Sukuk as a structured finance model and usage of sukuk in project finance

The aim of this thesis is the evaluation of sukuk, the most important tool of the Islamic finance, as a structured, alternative financial instrument in context of the project finance. In this regard, after literature and legislation review, development of Islamic finance, especially sukuk is handled and the efficiency of sukuk in Turkish financial markets is assessed. After some important developments, such as widening asset base, high performance, importance for all investors, popularity of interest-free insurance, high potential and building of comprehensive Islamic infrastructure, interest-free finance plays a greater role in the global financial system. Being considered that the project finance is suitable for the use of funds, in the framework of development goals and macroeconomic balance, it is believed that issuing sukuk is important to diversify needed sources and instruments of financing. Related legislation efforts to eliminate uncertainties will also add to this process and in parallel with the international markets, sukuk will gain importance in Turkish financial markets.Key Words:1- Structured Finance2- Project Finance3- Interest-Free Finance4- Sukuk5- Lease Certificate