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Ulusal varlık fonları geleneksel kamu emeklilik fonları ve ulusal para biriminin destekleyen oluşumlardan farklı yeni bir varlık yönetim türü olarak ortaya çıkmıştır. UVF’ler genel olarak yurtdışında yatırım yapan kamu himayesinde veya kontrolünde bulunan finansal oluşumlardır. UVF’lerin daha çok faaliyet alanları belirlenirken kuruldukları ülkelerinin konjonktürel ve gelecek bakımından ihtiyaçları doğrultusunda teşekkül ettikleri anlaşılmıştır. Ulusal varlık fonlarının ilk örneği 1854 yılında ABD- Teksas’da kurulan Perment Scholl Fund PSF olsa da günümüz anlamında bilinen ilk varlık fonu 1953 yılında Kuveyt tarafından kurulan Kuveyt Yatırım Yönetim Kurulu’dur. Varlık fonlarının genel olarak kaynaklarını; ödemeler dengesi fazlalıkları, resmi döviz işlemleri, özelleştirme gelirleri, bütçe fazlalıkları ve/veya emtia ihracatından kaynaklanan döviz fazlalıkları oluşturmaktadır. Her ne kadar UVF’ler ülkelerin merkez bankaları veya resmi döviz rezervlerinin bir parçası gibi görünse de onları farklı kılan özellikleri mevcuttur. 2016 yılı Ağustos ayında ülkemizin ilk varlık fonu olan Türkiye Varlık Fonu Yönetimi Anonim Şirketi kurulmuştur. “Şirketin ana faaliyet konusu, ilgili mevzuat hükümleri çerçevesinde sermaye piyasalarında araç çeşitliliği ve derinliğine katkı sağlamak, yurtiçinde kamuya ait olan varlıkları ekonomiye kazandırmak, dış kaynak temin etmek, stratejik, büyük ölçekli yatırımlara iştirak etmek amacıyla Türkiye varlık Fonu’nun ve bu fona bağlı alt fonların kurulması ve yönetilmesi” olarak belirlenmiştir. TVF bünyesine devredilen Türkiye’nin önemli varlıkları ile yaklaşık 40 milyar dolarlık bir varlık büyüklüğüne ulaşmıştır. TVF’nin kuruluş gerekçesi olarak birçok amaç belirlenmiştir. Bunlardan en dikkat çekenlerin başında “Katılım finansmanına uygun varlıkların gelişmesine destek olmak” gelmektedir.İslam dininde faize dayalı işlemlerin haram kılınması sebebiyle faiz temelli finansal enstrümanların kullanımı Müslümanlar tarafından tercih edilmemektedir. Büyüyen İslam dünyası ekonomisi ve artan fon ihtiyacı nedeniyle İslami usullere uygun finansal enstrümanların geliştirilmesi zorunlu hale gelmiştir. Bu çerçevede Sukuk adlı İslami finansal enstrüman geliştirilmiştir. Bilindiği üzere İslami finansal enstrümanlar sukuk adı altında dünyada uzun zamandır kullanılmasına rağmen ülkemiz için yeni ve geliştirilmesi gereken bir konudur. Sukuk 14 farklı alt türe ayrılmış olup genel olarak en çok kullanılan türleri; Mudaraba, Muşaraka, Murabaha, Salam, İcara, İstisna ve Wakala’dır. Türkiye’ de sukuk karşılığı olarak kira sertifikası geliştirilmiş olup 5 türe ayrılmıştır. Bu çalışmada varlık fonları incelenecek olup Türkiye varlık fonunun İslami finansal enstrümanların gelişmesine muhtemel katkıları incelenmiş ve önermeler sunulmuştur.
National asset funds have emerged as a new kind of asset management, which is different from the traditional public pension funds and the formations that support the national currency. UVFs are generally financial formations that are under public support or control that invest abroad. It is clear that the UVFs are formed in accordance with their future and contextual needs when determining more areas of activity. The first example of national asset funds is the Perment Scholl Fund PSF, which was founded in 1854 in the US-Texas, but the first asset fund known today is the Kuwait Investment Board, which was founded in 1953. The asset funds generally consist of excesses of payment balance, official currency transactions, privatization revenues, budget excesses and/or excesses of currency resulting from goods exports. Although UVFs appear to be part of the central banks of countries or official currency reserves, there are features that make them different. In August 2016, the Turkish Asset Fund Management Anonymous Company was established, the first asset fund of our country. The main activity of the company is to contribute to the diversity and depth of the vehicle in the capital markets in the framework of the relevant legislation, to bring public assets to the economy, to provide external resources, to participate in strategic, large-scale investments, the establishment and management of the Turkish Asset Fund and the funds related to this fund. Turkey’s important assets transferred to the IMF have reached a value of approximately $40 billion. A number of objectives have been determined as the reason for the establishment of the TVF. One of the most notable of these is to "support the development of assets suitable for participation financing". In Islam, the use of interest-based financial instruments is not preferred by Muslims due to the prohibition of interest-based transactions. Because of the growing Islamic world economy and the growing need for funds, the development of financial instruments in accordance with Islamic procedures has become mandatory. In this framework, the Islamic financial instrument Sukuk was developed. Although Islamic financial instruments have been used in the world under the name Sukuk for a long time, it is a new topic for our country and needs to be developed. Sukuk is divided into 14 different subtypes and the most commonly used species are: Mudaraba, Muşaraka, Murabaha, Salam, Icara, Istisna and Wakala. In Turkey, the rental certificate has been developed for Sukuk and it has been divided into 5 types. In this study, the asset funds will be examined and the possible contribution of the Turkish asset fund to the development of Islamic financial instruments will be examined and proposals have been presented.
Sovereign Wealth funds SWF have emerged as a new type of asset management distinct from traditional public pension funds and the supporting formations of the national currency. SWFs are generally financial formations under public auspices or control that invest abroad. While determining more areas of activity, it was understood that the uvfs were formed in accordance with the cyclical and future needs of the countries in which they were founded. The first example of sovereign wealth funds is the Perment School Fund PSF , which was established in 1854 in the United States - Texas, but the first sovereign wealth funds known today is the Kuwait Investment Board, which was established in 1953 by Kuwait. In general, the sources of sovereign wealth funds are balance of payments surpluses, official foreign exchange transactions, privatization revenues, budget surpluses and/or foreign currency surpluses arising from commodity exports. Although UVFs appear to be part of countries ' central banks or official foreign exchange reserves, they have characteristics that make them different. Turkey Wealth Fund Management Joint Stock Company, the first sovereign wealth funds of our country, was established in August 2016. ” The main activity of the company is the establishment and management of the Turkey Wealth Fund TWF and its sub-funds in order to contribute to the variety and depth of instruments in the capital markets within the framework of the provisions of the relevant legislation, to acquire publicly owned assets in Turkey to the economy, to outsource them, to participate in strategic and large-scale investments". Turkey's significant assets transferred to TWF have reached an asset size of approximately $ 40 billion. Many objectives have been identified as the rationale for the establishment of the TWF. One of the most notable of these is “supporting the development of assets suitable for participation financing”. The use of Interest-Based Financial Instruments is not preferred by Muslims because interest-based transactions are prohibited in Islam. Due to the growing economy of the Islamic world and the increasing need for funds, the development of financial instruments in accordance with Islamic procedures has become mandatory. Within this framework, an Islamic financial instrument called the Sukuk has been developed. As it is known, Islamic financial instruments have been used in the world for a long time under the name of sukuk, but it is a new and need to be developed for our country. Sukuk is divided into 14 different subspecies and the most commonly used species are Mudaraba, Muşaraka, Murabaha, Salam, Icara, exception and Wakala. In Turkey, Rent Certificate has been developed in exchange for sukuk and is divided into 5 types. In this study, asset funds will be examined and the possible contributions of the Turkish asset fund to the development of Islamic financial instruments are examined and propositions are presented
Alan : Eğitim Bilimleri; Filoloji; Güzel Sanatlar; Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Ulusal
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