Araştırma Makalesi
BibTex RIS Kaynak Göster

Crıtıcal Evaluatıon Of Bıst Partıcıpatıon Index In The Context Of Sharı’ah Screenıng Methodologıes

Yıl 2022, Cilt: 10 Sayı: 1, 1 - 30, 30.06.2022
https://doi.org/10.54429/seyad.1070303

Öz

Participation indices, published in Turkey since 2011, started to be published by Borsa Istanbul (BIST) as of 12 November 2021. To determine companies that will include in BIST participation indices, "Share Certificate Issuance and Trade Standard" published by Participation Banks Association of Turkey (TKBB) Advisory Board is adopted as a primary criterion. The aim of this study is to determine the issues that are not explicitly included in the TKBB Standard and the possible problems in the implementation phase of participation indices and to develop suggestions. In addition to the problems in the implication phase of BIST participation indices, problems that may arise for investors who will buy stocks are included in the study's scope. A dual perspective that comparatively examines the TKBB standard and implementation phase of the indices has been adopted in the study. Moreover, participation indices’ publisher changes have been evaluated within the framework of the BIST participation indices’ basic rules. In the study, a case study design was adopted among qualitative research designs and document analysis was used as a data collection technique. Determining the problems faced in practice and proposing solutions will contribute to both literature and the development of Islamic capital markets.

Kaynakça

  • AAOIFI. Faizsiz Finans Standartları. İstanbul: TKKB Yayınları, 2015.
  • Abdul Rahim, Fahmi et al. “Information Transmission Between Islamic Stock Indices in South East Asia.” International Journal of Islamic and Middle Eastern Finance and Management 2/1 (April 3, 2009), 7–19. https://doi.org/10.1108/17538390910946230
  • Abu-Alkheil, Ahmad et al. “Dynamic Co-Integration and Portfolio Diversification of Islamic and Conventional Indices: Global Evidence.” The Quarterly Review of Economics and Finance 66/ (November 1, 2017), 212–224. https://doi.org/10.1016/j.qref.2017.02.005
  • Adam, Noor Latiffah - Abu Bakar, Nordin. “Shariah Screening Process in Malaysia.” Procedia - Social and Behavioral Sciences 121/ (March 2014), 113–123. https://doi.org/10.1016/j.sbspro.2014.01.1113
  • Akhtar, Shumi et al. “Impact of Interest Rate Surprises on Islamic and Conventional Stocks and Bonds.” Journal of International Money and Finance 79/ (December 1, 2017), 218–231. https://doi.org/10.1016/j.jimonfin.2017.09.003
  • Akkuş, Hilmi Tunahan - Zeren, Feyyaz. “Tüketici Güven Endeksi ve Katılım-30 İslami Hisse Senedi Endeksi Arasındaki Saklı İlişkinin Araştırılması: Türkiye Örneği.” Üçüncü Sektör Sosyal Ekonomi Dergisi 54/1 (2019), 53–70. https://doi.org/10.15659/3.sektor-sosyal-ekonomi.19.02.1060
  • Alshubiri, Faris. “Portfolio Returns of Islamic Indices and Stock Prices in GCC Countries: Empirical Evidence From the ARDL Model.” SAGE Open 11/2 (2021), 1–16. https://doi.org/10.1177/21582440211018460
  • Antonio, Muhammad Syafii et al. “The Impact of Oil Price and Other Macroeconomic Variables on the Islamic and Conventional Stock Index in Indonesia.” International Journal of Energy Economics and Policy 11/5 (August 20, 2021), 418–424. https://doi.org/10.32479/ijeep.10911
  • Ashraf, Dawood - Khawaja, Mohsin. “Does the Shariah Screening Process Matter? Evidence from Shariah Compliant Portfolios.” Journal of Economic Behavior and Organization 132/ (December 1, 2016), 77–92. https://doi.org/10.1016/j.jebo.2016.10.003
  • Asutay, Mehmet et al. “Examining the Performance of Islamic and Conventional Stock Indices: A Comparative Analysis.” Asia-Pacific Financial Markets. https://doi.org/10.1007/s10690-021-09351-7
  • Ayedh, Abdullah Muhammad Ahmed et al. “Challenging the Current Shariah Screening Methodology Assessments in Kuala Lumpur Shariah Index (KLSI).” International Journal of Academic Research in Accounting, Finance and Management Sciences 9/4 (February 6, 2019), 243–268. https://doi.org/10.6007/ijarafms/v9-i4/6844
  • Bayram, Kamola - Othman, Anwar Hasan Abdullah. “Islamic Versus Conventional Stock Market Indices Performance: Empirical Evidence from Turkey.” IQTISHADIA 12/1 (June 19, 2019), 74–86. https://doi.org/10.21043/iqtishadia.v12i1.4631
  • Bizim Menkul Değerler A.Ş. BMD - Katılım Endeksleri Temel Kuralları. (2015).
  • BIST. BIST Piyasa Değeri Ağırlıklı Pay Endeksleri Temel Kuralları (2021).
  • BIST. “Borsa İstanbul A.Ş. Katılım Endeksleri Hesaplamaya Başlıyor.” (2021b). https://borsaistanbul.com/tr/duyuru/3871/borsa-istanbul-katilim-endeksleri-hesaplamaya-basliyor, (Erişim Tarihi: 21.12.2021).
  • Buğan, Mehmet fatih. “İslami Hisse Senedi Endeksleri.” İslam Ekonomisi ve Finansı. 249–271. Kocaeli: Umuttepe Yayınları, 1. Baskı., 2017. http://jofeb.org/index.php/jofebViewproject
  • Buğan, Mehmet Fatih et al. “Katılım 30 Endeksi İçin Zayıf Formda Etkin Piyasa Hipotezinin ARFIMA-FIEGARCH Model Ile Analizi.” Iğdır Üniversitesi Sosyal Bilimler Dergisi, 219–241.
  • Camgöz, Mevlüt. “İslami Hisse Senedi İzleme Teknikleri: Tasviri Bir Yaklaşım.” İktisat Bilimevi Üç Aylık Ekonomi Siyaseti ve Kültür Dergisi 1 (2018), 50–68. https://www.researchgate.net/publication/326830794
  • Çelik, İsmail et al. “İslami Hisse Senedi Endeksleri Arasında Getiri ve Volatilite Yayılımı: Gelişmiş ve Gelişmekte Olan Piyasalarda Çok Değişkenli VAR-EGARCH Uygulaması.” MUFİDER 1/2 (2018), 89–100.
  • Creswell, John W. Eğitim Araştırmaları Nicel ve Nitel Araştırmaların Planlanması, Yürütülmesi ve Değerlendirilmesi. ed. Halil Ekşi. EDAM, 2nd Ed., 2019.
  • Dağlı, Hüseyin. “Hisse Senedi Piyasa Endeksleri ve Türkiye.” Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 3/4 (2000), 189–206.
  • Dede, Kenan. Katılım Bankalarında Hazine Ürünleri ve Sermaye Piyasası Uygulamaları. İstanbul: TKBB Yayınları, 2017.
  • Djedović, Edin et al. “Modelling Volatility Spillover Between Conventional and Islamic Stock Index in Malaysia.” Human Research in Rehabilitation The International Journal for Education/Rehabilitation and Psychocial Research 10/2 (September 2020), 26–32. https://doi.org/10.21554/hrr.092002
  • Djedović, Edin - Djedović, Irfan. “Impact of Conventional Stock Market Index on Islamic Stock Market Index in Bosnia and Herzegovina.” Human Research in Rehabilitation The International Journal for İnterdisciplinary Studies 9/1 (April 2019), 73–81. https://doi.org/10.21554/hrr.041909
  • Dow Jones. Dow Jones Indices: Index Methodology (2021). https://www.spglobal.com/spdji/en/documents/methodologies/methodology-dj-islamic-market-indices.pdf, Erişim Tarihi: 25.12.2021
  • Engkuchik, Engku Ngah S. “A Review of Securities Commission of Malaysia’s Revised Shariah Stock-Screening Criteria.” Journal of Islamic Banking and Finance 4/1 (2016), 71–80. https://doi.org/10.15640/jibf.v4n1a8
  • Forte, Gianfranco - Miglietta, Federica. “Islamic Mutual Funds as Faith-Based Funds in a Socially Responsible Context.” Doi: 10.2139/Ssrn.1012813.
  • FTSE. FTSE Global Equity Shariah Index Series Ground Rules, (2021). www.ftserussell.com. Erişim Tarihi: 25.12.2021
  • Gamaleldin, Farid. “Shariah-Compliant Stocks Screening and Purification.” Research Gate, 1–44. https://doi.org/10.13140/RG.2.1.3063.0249
  • Güçlü, Fatih. “İslami ve Konvansiyonel Hisse Senedi Endekslerinin Oynaklıkları Üzerine Bir İnceleme.” MANAS Sosyal Araştırmalar Dergisi 9/2 (2020), 1070–1088.
  • Güçlü, Fatih. “İslami ve Konvansiyonel Hisse Senedi Piyasaları Arasında Ortalama ve Varyansta Nedensellik İlişkisi: A.B.D., İngiltere, Malezya ve Türkiye Örneği.” Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü Elektronik Dergisi 11/1 (2020), 23–40.
  • Hakim, Sam - Rashidian, Manochehr. “Risk & Return of Islamic Stock Market Indexes.” Economic Researh Forum Annual Meeting Sharjah UAE. 1–13, 2004.
  • Hanif, Muhammad. “Shariah Screening Process of Capital Markets: An Evaluation of Methodologies.” Journal of King Abdulaziz University, Islamic Economics 32/1 (2019), 23–42. https://doi.org/10.4197/Islec.32-1.2
  • Hashim, Ashraf Md. et al. “ISRA-Bloomberg Sharīʿah Stock Screening and Income Cleansing Methodologies: A Conceptual Paper.” ISRA International Journal of Islamic Finance 9/1 (July 10, 2017), 27–42. https://doi.org/10.1108/IJIF-07-2017-004
  • Hassan, M. Kabir - Girard, Eric. Faith-Based Ethical Investing: The Case of Dow Jones Islamic Indexes (2011). 1–41. http://ssrn.com/abstract=1808853http://ssrn.com/abstract=1808853
  • Htay, Sheila Nu Nu et al. “Towards Standardization of Shari’ah Screening Norms and Practices.” İnternational Journal of Humanities and Social Science İnvention 2/11 (2013), 23–30. https://www.researchgate.net/publication/318654479
  • Hussein, Khaled A. “Ethical Investment: Empirical Evidence From FTSE Islamic Index.” Islamic Economic Studies 12/1 (2004), 21–40.
  • Hussein, Khaled A. “Islamic Investment: Evıdence From Dow Jones and FTSE Indices.” Proceedings of 6th International Conference on Islamic Economics and Finance, 2007.
  • Jalil, Md. Abdul. “Stock Screening Methodologies in Bangladesh and Malaysia: A Comparative Study.” Journal of Integrated Sciences 1/2 (2021), 44–58.
  • Jamil, Nor Suhaira et al. “Does Shari’ah Screening Methodology Matter?” International Journal of Engineering & Technology 7/3.35 (2018), 110–113. www.sciencepubco.com/index.php/IJET
  • Kamışlı, Serap - Esen, Ethem. “İslami Hisse Senedi Endeksleri Arasındaki Oynaklık İlişki Yapısı.” Yönetim ve Ekonomi Araştırmaları Dergisi 18/1 (March 19, 2020), 108–121. https://doi.org/10.11611/yead.607940
  • Khamlichi, Abdelbari el et al. “Are Islamic Equity Indices More Efficient Than Their Conventional Counterparts? Evidence From Major Global Index Families.” The Journal of Applied Business Research 30/4 (2014), 1137–1150.
  • Khatkhatay, M. H. - Nisar, Shariq. “Shariah Compliant Equity Investments: An Assessment of Current Screening Norms.” Islamic Economic Studies 15/1 (2007), 47–76.
  • Majdoub, Jihed - Mansour, Walid. “Islamic Equity Market Integration and Volatility Spillover Between Emerging and US Stock Markets.” North American Journal of Economics and Finance 29/ (2014), 452–470. https://doi.org/10.1016/j.najef.2014.06.011
  • Mongi, Arfaoui. “The Global Influence of Oil Futures-Prices on Dow Jones Islamic Stock Idexes: Do Energy-Volatility’s Structural Breaks Matter?” International Journal of Emerging Markets 14/4 (September 20, 2019), 523–549. https://doi.org/10.1108/IJOEM-11-2017-0471
  • MSCI. MSCI Islamic Index Series Methodology, (2019). https://www.msci.com/eqb/methodology/meth_docs/MSCI_Islamic_Indexes_Methodology_May2019.pdf, Erişim Tarihi: 25.12.2021
  • Mubarok, Faizul - Bisma, Muhammad Faturrahman. “Modeling of Jakarta Islamic Index Stock Volatility Return Pattern with Garch Model.” Al-Tijary Jurnal Ekonomi Dan Bisnis Islam 6/1 (2020), 17–30. https://doi.org/10.21093/at.v6i1.2468
  • Özkan, Oktay - Çakar, Recep. “Türkiye’deki İslami Endekslerin Zayıf Form Bilgisel Etkinlikleri.” Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 38/4 (December 31, 2020), 805–822. https://doi.org/10.17065/huniibf.700420
  • Raghibi, Abdessamad - Oubdi, Lahsen. Shari’ah-Compliant Stock Screening: A Financial Perspective (2020). 1–15.
  • Rizvi, Syed Aun R. - Arshad, Shaista. “Understanding Time-Varying Systematic Risks in Islamic and Conventional Sectoral Indices.” Economic Modelling 70/ (April 1, 2018), 561–570. https://doi.org/10.1016/j.econmod.2017.10.011
  • SAC. (2021). https://www.sc.com.my/development/icm/shariah-compliant-securities/shariah-compliant-securities-screening-methodology, Erişim Tarihi: 25.12.2021
  • Sakarya, Şakir et al. “Zayıf Formda Piyasa Etkinliğinin Katılım Endekslerinde Test Edilmesi: Türkiye Üzerine Bir Uygulama.” AKÜ İktisadi ve İdari Bilimler Fakültesi Dergisi 20/1 (June 1, 2018), 101–113. https://doi.org/10.5578/jeas.67163
  • Saraç, Mehmet - Ülev, Salih. “Investing in Islamic Stocks: A Wiser Way to Achieve Genuine Interest-Free Finance.” JKAU: Islamic Econ 30/ (2017), 61–72. https://doi.org/10.4197/Islec
  • Sarıtaş, Tufan - Bayram, Erdi. “Dış Ticaretin Katılım Endeksine Etkisi: ARDL Sınır Testi Yaklaşımı.” Maliye ve Finans Yazıları 115/ (2021), 59–76.
  • Şarkaya İçellioğlu, Cansu. “Sermaye Piyasalarında İslami Endeksler ve Geleneksel Endeksler Arasındaki İlişkiler: Katılım 30 Endeksi ve BİST 100 Endeksi.” Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi 19/2 (2018), 132–145.
  • Savaşan, Fatih et al. “The Effect of Exogeneus Shocks on Participation Index of Borsa Istanbul: Permanent or Temporary.” Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi 1/1 (2015), 81–92.
  • Seçme, Z. Oğuz et al. “Katılım Endeksi Getiri, Performans ve Oynaklığının Karşılaştırmalı Analizi.” Muhasebe ve Finansman Dergisi October (2016), 107–128.
  • Shamsuddin, Abul. “Are Dow Jones Islamic Equity Indices Exposed to Interest Rate Risk?” Economic Modelling 39/ (2014), 273–281. https://doi.org/10.1016/j.econmod.2014.03.007
  • S&P. S&P Shariah Indices Methodology, (2021). Accessed December 26, 2021. www.spglobal.com https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-shariah-indices.pdf, Erişim Tarihi: 25.12.2021
  • TKBB. (Standart No:1). Katılım Finansı Standartları: Pay Senedi İhracı ve Alım-Satımı (2020).
  • Trabelsi, Nader - Naifar, Nader. “Are Islamic Stock Indexes Exposed to Systemic Risk? Multivariate GARCH Estimation of CoVaR.” Research in International Business and Finance 42/ (December 1, 2017), 727–744. https://doi.org/10.1016/j.ribaf.2017.07.013
  • Tuna, Vedat Ender et al. “The Effect of Oil Market Shocks on the Stock Markets: Time-Varying Asymmetric Causal Relationship for Conventional and Islamic Stock Markets.” Energy Reports 7/ (November 1, 2021), 2759–2774. https://doi.org/10.1016/j.egyr.2021.04.057
  • Ülev, Salih - Aydin, Mucahit. “The Effects of Market Interest Rate on Islamic Indices: A Heterogeneous Panel Data Analysis of Participation 30 Index Companies.” Turkish Journal of Islamic Economics 6/1 (February 15, 2019), 35–50. https://doi.org/10.26414/a042
  • Ülev, Salih - Özdemir, Mücahit. “Katılım Endeksi Ile Piyasa Faiz Oranları Arasındaki Nedensellik İlişkisi.” International Congress on Islamic Economics and Finance. 47–54, 2015. https://www.researchgate.net/publication/312045836
  • Umar, Zaghum et al. “Does Shariah Compliance Make Interest Rate Sensitivity of Islamic Equities Lower? An Industry Level Analysis Under Different Market States.” Applied Economics 50/42 (September 8, 2018), 4500–4521. https://doi.org/10.1080/00036846.2018.1458191
  • Yiğiter, Şule Yüksel - Tanyıldızı, Halil. “Temel Ekonomik Faktörlerin Katılım 30 Endeksine Etkisi: Şubat 2011-Mayıs 2018 Örneği.” IBAD Sosyal Bilimler Dergisi 7/ (October 30, 2020), 183–197. https://doi.org/10.21733/ibad.658564
  • Yin, Robert K. Case Study Research Design and Methods. London: Sage Publications, 3rd Ed., 2003.
  • Yıldırım, Ramazan - İlhan, Bilal. “Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhî Yaklaşım.” Uuslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi 4/3 (2018), 83–101. https://doi.org/10.32957/ijisef.439177
  • Yıldız, S. Baha. “Katılım 30 Endeksi Ile BİST 100 Endeksi’nin Performanslarının Değerlendirilmesi.” Finans Politik & Ekonomik Yorumlar 52/606 (2015), 41–53. www.islamiforex.net,
  • Yıldız, Selim Baha et al. “Katılım 30 Endeksi Ile Temel Endekslerin Karşılaştırmalı Analizi.” Turkish Studies - Economics,Finance,Politics 15/4 (2020), 2547–2562. https://doi.org/10.47644/turkishstudies.46746
  • Yusof, Rosylin Mohd - Abd.Majid, M. Shabri. “Stock Market Volatility Transmission in Malaysia: Islamic Versus Conventional Stock Market.” J. KAU: Islamic Econ 20/2 (2007), 17–35.
  • Zandi, Gholamreza et al. “Stock Market Screening: An Analogical Study on Conventional and Shariah-Compliant Stock Markets.” Asian Social Science 10/22 (October 30, 2014), 270–279. https://doi.org/10.5539/ass.v10n22p270

BİST KATILIM ENDEKSİNİN FIKHİ TARAMA METODOLOJİLERİ ÇERÇEVESİNDE DEĞERLENDİRİLMESİ

Yıl 2022, Cilt: 10 Sayı: 1, 1 - 30, 30.06.2022
https://doi.org/10.54429/seyad.1070303

Öz

Türkiye’de 2011 yılından beri yayımlanan katılım endeksleri, 12 Kasım 2021 itibariyle Borsa İstanbul (BİST) tarafından yayınlanmaya başlamıştır. BİST katılım endekslerine dahil edilecek şirketleri belirlemede Türkiye Katılım Bankaları Birliği (TKBB) Danışma Kurulunun yayımladığı “Pay Senedi İhracı ve Alım-Satımı Standardı” esas alınmaktadır. Bu çalışmanın amacı TKBB Standardında açıkça yer almayan hususların ve katılım endekslerinin uygulama safhasındaki muhtemel sorunların neler olduğunu tespit ederek öneriler geliştirmektir. Çalışmanın kapsamına, BİST katılım endeksinin uygulama safhasındaki sorunlar ile birlikte, hisse senetlerini satın alacak yatırımcılar nezdinde oluşabilecek sorunlar da dahil edilmiştir. Çalışmada, TKBB standardı ve endeks uygulama safhasını karşılaştırmalı olarak inceleyen ikili bir bakış açısı benimsenmiştir. Ayrıca, BİST Katılım Endeksleri temel kuralları çerçevesinde, katılım endeksleri yayıncı değişikliği değerlendirilmiştir. Çalışmada, nitel araştırma desenlerinden durum çalışması deseni benimsenmiş, veri toplama tekniği olarak doküman incelemesinden faydalanılmıştır. Uygulamada karşılaşılan sorunların tespitinin ve çözüm önerileri sunulmasının hem literatüre hem de İslami sermaye piyasalarının gelişimine katkıda bulunacağı düşünülmektedir.

Kaynakça

  • AAOIFI. Faizsiz Finans Standartları. İstanbul: TKKB Yayınları, 2015.
  • Abdul Rahim, Fahmi et al. “Information Transmission Between Islamic Stock Indices in South East Asia.” International Journal of Islamic and Middle Eastern Finance and Management 2/1 (April 3, 2009), 7–19. https://doi.org/10.1108/17538390910946230
  • Abu-Alkheil, Ahmad et al. “Dynamic Co-Integration and Portfolio Diversification of Islamic and Conventional Indices: Global Evidence.” The Quarterly Review of Economics and Finance 66/ (November 1, 2017), 212–224. https://doi.org/10.1016/j.qref.2017.02.005
  • Adam, Noor Latiffah - Abu Bakar, Nordin. “Shariah Screening Process in Malaysia.” Procedia - Social and Behavioral Sciences 121/ (March 2014), 113–123. https://doi.org/10.1016/j.sbspro.2014.01.1113
  • Akhtar, Shumi et al. “Impact of Interest Rate Surprises on Islamic and Conventional Stocks and Bonds.” Journal of International Money and Finance 79/ (December 1, 2017), 218–231. https://doi.org/10.1016/j.jimonfin.2017.09.003
  • Akkuş, Hilmi Tunahan - Zeren, Feyyaz. “Tüketici Güven Endeksi ve Katılım-30 İslami Hisse Senedi Endeksi Arasındaki Saklı İlişkinin Araştırılması: Türkiye Örneği.” Üçüncü Sektör Sosyal Ekonomi Dergisi 54/1 (2019), 53–70. https://doi.org/10.15659/3.sektor-sosyal-ekonomi.19.02.1060
  • Alshubiri, Faris. “Portfolio Returns of Islamic Indices and Stock Prices in GCC Countries: Empirical Evidence From the ARDL Model.” SAGE Open 11/2 (2021), 1–16. https://doi.org/10.1177/21582440211018460
  • Antonio, Muhammad Syafii et al. “The Impact of Oil Price and Other Macroeconomic Variables on the Islamic and Conventional Stock Index in Indonesia.” International Journal of Energy Economics and Policy 11/5 (August 20, 2021), 418–424. https://doi.org/10.32479/ijeep.10911
  • Ashraf, Dawood - Khawaja, Mohsin. “Does the Shariah Screening Process Matter? Evidence from Shariah Compliant Portfolios.” Journal of Economic Behavior and Organization 132/ (December 1, 2016), 77–92. https://doi.org/10.1016/j.jebo.2016.10.003
  • Asutay, Mehmet et al. “Examining the Performance of Islamic and Conventional Stock Indices: A Comparative Analysis.” Asia-Pacific Financial Markets. https://doi.org/10.1007/s10690-021-09351-7
  • Ayedh, Abdullah Muhammad Ahmed et al. “Challenging the Current Shariah Screening Methodology Assessments in Kuala Lumpur Shariah Index (KLSI).” International Journal of Academic Research in Accounting, Finance and Management Sciences 9/4 (February 6, 2019), 243–268. https://doi.org/10.6007/ijarafms/v9-i4/6844
  • Bayram, Kamola - Othman, Anwar Hasan Abdullah. “Islamic Versus Conventional Stock Market Indices Performance: Empirical Evidence from Turkey.” IQTISHADIA 12/1 (June 19, 2019), 74–86. https://doi.org/10.21043/iqtishadia.v12i1.4631
  • Bizim Menkul Değerler A.Ş. BMD - Katılım Endeksleri Temel Kuralları. (2015).
  • BIST. BIST Piyasa Değeri Ağırlıklı Pay Endeksleri Temel Kuralları (2021).
  • BIST. “Borsa İstanbul A.Ş. Katılım Endeksleri Hesaplamaya Başlıyor.” (2021b). https://borsaistanbul.com/tr/duyuru/3871/borsa-istanbul-katilim-endeksleri-hesaplamaya-basliyor, (Erişim Tarihi: 21.12.2021).
  • Buğan, Mehmet fatih. “İslami Hisse Senedi Endeksleri.” İslam Ekonomisi ve Finansı. 249–271. Kocaeli: Umuttepe Yayınları, 1. Baskı., 2017. http://jofeb.org/index.php/jofebViewproject
  • Buğan, Mehmet Fatih et al. “Katılım 30 Endeksi İçin Zayıf Formda Etkin Piyasa Hipotezinin ARFIMA-FIEGARCH Model Ile Analizi.” Iğdır Üniversitesi Sosyal Bilimler Dergisi, 219–241.
  • Camgöz, Mevlüt. “İslami Hisse Senedi İzleme Teknikleri: Tasviri Bir Yaklaşım.” İktisat Bilimevi Üç Aylık Ekonomi Siyaseti ve Kültür Dergisi 1 (2018), 50–68. https://www.researchgate.net/publication/326830794
  • Çelik, İsmail et al. “İslami Hisse Senedi Endeksleri Arasında Getiri ve Volatilite Yayılımı: Gelişmiş ve Gelişmekte Olan Piyasalarda Çok Değişkenli VAR-EGARCH Uygulaması.” MUFİDER 1/2 (2018), 89–100.
  • Creswell, John W. Eğitim Araştırmaları Nicel ve Nitel Araştırmaların Planlanması, Yürütülmesi ve Değerlendirilmesi. ed. Halil Ekşi. EDAM, 2nd Ed., 2019.
  • Dağlı, Hüseyin. “Hisse Senedi Piyasa Endeksleri ve Türkiye.” Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 3/4 (2000), 189–206.
  • Dede, Kenan. Katılım Bankalarında Hazine Ürünleri ve Sermaye Piyasası Uygulamaları. İstanbul: TKBB Yayınları, 2017.
  • Djedović, Edin et al. “Modelling Volatility Spillover Between Conventional and Islamic Stock Index in Malaysia.” Human Research in Rehabilitation The International Journal for Education/Rehabilitation and Psychocial Research 10/2 (September 2020), 26–32. https://doi.org/10.21554/hrr.092002
  • Djedović, Edin - Djedović, Irfan. “Impact of Conventional Stock Market Index on Islamic Stock Market Index in Bosnia and Herzegovina.” Human Research in Rehabilitation The International Journal for İnterdisciplinary Studies 9/1 (April 2019), 73–81. https://doi.org/10.21554/hrr.041909
  • Dow Jones. Dow Jones Indices: Index Methodology (2021). https://www.spglobal.com/spdji/en/documents/methodologies/methodology-dj-islamic-market-indices.pdf, Erişim Tarihi: 25.12.2021
  • Engkuchik, Engku Ngah S. “A Review of Securities Commission of Malaysia’s Revised Shariah Stock-Screening Criteria.” Journal of Islamic Banking and Finance 4/1 (2016), 71–80. https://doi.org/10.15640/jibf.v4n1a8
  • Forte, Gianfranco - Miglietta, Federica. “Islamic Mutual Funds as Faith-Based Funds in a Socially Responsible Context.” Doi: 10.2139/Ssrn.1012813.
  • FTSE. FTSE Global Equity Shariah Index Series Ground Rules, (2021). www.ftserussell.com. Erişim Tarihi: 25.12.2021
  • Gamaleldin, Farid. “Shariah-Compliant Stocks Screening and Purification.” Research Gate, 1–44. https://doi.org/10.13140/RG.2.1.3063.0249
  • Güçlü, Fatih. “İslami ve Konvansiyonel Hisse Senedi Endekslerinin Oynaklıkları Üzerine Bir İnceleme.” MANAS Sosyal Araştırmalar Dergisi 9/2 (2020), 1070–1088.
  • Güçlü, Fatih. “İslami ve Konvansiyonel Hisse Senedi Piyasaları Arasında Ortalama ve Varyansta Nedensellik İlişkisi: A.B.D., İngiltere, Malezya ve Türkiye Örneği.” Gümüşhane Üniversitesi Sosyal Bilimler Enstitüsü Elektronik Dergisi 11/1 (2020), 23–40.
  • Hakim, Sam - Rashidian, Manochehr. “Risk & Return of Islamic Stock Market Indexes.” Economic Researh Forum Annual Meeting Sharjah UAE. 1–13, 2004.
  • Hanif, Muhammad. “Shariah Screening Process of Capital Markets: An Evaluation of Methodologies.” Journal of King Abdulaziz University, Islamic Economics 32/1 (2019), 23–42. https://doi.org/10.4197/Islec.32-1.2
  • Hashim, Ashraf Md. et al. “ISRA-Bloomberg Sharīʿah Stock Screening and Income Cleansing Methodologies: A Conceptual Paper.” ISRA International Journal of Islamic Finance 9/1 (July 10, 2017), 27–42. https://doi.org/10.1108/IJIF-07-2017-004
  • Hassan, M. Kabir - Girard, Eric. Faith-Based Ethical Investing: The Case of Dow Jones Islamic Indexes (2011). 1–41. http://ssrn.com/abstract=1808853http://ssrn.com/abstract=1808853
  • Htay, Sheila Nu Nu et al. “Towards Standardization of Shari’ah Screening Norms and Practices.” İnternational Journal of Humanities and Social Science İnvention 2/11 (2013), 23–30. https://www.researchgate.net/publication/318654479
  • Hussein, Khaled A. “Ethical Investment: Empirical Evidence From FTSE Islamic Index.” Islamic Economic Studies 12/1 (2004), 21–40.
  • Hussein, Khaled A. “Islamic Investment: Evıdence From Dow Jones and FTSE Indices.” Proceedings of 6th International Conference on Islamic Economics and Finance, 2007.
  • Jalil, Md. Abdul. “Stock Screening Methodologies in Bangladesh and Malaysia: A Comparative Study.” Journal of Integrated Sciences 1/2 (2021), 44–58.
  • Jamil, Nor Suhaira et al. “Does Shari’ah Screening Methodology Matter?” International Journal of Engineering & Technology 7/3.35 (2018), 110–113. www.sciencepubco.com/index.php/IJET
  • Kamışlı, Serap - Esen, Ethem. “İslami Hisse Senedi Endeksleri Arasındaki Oynaklık İlişki Yapısı.” Yönetim ve Ekonomi Araştırmaları Dergisi 18/1 (March 19, 2020), 108–121. https://doi.org/10.11611/yead.607940
  • Khamlichi, Abdelbari el et al. “Are Islamic Equity Indices More Efficient Than Their Conventional Counterparts? Evidence From Major Global Index Families.” The Journal of Applied Business Research 30/4 (2014), 1137–1150.
  • Khatkhatay, M. H. - Nisar, Shariq. “Shariah Compliant Equity Investments: An Assessment of Current Screening Norms.” Islamic Economic Studies 15/1 (2007), 47–76.
  • Majdoub, Jihed - Mansour, Walid. “Islamic Equity Market Integration and Volatility Spillover Between Emerging and US Stock Markets.” North American Journal of Economics and Finance 29/ (2014), 452–470. https://doi.org/10.1016/j.najef.2014.06.011
  • Mongi, Arfaoui. “The Global Influence of Oil Futures-Prices on Dow Jones Islamic Stock Idexes: Do Energy-Volatility’s Structural Breaks Matter?” International Journal of Emerging Markets 14/4 (September 20, 2019), 523–549. https://doi.org/10.1108/IJOEM-11-2017-0471
  • MSCI. MSCI Islamic Index Series Methodology, (2019). https://www.msci.com/eqb/methodology/meth_docs/MSCI_Islamic_Indexes_Methodology_May2019.pdf, Erişim Tarihi: 25.12.2021
  • Mubarok, Faizul - Bisma, Muhammad Faturrahman. “Modeling of Jakarta Islamic Index Stock Volatility Return Pattern with Garch Model.” Al-Tijary Jurnal Ekonomi Dan Bisnis Islam 6/1 (2020), 17–30. https://doi.org/10.21093/at.v6i1.2468
  • Özkan, Oktay - Çakar, Recep. “Türkiye’deki İslami Endekslerin Zayıf Form Bilgisel Etkinlikleri.” Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 38/4 (December 31, 2020), 805–822. https://doi.org/10.17065/huniibf.700420
  • Raghibi, Abdessamad - Oubdi, Lahsen. Shari’ah-Compliant Stock Screening: A Financial Perspective (2020). 1–15.
  • Rizvi, Syed Aun R. - Arshad, Shaista. “Understanding Time-Varying Systematic Risks in Islamic and Conventional Sectoral Indices.” Economic Modelling 70/ (April 1, 2018), 561–570. https://doi.org/10.1016/j.econmod.2017.10.011
  • SAC. (2021). https://www.sc.com.my/development/icm/shariah-compliant-securities/shariah-compliant-securities-screening-methodology, Erişim Tarihi: 25.12.2021
  • Sakarya, Şakir et al. “Zayıf Formda Piyasa Etkinliğinin Katılım Endekslerinde Test Edilmesi: Türkiye Üzerine Bir Uygulama.” AKÜ İktisadi ve İdari Bilimler Fakültesi Dergisi 20/1 (June 1, 2018), 101–113. https://doi.org/10.5578/jeas.67163
  • Saraç, Mehmet - Ülev, Salih. “Investing in Islamic Stocks: A Wiser Way to Achieve Genuine Interest-Free Finance.” JKAU: Islamic Econ 30/ (2017), 61–72. https://doi.org/10.4197/Islec
  • Sarıtaş, Tufan - Bayram, Erdi. “Dış Ticaretin Katılım Endeksine Etkisi: ARDL Sınır Testi Yaklaşımı.” Maliye ve Finans Yazıları 115/ (2021), 59–76.
  • Şarkaya İçellioğlu, Cansu. “Sermaye Piyasalarında İslami Endeksler ve Geleneksel Endeksler Arasındaki İlişkiler: Katılım 30 Endeksi ve BİST 100 Endeksi.” Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi 19/2 (2018), 132–145.
  • Savaşan, Fatih et al. “The Effect of Exogeneus Shocks on Participation Index of Borsa Istanbul: Permanent or Temporary.” Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi 1/1 (2015), 81–92.
  • Seçme, Z. Oğuz et al. “Katılım Endeksi Getiri, Performans ve Oynaklığının Karşılaştırmalı Analizi.” Muhasebe ve Finansman Dergisi October (2016), 107–128.
  • Shamsuddin, Abul. “Are Dow Jones Islamic Equity Indices Exposed to Interest Rate Risk?” Economic Modelling 39/ (2014), 273–281. https://doi.org/10.1016/j.econmod.2014.03.007
  • S&P. S&P Shariah Indices Methodology, (2021). Accessed December 26, 2021. www.spglobal.com https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-shariah-indices.pdf, Erişim Tarihi: 25.12.2021
  • TKBB. (Standart No:1). Katılım Finansı Standartları: Pay Senedi İhracı ve Alım-Satımı (2020).
  • Trabelsi, Nader - Naifar, Nader. “Are Islamic Stock Indexes Exposed to Systemic Risk? Multivariate GARCH Estimation of CoVaR.” Research in International Business and Finance 42/ (December 1, 2017), 727–744. https://doi.org/10.1016/j.ribaf.2017.07.013
  • Tuna, Vedat Ender et al. “The Effect of Oil Market Shocks on the Stock Markets: Time-Varying Asymmetric Causal Relationship for Conventional and Islamic Stock Markets.” Energy Reports 7/ (November 1, 2021), 2759–2774. https://doi.org/10.1016/j.egyr.2021.04.057
  • Ülev, Salih - Aydin, Mucahit. “The Effects of Market Interest Rate on Islamic Indices: A Heterogeneous Panel Data Analysis of Participation 30 Index Companies.” Turkish Journal of Islamic Economics 6/1 (February 15, 2019), 35–50. https://doi.org/10.26414/a042
  • Ülev, Salih - Özdemir, Mücahit. “Katılım Endeksi Ile Piyasa Faiz Oranları Arasındaki Nedensellik İlişkisi.” International Congress on Islamic Economics and Finance. 47–54, 2015. https://www.researchgate.net/publication/312045836
  • Umar, Zaghum et al. “Does Shariah Compliance Make Interest Rate Sensitivity of Islamic Equities Lower? An Industry Level Analysis Under Different Market States.” Applied Economics 50/42 (September 8, 2018), 4500–4521. https://doi.org/10.1080/00036846.2018.1458191
  • Yiğiter, Şule Yüksel - Tanyıldızı, Halil. “Temel Ekonomik Faktörlerin Katılım 30 Endeksine Etkisi: Şubat 2011-Mayıs 2018 Örneği.” IBAD Sosyal Bilimler Dergisi 7/ (October 30, 2020), 183–197. https://doi.org/10.21733/ibad.658564
  • Yin, Robert K. Case Study Research Design and Methods. London: Sage Publications, 3rd Ed., 2003.
  • Yıldırım, Ramazan - İlhan, Bilal. “Fıkhi Filtreleme Metodolojisi - Yeni Bir Fıkhî Yaklaşım.” Uuslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi 4/3 (2018), 83–101. https://doi.org/10.32957/ijisef.439177
  • Yıldız, S. Baha. “Katılım 30 Endeksi Ile BİST 100 Endeksi’nin Performanslarının Değerlendirilmesi.” Finans Politik & Ekonomik Yorumlar 52/606 (2015), 41–53. www.islamiforex.net,
  • Yıldız, Selim Baha et al. “Katılım 30 Endeksi Ile Temel Endekslerin Karşılaştırmalı Analizi.” Turkish Studies - Economics,Finance,Politics 15/4 (2020), 2547–2562. https://doi.org/10.47644/turkishstudies.46746
  • Yusof, Rosylin Mohd - Abd.Majid, M. Shabri. “Stock Market Volatility Transmission in Malaysia: Islamic Versus Conventional Stock Market.” J. KAU: Islamic Econ 20/2 (2007), 17–35.
  • Zandi, Gholamreza et al. “Stock Market Screening: An Analogical Study on Conventional and Shariah-Compliant Stock Markets.” Asian Social Science 10/22 (October 30, 2014), 270–279. https://doi.org/10.5539/ass.v10n22p270
Toplam 72 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makaleleri
Yazarlar

Leyla Ergene 0000-0002-2146-0888

Salih Ülev 0000-0002-0653-6821

Yayımlanma Tarihi 30 Haziran 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 10 Sayı: 1

Kaynak Göster

ISNAD Ergene, Leyla - Ülev, Salih. “BİST KATILIM ENDEKSİNİN FIKHİ TARAMA METODOLOJİLERİ ÇERÇEVESİNDE DEĞERLENDİRİLMESİ”. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 10/1 (Haziran 2022), 1-30. https://doi.org/10.54429/seyad.1070303.