Sukuk as a non-interested financing tool capital market instruments

Sukuk, which is called as Lease certificates by the Capital Markets Board in our country, has been an important investment tool in order to increase the portfolio diversity in the capital markets. The increase in this portfolio diversity will enable more investors to come to the capital markets and more cash flow. It has been an opportunity for investors who avoid interest because of their religious beliefs and do not want to invest in traditional financial instruments. Islamic finance is considered to be more protective and provide solutions. At the same time, in the case of capital insufficiency of companies, the bank loans they are applying to and the debts arising from these loans on the balance sheets of companies decrease their credibility and weaken their competitiveness. This event can be effective in both public and private companies. In some economies, it appears that high inflation occurrs due to such reasons and economic crises emerges. After the emergence in the Middle East, sukuk was rapidly spreading in Malaysia and it was seen that there were significant increases in sukuk issuances along with the global crisis in 2008 and these increases were also realized in our country. In order to clarify this situation, it is aimed to compare the traditional bonds with the sukuk and to get a better understanding of the sukuk in the light of the literature research and opinions on this subject.