إدارة السيولة في المصارف الإسلامية : دراسة تحليلية نقدية

Abstract EN

This paper undertakes a study of liquidity management in Islamic banks with special reference to the Malaysian experience.

The subject is treated by defining liquidity and its management, explaining its importance, its most important components, and the essential requirements for its success.

It also surveys the Islamic monetary instruments used for liquidity management and examines their usefulness and the extent to which they comply with SharÊÑah parameters.

Of all these instruments, the paper focuses upon ÎukËk by studying their importance in liquidity management and the parameters for trading them.

Among the conclusions of the research are that the most important requirements for good liquidity management in Islamic banks are: the presence of a market with a large number of active participants; having a variety of products and continuing to develop them; guaranteeing the transparency of the market; government support for money markets; and establishing a strong legal and regulatory framework.

The research also concludes that the Islamic money market suffers from a scarcity of financial instruments for managing liquidity and that ÎukËk are at present the most important financial instrument for liquidity management in Islamic banks.

The paper also appraises the parameters established for them by the Islamic Fiqh Academy (IFA) and the parameters for trading them set by the IFA and by AAOIFI.

It points out the practical difficulties of implementing them and the necessity of giving the necessary time to implement those resolutions in order to respond to the needs of the Islamic financial market and its further development.