 15.09.2023).
  • Kohli, J., Besharov, D. J. ve Costa, K. (2012). What are social impact bonds? An innovative new financing tool for social programs. 2012. https://www.americanprogress.org/article/what-are-social-impact-bonds/ (Erişim: 01.05.2023).
  • Konak, F. ve Demir, Y. (2023). Sürdürülebilirlik ve Sosyal Finans: Sosyal Etki Tahvilleri Üzerine Bir Araştırma. Denetim ve Güvence Hizmetleri Dergisi, 3(1), 11-35.
  • Mackeviciute, R., Martinaitis, Z., Lipparini, F., Scheck, B. C. ve Styczyńska, I. (2020). Social Impact Investment-Best practices and recommendations for the next generation. European Union.
  • Marwan, S. (2015). Social impact bonds in light of maqasid al-Shari ‘ah and maslahah. Journal of Islamic Economics, Banking and Finance, 11(4), 31-40.
  • Marwan, S. ve Haneef, M. A. (2019). Does doing good pay off? Social impact bonds and lessons for Islamic finance to serve the real economy. Islamic Economic Studies, 27(1), 23-37. https://doi.org/10.1108/IES-05-2019-0001
  • Mohamad, S., Lehner, O. M. ve Khorshid, A. (2016). A case for an Islamic social impact bond. ACRN Oxford Journal of Finance and Risk Perspectives, 5(2), 65-74.
  • Mudaliar, A., Pineiro, A. Ve Bass, R. (2013). Impact investing trends: Evidence of a growing industry. The Global Impact Investing Network (GIIN).
  • Ng, A., Mirakhor, A. ve Ibrahim, M. H. (2015). Social capital and risk sharing: An Islamic finance paradigm. Palgrave Macmillan.
  • OECD (2018). OECD economic surveys Turkey. https://www.oecd.org/economy/surveys/Turkey-2018-OECD-economic-survey-overview.pdf (Erişim: 01.05.2023).
  • OECD (2023a). Social and welfare statistics. https://www.oecd-ilibrary.org/social-issues-migration-health/data/oecd-social-and-welfare-statistics_socwel-data-en (Erişim: 16.09.2023).
  • OECD (2023b). Crime and prisoners. https://www.oecd-ilibrary.org/sites/soc_glance-2016-29-en/index.html?itemId=/content/component/soc_glance-2016-29-en#ID786c2f80-be60-4606-a1e2-8a18fb62970d (Erişim: 16.09.2023).
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  • Raghibi, A. ve Oubdi, L. (2021). A proposed model for social impact sukuk. Turkish Journal of Islamic Economics, 8(2), 501-516. https://doi.org/10.26414/A106
  • Refinitiv (2022). Green and sustainability sukuk report 2022: Financing a sustainable future. https://www.refinitiv.com/en/resources/special-report/green-sustainability-sukuk-2022-financing-future (Erişim: 01.05.2023).
  • Rial, I., Tambunlertchai, S. ve Tieman, A. F. (2014). Turkey: How to boost growth without increasing imbalances. https://www.imf.org/en/Blogs/Articles/2014/01/14/turkey-how-to-boost-growth-without-increasing-imbalances (Erişim: 01.05.2023).
  • Rijpens, J., Bouchard, M. J., Gruet, É. ve Salathé-Beaulieu, G. (2020). Social impact bonds: Promises versus facts. What does the recent scientific literature tell us?. CIRIEC Working Paper, No. 2020/15.
  • SBB (2022). Orta vadeli program (2023-2025). https://www.sbb.gov.tr/wp-content/uploads/2022/09/Orta-Vadeli-Program-2023-2025.pdf (Erişim: 15.09.2023).
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  • Syed Azman, S. M. M., Ismail, S., Haneef, M. A. ve Engku Ali, E. R. A. (2022). An empirical comparison of sustainable and responsible investment ṣukuk, social impact bonds and conventional bonds. ISRA International Journal of Islamic Finance, 14(3), 256-273. https://doi.org/10.1108/IJIF-04-2021-0074
  • TÜİK (2021). Sosyal koruma istatistikleri, 2021. https://data.tuik.gov.tr/Bulten/Index?p=Social-Protection-Statistics-2021-45744 (Erişim: 15.09.2023).
  • UN (2021). Global population growth and sustainable development. United Nations.
  • UNDP (2019). The impact investing ecosystem in Turkey. https://www.eydk.org/wp-content/uploads/2021/05/The-Impact-Investing-Ecosystem-in-Turkey_final.pdf (Erişim: 01.05.2023).
  • Wilson, K. E., Silva, F. ve Ricardson, D. (2015). Social impact investment: Building the evidence base. OECD Publications.
  • Yakar, S. ve Kandır, S. Y. (2016). Türkiye’de sosyal harcamaların finansmanında yeni bir finansal araç önerisi: sosyal etkili tahvil. Bankacılar, 27(97), 15-3

SOCIAL IMPACT SUKUK AND ITS APPLICABILITY IN TÜRKİYE

Year 2023, Volume: 32 Issue: 2, 889 - 902, 23.10.2023
https://doi.org/10.35379/cusosbil.1311556

Abstract

In recent years, factors such as population growth, crises, and epidemics have led to an increase in the social needs of the society and the social expenditures of the countries. The rise in social expenditures has led to budget deficits within various countries, thereby reducing fiscal flexibility. This development has underscored the need for innovative approaches to finance social expenditures, along with the emergence of potential investor bases, including impact investors. Social impact bonds, which emerged as a result of this necessity, have increased globally in recent years. Although resolving social problems with new financial methods is compatible with Islamic finance principles, Islamic financial institutions’ interest in innovative methods such as social impact bond and social impact sukuk has remained weak. The limited issuance of social sukuk are proof of this situation. Social impact sukuk, still a new financial instrument, has both advantages and disadvantages for countries. In this study, its potential in Türkiye has been investigated to benefit from the advantages of social impact sukuk. In conclusion, social impact sukuk has a significant potential for Türkiye. Creating the necessary legal regulations and frameworks to activate this potential is one of the important policy areas for Turkey.

References

  • ADB (2022). Unlocking Islamic climate finance. ADB Publishing.
  • Ahmad, A. U. F., Muhamed, N. A. ve Hasan, R. (2022). Social impact sukuk: Implications from the notion of maslaha. T. Azid, M. Mukhlisin ve O. Altwijry (Eds.), Wealth management and investment in Islamic settings: Opportunities and challenges (s. 201-210). Springer Nature Singapore.
  • Ankara Ticaret Borsası (2021). Basın özetleri 17 Haziran 2021. https://ankaratb.org.tr/lib_upload/17.06.21%20Bas%C4%B1n%20Oezeti.pdf (Erişim: 02.06.2023).
  • Arzova, S. B. ve Şahin, B. Ş. (2019). Tarımda kira sertifikalarının (sukuk) kullanımı, muhasebeleştirilmesi ve hukuki boyutu. Muhasebe ve Finansman Dergisi, (83) , 1-24
  • Aydın, O. (2017). Sosyal etki tahvilleri: Sosyal sorunların menkul kıymetleştirilmesi. İşletme Araştırmaları Dergisi, 9(4), 916-931. https://doi.org/10.20491/isarder.2017.365
  • Bafra, E. (2016). İslami bankacılıkta sukuk (kira sertifikaları) ve uygulaması. Seçkin Yayıncılık.
  • Barajas, A., Barajas, L., Burt, K., Harper Jr, T., Johnson, P., Larsen, E., … Yeh, C. (2014). Social impact bonds: A new tool for social financing. PPIA Program, Princeton University.
  • Berkün, S. (2017). Türkiye’de sosyal belediyecilik anlayışı. Şarkiyat, 9(2), 582-598.
  • Büyükakın, F. ve Önyılmaz, O. (2012). Faizsiz finansman bonosu sukuk ve Türkiye uygulamaları. Finansal Araştırmalar ve Çalışmalar Dergisi, 4(7), 1-16.
  • Calvert, R. S. (2020). Prospects for green bonds and social impact bonds. https://www.refinitiv.com/perspectives/future-of-investing-trading/prospects-for-green-bonds-and-social-impact-bonds/ (Erişim: 01.06.2023).
  • Care, R. (2021). Developing social impact bonds to tackle emerging social needs and promote social welfare. https://www.adb.org/sites/default/files/institutional-document/691951/ado2021bn-developing-social-impact-bonds.pdf (Erişim: 01.05.2023).
  • Davies, R. (2014). Social impact bonds: Private finance that generates social returns. https://www.europarl.europa.eu/RegData/etudes/BRIE/2014/538223/EPRS_BRI(2014)538223_REV1_EN.pdf (Erişim: 01.05.2023).
  • De La Pena, I. (2015). A primer on social impact bonds. United Nations.
  • Delle Foglie, A. ve Keshminder, J. S. (2022). Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review. International Journal of Emerging Markets, (ahead-of-print).
  • Ergen, Z. ve Durak, B. (2016). Bazı sosyal problemlerin çözümünde alternatif bir finansman kaynağı: sosyal etkili tahvil programları. Hukuk ve İktisat Araştırmaları Dergisi, 8(1), 36-54.
  • Galitopoulou, S. ve Noya, A. (2016). Understanding social impact bonds. OECD Working Papers.
  • Geyik, O. ve Şeren, G. Y. (2021). Vergilerin sosyal harcamalar özelinde topluma geri dönüşü: Türkiye üzerine bir analiz. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(3), 17-28. https://doi.org/10.52791/aksarayiibd.971658
  • Government Outcomes Lab (2022). December 2022 impact bond landscape. https://golab.bsg.ox.ac.uk/community/news/december-2022-impact-bond-landscape/ (Erişim: 02.05.2023).
  • Hand, D., Ringel, B. ve Danel, A. (2022). Sizing the impact investing market: 2022. The Global Impact Investing Network (GIIN).
  • IIFM (2016). A comprehensive study of the global sukuk market. https://www.islamicfinance.com/wp-content/uploads/2016/04/IIFM-Sukuk-Report-5th-Edition-A-Comprehensive-study-of-the-Global-Sukuk-Market.pdf (Erişim: 02.06.2023).
  • IMF (2019). 2019 article iv consultation – press release; staff report; and statement by executive director for Turkey. IMF Country Report, No. 19/395.
  • IMF (2021). 2021 article iv consultation – press release; staff report; and statement by executive director for Turkey. IMF Country Report, No. 21/110.
  • İstanbul Finans Merkezi (2023). Katılım finans. https://ifm.gov.tr/b/katilim-finans (Erişim: 15.09.2023).
  • Kohli, J., Besharov, D. J. ve Costa, K. (2012). What are social impact bonds? An innovative new financing tool for social programs. 2012. https://www.americanprogress.org/article/what-are-social-impact-bonds/ (Erişim: 01.05.2023).
  • Konak, F. ve Demir, Y. (2023). Sürdürülebilirlik ve Sosyal Finans: Sosyal Etki Tahvilleri Üzerine Bir Araştırma. Denetim ve Güvence Hizmetleri Dergisi, 3(1), 11-35.
  • Mackeviciute, R., Martinaitis, Z., Lipparini, F., Scheck, B. C. ve Styczyńska, I. (2020). Social Impact Investment-Best practices and recommendations for the next generation. European Union.
  • Marwan, S. (2015). Social impact bonds in light of maqasid al-Shari ‘ah and maslahah. Journal of Islamic Economics, Banking and Finance, 11(4), 31-40.
  • Marwan, S. ve Haneef, M. A. (2019). Does doing good pay off? Social impact bonds and lessons for Islamic finance to serve the real economy. Islamic Economic Studies, 27(1), 23-37. https://doi.org/10.1108/IES-05-2019-0001
  • Mohamad, S., Lehner, O. M. ve Khorshid, A. (2016). A case for an Islamic social impact bond. ACRN Oxford Journal of Finance and Risk Perspectives, 5(2), 65-74.
  • Mudaliar, A., Pineiro, A. Ve Bass, R. (2013). Impact investing trends: Evidence of a growing industry. The Global Impact Investing Network (GIIN).
  • Ng, A., Mirakhor, A. ve Ibrahim, M. H. (2015). Social capital and risk sharing: An Islamic finance paradigm. Palgrave Macmillan.
  • OECD (2018). OECD economic surveys Turkey. https://www.oecd.org/economy/surveys/Turkey-2018-OECD-economic-survey-overview.pdf (Erişim: 01.05.2023).
  • OECD (2023a). Social and welfare statistics. https://www.oecd-ilibrary.org/social-issues-migration-health/data/oecd-social-and-welfare-statistics_socwel-data-en (Erişim: 16.09.2023).
  • OECD (2023b). Crime and prisoners. https://www.oecd-ilibrary.org/sites/soc_glance-2016-29-en/index.html?itemId=/content/component/soc_glance-2016-29-en#ID786c2f80-be60-4606-a1e2-8a18fb62970d (Erişim: 16.09.2023).
  • OECD (2023c). Violence against women. https://www.oecd-ilibrary.org/sites/008fcef3-en/index.html?itemId=/content/component/008fcef3-en#fig8.7 (Erişim: 16.09.2023).
  • Raghibi, A. ve Oubdi, L. (2021). A proposed model for social impact sukuk. Turkish Journal of Islamic Economics, 8(2), 501-516. https://doi.org/10.26414/A106
  • Refinitiv (2022). Green and sustainability sukuk report 2022: Financing a sustainable future. https://www.refinitiv.com/en/resources/special-report/green-sustainability-sukuk-2022-financing-future (Erişim: 01.05.2023).
  • Rial, I., Tambunlertchai, S. ve Tieman, A. F. (2014). Turkey: How to boost growth without increasing imbalances. https://www.imf.org/en/Blogs/Articles/2014/01/14/turkey-how-to-boost-growth-without-increasing-imbalances (Erişim: 01.05.2023).
  • Rijpens, J., Bouchard, M. J., Gruet, É. ve Salathé-Beaulieu, G. (2020). Social impact bonds: Promises versus facts. What does the recent scientific literature tell us?. CIRIEC Working Paper, No. 2020/15.
  • SBB (2022). Orta vadeli program (2023-2025). https://www.sbb.gov.tr/wp-content/uploads/2022/09/Orta-Vadeli-Program-2023-2025.pdf (Erişim: 15.09.2023).
  • SBB (2023). Orta vadeli program (2024-2026). https://www.sbb.gov.tr/wp-content/uploads/2023/09/Orta-Vadeli-Program_2024-2026.pdf (Erişim: 15.09.2023).
  • Syed Azman, S. M. M., Ismail, S., Haneef, M. A. ve Engku Ali, E. R. A. (2022). An empirical comparison of sustainable and responsible investment ṣukuk, social impact bonds and conventional bonds. ISRA International Journal of Islamic Finance, 14(3), 256-273. https://doi.org/10.1108/IJIF-04-2021-0074
  • TÜİK (2021). Sosyal koruma istatistikleri, 2021. https://data.tuik.gov.tr/Bulten/Index?p=Social-Protection-Statistics-2021-45744 (Erişim: 15.09.2023).
  • UN (2021). Global population growth and sustainable development. United Nations.
  • UNDP (2019). The impact investing ecosystem in Turkey. https://www.eydk.org/wp-content/uploads/2021/05/The-Impact-Investing-Ecosystem-in-Turkey_final.pdf (Erişim: 01.05.2023).
  • Wilson, K. E., Silva, F. ve Ricardson, D. (2015). Social impact investment: Building the evidence base. OECD Publications.
  • Yakar, S. ve Kandır, S. Y. (2016). Türkiye’de sosyal harcamaların finansmanında yeni bir finansal araç önerisi: sosyal etkili tahvil. Bankacılar, 27(97), 15-3
There are 47 citations in total.

Details

Primary Language Turkish
Subjects International Economics (Other)
Journal Section Articles
Authors

Haşim Akça 0000-0002-5603-8636

Mehmet Ela 0000-0001-7341-6312

Publication Date October 23, 2023
Submission Date June 8, 2023
Published in Issue Year 2023 Volume: 32 Issue: 2

Cite

APA Akça, H., & Ela, M. (2023). SOSYAL ETKİLİ SUKUK VE TÜRKİYE’DE UYGULANABİLİRLİĞİ. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 32(2), 889-902. https://doi.org/10.35379/cusosbil.1311556