Özet:

Sukuk, that has a prominent role in islamic financial system, has recently been initiated in Turkey. Sukuk may be issued by either private sector or treasury of Republic of Turkey. A notice, concerning sukuk issues, has been settled by Capital Markets Board (CMB). According to the relevant CMB notice, sukuk has been defined as a leasing certificate. Nevertheless, sukuk cannot be accepted merely a leasing certificate. Sukuk is a financial instrument that has several types. In Turkey, initial private sector and treasury Sukuk issues have been successful. However, in order to sustain the success in sukuk issues, there are precautions that should be undertaken in the light of international experiences. First precaution requires the determination of the appropriateness of sukuk to islamic principles. Second, a secondary market should be initiated and developed for previously issued sukuk. Third sukuk performance should be measured to inform potential sukuk investors. On the other hand, another factor impacting the attractiveness of sukuk as an investment alternative is taxation. Basic principles underlying the taxation of leasing certificates has been determined by the law numbered 6111. Later, some arrangements have been made to clarify the taxation of leasing certificates by the cabinet decision numbered 2011/1854.

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