سياسة التمويل والاستثمار في البنوك الإسلامية :اليمن أنموذجا - دراسة تحليلية

Abstract

This study seeks to evaluate the funding and investment policies to be found in four Yemeni Islamic banks, in order to expose their performance indicators in terms of Shari’ah principles, profitability. The thesis touches on economic and social indicators; while further analyzing the most significant factors affecting investment growth ranging from the period of 1996 to 2010. The study utilizes appropriate scientific methods for the analysis, as with the descriptive and quantitative statistical approaches. The descriptive results show that a large gap exists between the selected banks in terms of applicability of shariah principles, size, profitability, and their respective level of socio-economic contribution. Moreover, the results of the study indicate that, the Islamic banks contribute towards and hold a record-high growth rate of 34% in assets, deposits, and investments made to Yemeni banking system at the end of 2010, as opposed to the with average percentage of 1.5% in 1996. Furthermore, the findings of the study reveal that Yemeni Islamic banks possess features and characteristics of robust banking system securities, yet nevertheless faces liquidity risks due to the lack of financial investment instruments and the inadequate efficiency of the financial market. The results of this study also indicate that the Islamic banks have lessened their adoption of Murabaha products (credit-sales) with regards to their operational policy and rather tend towards other Islamic products and modes such as Mudaraba (speculation) and Ijara (leasing); Additionally, the commercial, financial and industrial sectors have acquired most of banks’ investments. On the other hand, the findings of the regression analysis show that there is statistically significant positive relationship between the volume of financing and investment in these banks on the one hand, and the respective size of the bank, as well as the rate of return on equity, investment deposits, and shareholders’ equity on the other. Moreover, inflation does share a negative relationship with the volume of financing and investment in these banks. Furthermore, the study effectively reveals that unlike external factors, internal factors have had a far greater impact on the investments of Islamic banks in Yemen. The results of this study therefore recommend and emphasize the need for Islamic banks to operate in collaboration with the central bank, and to further increase attentiveness and adherence to Islamic rulings through the establishment of supreme Shariah advisory Council and the adoption of common standards in order to strengthen public confidence in Islamic banking. The government should also stimulate investment in priority economic sectors and deliberately accelerate the establishment of financial markets due to their respective importance in the development of banking operations. Moreover, the state must aid the entirety of Islamic banks in managing their liquidity. Finally, the study recommends that Islamic banks raise their capital and grant more attention to investment deposits due to its importance for financing developmental projects