Introduction
Praise be to Allah the creator of everything, all worships has to be done only for him, and
blessing be upon the one who has been sent as mercy to mankind and upon his household and
companions and upon those who follow his footsteps until the day of judgment.
In fact it is clear that the Islamic religion deals with every part of human being, including
economic fractions; this fact will not be unclear for those have quiet knowledge about Islam and
this is a common belief for all Muslims and should be acknowledged by upright from nonMuslim. There are many evidences for this verity; the simple one is the developing history in
Islamic finance and banking operation all over the world; even non-Muslim paid attention for
Islamic finance than some of Muslim, they have opened windows for Islamic finance services
and they are learning it in their universities and institutions; one can even say that they are
leaders in Islamic finance nowadays which is supposed to be a thing for Muslim only according
to his religion. The reason for the shown interests is to find a way to overcome their current
economic crisis. There may be other reason but this is the top one. So if this reason was to be
argued, it can then be established that Muslim have the right to follow Islamic finance structure
than non-Muslim in their societies and economic activities because of two reasons: firstly, as
Muslims, it will be a practice and a part of the religion hence an obligatory act. Secondly,
Muslims face bigger economic crisis than non-Muslims which is very noticeable, the researcher
does not want to point out the weakness for muslim contribution in Islamic finance because that
will be far away from right, as everyone knows that muslims are leaders in this area as should
be, but the researcher wants to from them to keep ongoing development in this area. After this
brief view of Islamic finance statement the researcher can get the light to introduce what he
would like to talk about, the researcher will take way to highlight the role of sukuk in managing
liquidity, as we all aware that sukuk is part of Islamic banking certificate which can be
considered as the most important Islamic banking tool to run and finance its activities.
Therefore this humble research will pay attention to monetary policy and some of economic
phenomenon which sukuk will attempt to control by liquidity like inflation, recession, price
status, employment, monopoly and money supply and demand. This goal will be achieved by
applying sharia laws in the transaction of banks that aims to participate in the development of
economic in both sides: local and global. Of course, this application will face many challenges
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like sharia issues as well as economic challenges; hence the researcher will seek to compromise
these issues which would be useful for government, banks and other financial firms.
The researcher is not intending to prove that Islamic belief is available to practice in every
corner of the world anytime including economic life; because that has been pre-declared by
many scholars. But the researcher will try to improve and edit our Islamic finance tools to a
flexible extent. Since we are in a world of change, it is a good idea to meet the current
requirements. On the other hand the researcher believes that it is his obligation to try all he can
to serve humankind especially Muslims. It is fair to admit that we are required, in Islamic
banking operation, to develop ourselves according to both technique and service side. That will
give us a power and energy to bring a wide range of customers into our services as well as
foreign customers which can be a good way for Islamic presentation to the world.
The Islamic banking operation should follow sharia rules in all of its transaction, in particular
avoiding Riba and supporting loans allowed by sharia; it is also better to use the modern tools
that are applicable around the world and are not far away from Islamic sharia laws, particularly
the incredible interest, from every corner of globe, shown towards Islamic finance and there are
many institutions that have shown interest to Islamic finance studies as mentioned above. That
means there is something that should happen, but the question is what that is? The simplest
answer will express itself depending on the way sharia rules will be applied in the banks’
operations in trying to resolve international financial crisis. From now on, every Muslim has to
know that this is an opportunity to serve our religion as requested. Nevertheless some of our
Ummah members are still in a deep sleep and others have taken a road but they are not aware of
their destinations because of a big challenge they are being faced with; even some of them said
there is no Islamic economic. Unfortunately, at the same time, they believe that Islam covers
everything, every issue but they could not understand that economic is one of those matters. So
as stated earlier, these lines will contribute in this area. The intended goal is to be of great help
to human being particularly Muslims.
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Research question
1- Do we need Islamic bonds?
2- Is it possible to control liquidity in an Islamic manner?
3- What is the Islamic finance way to allocate the wealth between members of society
fairly?
4- Are sharia regulations applicable in the modern world especially in the most
complicated area –banks’ transaction?
Research problems
There are many challenges caused this research, the researcher will put down the importance of
them as following:
1- There is another system -conventional system- is working on to implicate what this
research has to do. So it is difficult to make Islamic banks services more attractive
and acceptable in every corner of the globe.
2- The economic problems will differ according to the societies, as a result it is hard to
obtain a general rule which is applicable everywhere, and to follow one system to
reach this target.
3- The operations are very complex in banks; in addition it is changeable quickly so it is
a challenge to apply shariah rule on sukuk issuance perfectly and it needs to combine
between the shariah knowledge and economic theories.
4- There are many differences between Islamic scholars. So that it is not easy to choose
the right thoughts for sukuk issuance.
Research objective
1- To show the ability of sukuk in managing liquidity, this will enhance the role of
Islamic bonds in banks’ operations.
2- The researcher will put effort to estimate Islamic bank operation in sukuk issuance
under the light of sharia rules and economic theories.
3- To improve Islamic bonds performance.
4- To get another tool for liquidity management, that can motivate the role of
government to issue Islamic bonds.
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Previous study
Islam Rifki, 2010, The management of liquidity risk in Islamic bans: the case of Indonesia.
The researcher attempted to analysis the management of liquidity risk in the Islamic banking
industry with the main objective to study liquidity behavior of depositors and liquidity
management practices in Islamic banks. He provided an integrated and comprehensive liquidity
management program which is both applicable in Indonesia and other countries that have the
same Islamic banking industry. In addition, the output of research filled a gap in knowledge and
understanding with regard to managing liquidity risk through balancing assets and liabilities
sides. As it is shown this study focused on liquidity management in Islamic banks transaction in
general, but the researcher will specify on liquidity management under sukuk system.
Jaquir Iqbal, 2009, Islamic financial management. He reviewed international financial services
and their regulation an in-depth evaluation of recent developments in the Islamic banking
system, he also addressed the need for banks to develop common Islamic international
accounting and auditing standards that minimize the differences between SHARI’AH rulings
standardization of acceptable banking practices, the development of standardized financial
products and the role of SHARI’AH boards in establishing common rules regarding to the
permissibility of financial instruments and market. He also highlighted on monetary and fiscal
policy and how they can be used under Islamic rules, like ZAKAH providing a major means of
fiscal policy because it affects the allocation of resources, the level of aggregate demand and the
distribution of income as well since the variations in the volume and the timing of collection and
payment of ZAKAH creates variations in non-refundable income and fixed and circulating
capital. This study interested with income allocation by ZAKAH. Therefore, the researcher will
attempt to allocate income by Islamic bonds (SUKUK).
Habib Ahmad, 2009, Islamic financing for infrastructure projects. This study discussed the
modes, structures and constraints of using Islamic finance for the development of infrastructure,
identified the different feathers of infrastructure projects, and the source of infrastructure
financing. Furthermore, it talked about various issues related to using Islamic finance in
infrastructure projects. In addition, it mentioned use of syndications and sukuk to finance
projects. Therefore, it outlined the structuring, regulatory and SHARI’AH issues associated with
using Islamic finance in infrastructure financing. In conclusion, it provided suggestions those can
enhance the role of Islamic finance in this important sector and that there is a need for
government participating and support to build up the sukuk market. Thus, the researcher will find
away how to use sukuk to manage liquidity not to build SUKUK market only or to use Islamic
bonds to finance projects.
Rhail Ali, 2008, Islamic finance: a practical guide. He focused in some part of his study on the
ijara and musharakah models with a summary of the salient shariah and legal issues arising from
transaction. He also drew insights to recent sukuk issues, mentioned the current sukuk market in
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more detail and analyzed the most popular structuring techniques of sukuk issuance and
prospects for the sector. In particular, he analyzed one issue to shed more light on the dynamics
of the market and the reasons why corporate issuers are flocking to Islamic finance. As it is clear
this study did not take sukuk as one of the instruments to manage liquidity but it showed the
recent development in sukuk, sukuk market and sukuk techniques. While the researcher will
study sukuk as one monetary policies and sukuk development.
Salman Syed Ali, 2008, Islamic capital market. He briefly looked at the nature of Islamic
finance, the current state of Islamic capital market, and its increasingly important role in the
Islamic finance at the global level. He also highlighted some challenges faced in the
development of Islamic capital markets. He then briefly highlighted the unresolved issues and
provided a way to overcome those challenges. After that, he pointed out the areas that could not
be covered and where next focus should be for researches and developments. In addition, he
critically reviewed the creation of dynamic Islamic capital market through the essential role of
innovation. He then outlined the existing structure of ijarah sukuk and some criticisms addressed
against ijarah sukuk structure and the implication of the purchase undertaking by one of the
partners at pre-agreed price and the status of rating and its impact on development of Islamic
capital market. Finally, he mentioned the realities of the contemporary Islamic capital market,
the related dilemmas and feasible policy recommendations for accelerating the role of the
financial institutions. This research will include other types of sukuk.
Simon Archer and Rifaat Ahmed Abdel karim, 2007, Islamic finance: the regulatory challenge.
This study mentioned banking and the risk environment and characteristics of Islamic products,
capital structure and risk in Islamic services. It then lighted on the various unique characteristics
of Islamic banking and finance, the players and other participants in the industry. It also
discussed widely the issues for growing prudently in the best practices, regulatory standards and
corporate government principles and accounting conventions in Islamic finance. Therefore, it
outlined securitization in Islamic finance and the role of markets in ensuring Islamic financial
liquidity. Finally, it concluded by the regulatory challenge which it does not concern just the
industry regulators and supervisors and the international body they have sets up but the Islamic
banks themselves and the governments and governmental authorities in the countries where they
operate. The researcher will show the role which the government can play in sukuk issuance and
take sukuk from those Islamic banking services as monetary policy.
Ali Arsalan Tariq, 2004, Managing financial of sukuk structure. This research reviewed
evolution of sukuk markets, described the sukuk structures and analyzed various risk underling
Islam sovereign and corporate sukuk structure. Therefore, the paper compared the underling
traditional fixed income instruments and those underling sukuk structures, interest rate swaps
and other derivative instruments which are utilized to manage the risk in traditional fixed income
instrument. These instruments are not available to Islamic asset managers. Furthermore, it
analyzed the securitized structures of sukuk and suggested shariah compatible frameworks which
can replicate the function of interest rate swaps and derivative in managing the risk of sukuk.
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The research will include not only shariah regulation but also technical issues in sukuk issuance,
compare sukuk with other monetary policy without fixed income instrument and will not pay
wide attention to sukuk market.
Peter Bofinger, Julian Reischle and Andrea Schachter, 2001, Monetary policy. This study
mentioned the monetary and its related issues like money demand and supply and mentioned that
the demand of money is closely related to function and to the definition of money, thus the
demand of money will be different depending on the combination of assets, and it is important
building block in macroeconomic theory, it constitutes a main link between the monetary sphere
and the real sector of an economy. Furthermore, the money supply is related to the creation of
the monetary base, which is dominated by central bank, and it is also related to the creation
money stock, which is dominated by interplay between central bank, commercial banks, and nobank sector. It then highlighted on the goal of monetary policy, and the powerful action to
achieve this goal is central bank, as it is clear the existing for many goal of macroeconomic
policy such as high employment, economic growth, price stability and equilibrium in the balance
of payments; therefore national government, trade union employers and association can play well
in this area. Finally, it has talked about the strategy of monetary policy which should be taken to
obtain some of economic requirement. This study is really capitalism analysis but the researcher
will analyze liquidity controlling in Islamic way.
Ali Ahmad Salussy, 1998, Islamic economic and sharia current issues. He put down the role of
jurisprudence in Islamic economic establishment, some of Islamic banks transactions and how
can those banks deeply participate in investment activities. He then moved on to critique who
said that the interest is allowed in Islam. After that he has talked about some related FATWA to
current matter in Islamic bank operation. Finally, he concluded by suggesting another financial
system which is applicable and allowed in Islam. Like sukuk issuance in agriculture, he showed
the benefit in sukuk practice in this area and it can be useful economically. The researcher will
try to get solutions for Islamic banking services improvement issues, not only to avoid interest in
projects financing in microeconomics sector but also in macroeconomics sector.
Martin Binks and Andrew Jennings, 1986, Macroeconomics in focus. This study provided an
overview of modern macroeconomics, short explanation of Keynesian economic involvement
alongside contrasting and more recent development monetarist and new classical schools of
theory. It then compared monetary policy with Keynesian strategy of demand management, and
how with the monetary policy the price level can be determined, also can give effect upon output
and reduce inflation. Lastly, it covered the application of macroeconomic policy which it is
confronted by a number of problems. Some of these refer to both demand and supply-side new
action, while others reflect the differential emphases place upon specific economic variables by
the different schools of theory. The researcher will pay attention to monetary policy only without
highlight on Keynesian theory, and show liquidity management under Islamic finance practice.
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Research methodology
The researcher will follow the analytical approach to discuss about this topic which will give him
the power to argue sukuk ability to be useful in a broad way because of shariah, economic and
finance benefit for this new adaptation. This analysis will depend on collecting data from the
proper resources for this research, then analyzing these data to get information which can
demonstrate sukuk role in managing and controlling liquidity though the best technique. As
researcher believes that the related theories to this research have to be proved; then the
importance of this research will be very clear to everyone. These theories are: uncontrolled
liquidity causes inflation which means that money supply is high than demand. This plays its role
in increasing the prices which shows instability in prices’ level. This is not the end of the story,
but we can move on to say that it will result products inefficiency which can lead to
unemployment. But the question is how we can get enough money without employment? The
simple answer is that there is monopoly in our society and unfair distribution for incomes. If we
understand this obviously we can find out the solution to solve this challenge. All economists
agree that the best way for resolving this, is to control the liquidity and money supply and
demand. So the researcher attempted to find the best tools for this management, after a lot of
thinking, sukuk was the idea generated. Thus in these lines the researcher seeks to show the
attractive way for liquidity management, naturally this needs to break down every suitable
information to reach this target. the achievement of this objective can be helpful for both
governments and financial institutions; they will go for sukuk practices in many stages around
their financial activities. If these financial firms succeed in this modern system it will cause to
bring lots of people into the investment without any fear about losing their money and so on the
community will grow up without any economic problems.
Research structure
Part 1
Sukuk
Chapter 1
Introduction to sukuk
1.1.1 Definition of sukuk
1.1.2 Sukuk issuance
1.1.3 Sukuk circulation
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1.1.4 The types of sukuk
1.1.5 Risks underlying sukuk structures
1.1.6 Recent developments in sukuk market
Chapter 2
Practical example of sukuk issues
1.2.1 Sukuk Al-ijarah
1.2.2 Sukuk Al-musharakah
1.2.3 Sukuk Ali-stisna’a
1.2.4 Sukuk Al-salam
1.2.5 Sukuk Al-mudarabah
1.2.6 Sukuk Al-murabah
Part 2
Liquidity
Chapter 3
Introduction to liquidity
2.3.1 Theory of liquidity
2.3.2 Liquidity risks in economic
2.3.2.1 Inflation
2.3.2.2 Unemployment
2.3.2.3 Prices’ level instability
2.3.3 Liquidity management tools in conventional system
2.3.3.1 The reserve requirement
2.3.3.2 The open-market operation
2.3.3.3 The rate of discount
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Part 3
Liquidity management under sukuk structure
Chapter 4
Process of liquidity risks management
3.4.1 Liquidity management policies
3.4.2 Assets, Liability committee (ALCO)
3.4.3 Effective information system
3.4.4 Internal control system for liquidity management
Chapter 5
The ability of sukuk to achieve liquidity management target
3.5.1 Money supply management
3.5.2 Money demand management
3.5.3 Inflation elimination
3.5.4 Recession elimination
3.5.5 Price stability
3.5.2 Employment creation
3.5.7 Monopoly elimination
Chapter 6
Challenge of liquidity management
3.6.1 Challenge on liability side
4.6.2 Challenge on asset side
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Conclusion
The researcher will mention the significant results which will be discovered through this
research; also it is his obligation to sign the recommendation which can be useful to develop and
edit the related issues to this research.
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