June 2012
Journal of Financial Researches & Studies / Finansal Arastirmala;Jun2012, Vol. 3 Issue 7, p1
Academic Journal
After 2000-2001 economic crisis Turkey has started to implement "Program for Transition to Strong Economy" which has caused a significant depth for Turkish capital market. Especially the developments in the banking area provided Turkey overcome the 2008 World Financial Crisis with minimum damage. As a result of the change in economic system, besides the traditional banking approach, Islamic banks which were defined as "Islamic Window" was also allowed to be opened in Turkish banking sector and alternative investment instruments began to be developed for the non-interest financial instruments demanding sector. Among these non-interest financial instruments, both in global economy and in domestic economy the most commonly used instrument which is also called as non-interest bonds is "sukuk". In this study sukuk, which has a significant importance to transmit the idle money in the ownership of people who have sensitivity for the Islamic prohibitions to real economy is investigated in the context of the global and domestic development of the Islamic banking. Considering the benefit of the country's economy, for the revitalization of the sukuk transactions it is observed that correct legal configuration, expansion in the tax privileges, regulations for trading on the stock exchange and explanatory demonstrations has become a necessity.


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