Abstract:

Nowadays non-interest financial instruments has become more widespread in global capital markets on the purpose of transmitting the idle money in the ownership of people who do not use usual financial instruments because of religious beliefs to real economy or providing investors with various portfolio. Among these non-interest financial instruments the most commonly used instrument which is also called as Islamic bonds or non-interest bonds is “sukuk”. Sukuk has been widely used in countries with large Muslim populations especially in Malaysia. Also in Turkey, by relevant regulations, exportation of sukuk products has been permitted. In these regulations in Turkey, the notion of “lease certificate” is used instead of sukuk. With reference to The Statement of Lease Certificate in Turkey, lease certificates can be exported based upon the ownership of asset leasing companies, management contract, purchase and sale, partnership and contract of work. The purpose of this study is to explain how lease certificates, which are made with the scope of aforementioned statement, are accounted for.

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