Özet:

With the rapid growth of the volunteer-based Individual Pension System (BES) and obligation-based Automatic Participation System (OKS) funds, the need for new financial instruments has increased and alternative searches have emerged due to the lack of diversity and quantity of products in the interest-free capital markets. In this study, which aims to analyze the location of the interestless BES in the BES in Turkey, information was first given about the BES and the development and structure of the system in Turkey was mentioned. The study consists of two main sections, except the entry and the result. In the first section, the legislation of the interest-free BES discussed the nature of the funds and the transition to the automatic participation system. In the second part, the interest-free BES was analyzed in the framework of its application in Turkey. In this framework, the relationship with capital markets, enterprise capital and real estate investments, government contribution, lease certificates and participation accounts based on the BES and the fictional size of the place subject. The work emphasizes the solution of various structural problems in this sense by pointing out that the interest-free BES has significant potential for the Turkish economy and in particular the participation financial market. In particular, the current state suggests that the interest-free BES system, which is largely based on rental certificates, is diversified by various capital market instruments, such as real estate investment funds.

Anahtar Kelimeler:

Özet:

The need for new financial instruments has increased due to the rapid growth of voluntary based Private Pension System (PPS) and obligatory based Auto Participation System (APS) funds. This study aims to contribute to healthy development of interest free PPS in Turkey’s PPS system. It analyses the development and structure of interest free PPS in the line with the Venture Capital and REIF in order to increase the sustainability of this system and its impact on the development of the country. In addition to introduction and conclusion, the study consists of two main sections. The first part of the study examines the interest free PPS, the nature of its’ funds and the APS system. The second part of the study analyses the implementation of interest free PPS from different perspectives such as relations with Capital Market products, the role of venture capital and real estate investments, state contribution, sukuk issuances and related fiqh issues etc. The study concludes that interest free PPS has numerous potential and opportunities for Turkish economy if resolved some structural challenges and issues. In that point, the study suggests diversification of PPS instruments with alternative capital market instruments such as venture capital and real investment funds etc.