فائض السيولة في المصارف الإسلامية :دراسة فقهية لمصرفي بنك إسلام ماليزيا وبيت التمويل الكويتي بماليزيا / نجم, مصطفى بسام

Abstract

This study aimed to investigate the excess liquidity in the Islamic banks. Specifically, it attempted to prove the presence of this excess in the Islamic banks; find out the reasons that led to its formation; determine the consequences of the presence of a large amount of excess in the Islamic banks; and propose solutions that might minimize the size of the excess in the Islamic banks. To achieve these objectives, appropriate research methods were utilized. The descriptive analytical method was used to identify the instruments that both the Islamic and conventional banks are using to manage liquidity. The conventional banking liquidity management instruments were reviewed from jurisprudential perspective, and those used in the Islamic banks from jurisprudential, Maqasidiyyah (objective) and economic perspectives. Much emphasis was put on some of foundational principles that should be taken into account in searching for Sharia- compliant instruments of liquidity management. The comparative approach was also used to compare the performance of the Bank Islam and Kuwait Finance House in Malaysia based on the interviews with scholars and economists working in Islamic financial institutions in terms of liquidity size, amount of excess and liquidity management instruments. The study primarily showed that excess liquidity in Islamic banks is larger than in conventional banks, especially after the mortgage crisis. Among the main reasons for the excess are the Islamic banks avoidance of entering into long-term investments, and the presence of a set of Hedging actions undertaken by the banks, such as the application of the Legal Reserve ratio and the Optional Reserve ratio, and preparing proportion of liquid assets. Doing so, the Islamic banks become self-reliant to face the sudden withdrawals of deposits in the absence of the means of ‘last resort’ available in conventional banks. The study ended with some recommendations.