Performance measurement of islamic investment instruments and sensitivity analysis to macroeconomic indicators

The economic crises that emerged after the First World War and tightened in recent years and caused more destruction by increasing the volume pushed people to seek a new economic system. When the literature is examined, it is emphasized that the life of the economic system based on debt and interest decreases. In the current system, unfair distribution of income and uncertainties caused tension on the social fabric, while part of the world is living in luxury, while the other part is struggling with hunger. The new economic system calls for ime production-based, risk-sharing-oriented and promising income distribution lı; In the 14th century, the studies on the Islamic economic system that reached the summit with Ibn Khaldun II. Today, with the independence of the Islamic countries after World War II, it is increasing. In line with this information, the aim of this study is to measure the performance of investment tools in accordance with the Islamic economic principles which tend to grow rapidly in the world and to examine the relations with the important macro indicators. For this purpose data between data sets to many jurists have received the diploma from the angle of jurisprudence, Islamic investment vehicle which can be 8 years in Turkey from 2010 to 2018 were used. The analysis part of the study consists of two steps. The first step is defined as the means of Islamic investment; Performance analysis of Islamic investment fund, gold, participation index shares, participation bank participation accounts, sukuk, real estate and foreign exchange were performed. In the second step, the relations of Islamic investment instruments with macro indicators were analyzed. According to the results of the performance analyzes carried out separately for each year of 2010-2018 period, the best performing Islamic investment instrument was listed as participation bank profit shares, followed by real estate, sukuk, dollar, euro, gold, Participation30 index and Islamic investment fund. According to the results of the second step, BIST100, Money supply, one of the macroeconomic variables, the Islamic investment instruments affected by inflation, commercial loan interest rate and fluctuations in consumer confidence index; It was concluded that participation bank was profit share, sukuk and real estate. Investment tools that are the most resistant to macro indicators are Participation30 index, Islamic investment funds and gold.