Sukuk practices and development of the world sukuk market

As a result of the forbidden interest and related incomes in Islam, the Islamic finance market that takes Islamic bans into account has been developed in parallel with the traditional financial system. The basic logic in the Islamic finance market is to obtain interest-free income. Financing instruments used in the Islamic finance market that can be in different types such as mudarabah, musharaka, murabaha and sukuk, but the most frequently used Islamic finance tool is sukuk. Sukuk is basically described as a document showing the ownership of the goods. With Sukuk, the right of ownership is acquired over the assets and the income is obtained from this right. As an alternative financial model in the world, the usage of the sukuk in the global markets has increased in the recent years. The purpose of this study is to give information about sukuk, to reveal the usage of sukuk in Turkey and in the world and to discuss sukuk in terms of fiqh. Within the scope of the study, a general information about sukuk, its types and history was given, the development of sukuk market in Turkey and in the world as well as its Islamic scope was discussed. The results revealed by the study provide information for researchers and managers in this field.