Abstract:

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.

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