الصكوك الإسلامية ودورها في إدارة السيولة نحو مقترح تطبيقي في ظل القوانين والتشريعات الجديدة في ليبيا : دراسة استكشافية تطبيقية

Abstract

The study at hand is entitled "Sukuk and its role in liquidity management towards a practical proposal under the new laws and legislations in Libya – Applied exploratory study". The main objective of this research is to present the challenges facing the Libyan banking sector, especially the problems that emerged as a result of the new legislations that enforced the industry to convert into Shariah compliant and forbidding the dealing with interest. These new regulations have led to an immediate suspension of all conventional financing and investment instruments that were available in the country. Hence, the industry witnessed an excess in liquidity, faltering of the investments, coupled with low profitability in the banking sector. In addition, these issues caused reputational risk and threatened the sustainability of profits and thus forced the banks to lose business since they did not have proper alternative instruments in place. Furthermore, the study developed a model for SUKUK mechanism to contribute of addressing these challenges, and the model consisted of the theoretical framework, the requirements, and how to implement it. Moreover, the study aimed to determine the appropriateness of the new laws and legislations in Libya along with the requirements of sukuk issuing and trading, as well as proposed appropriate solutions to the arising questions. The research and its model stand as a new and complete source of guidelines for Shariah compliant instruments that can be alternative to some of the conventional instruments used in the Libyan banking sector and capital market. For data collection, the researcher used primary and secondary sources, and personal interviews with officials and specialists in the institutions of study environment. Later, three methods of analysis was carried out by the researcher which included deductive, inductive and descriptive analysis. The most significant results of the study show that it is possible to develop and issue sukuk in Libya in parallel with the development of other components such as the legal and regulatory environment of Islamic banking sector in general. The most important recommendation of the study is the need to develop the laws related to finance and investment, as well as the need to provide trainings and increase the awareness of sukuk knowledge.