صيغة تمويل الخدمات والمنافع متطلباتها وإمكانية تطبيقها كمصدر للتمويل الشخصي : دراسة ميدانية لمصرف الجمهورية بليبيا

Abstract

The research aims to check the availability of the conditions necessary for the services funding formula and if this can be applied in the Islamic banks of Libya. It proposes a solution to Libyan banks halting individual financing and an alternative to the usurious lending (riba) to assist in meeting the cash requirements of clients.Theoretically,the research used a descriptive analytical approach.As for the procedural aspect,a questionnaire was conducted for a sample of 284 employees at the Jumhouria Bank of Libya.Interviews were also conducted with 7 banking leaders.The research reached a number of conclusions such as the Jumhouria Bank, subject of the research, possesses the financial capabilities and technical expertise required to apply the services funding formula.The bank’s management showed to be convinced that the formula must be applied to cover the cash needs of clients in the form of benefits and services. The interviews showed that the bank had taken some measures to apply the formula, for example starting a new division and appointing a head for its operations. On the other hand, there is a slowdown in the application due to the delayed response from the Sharia Compliance representative to the consultation requested by the bank management to start the application. The research further examined the funding sources proposed in the Islamic banks as an alternative to usurious individual funding.These alternatives include the interest-free loan that is barely applicable in Islamic banks due to its non-profitability, and the two formulas of organized Tawarruq (securitization) and Einah (buy-back), which are Sharia non-compliant according to all researches, and the possessory lien formula, which is barely applicable in providing services and has a low return to the bank, and the Murabaha formula, which covers a large portion of the forward buying and selling transactions.Based on the results of this research, the services funding formula remains the appropriate formula for application in Libyan banks .