Funding Promises in the Form of Islamic Instruments (in Libyan Islamic banks: An Empirical study of Al-Yaqeen Bank

Abstract

Abstract:

This study aims to highlight the prospects for financing in the form of Islamic instruments in Libyan Islamic banks. The study’s research question is what are the possibilities for financing in the form of Islamic instruments in Al Yaqeen Islamic Bank? The study adopted the descriptive approach. Questionnaires were used to collect the primary data from a wide sample. Data were analysed using the Statistical Packages for Social Sciences (SPSS) to describe the findings of the study. The findings showed that the use of Islamic insruments would contribute to financing investment projects, attracting savings for investment, and providing cash liquidity in the Libyan banks. The recommendation of the study goes to the necessity of promoting the use of Islamic instruments and preparing a plan for that, which includes: setting the legislative and legal framework that regulates the process of issuing and trading Islamic instruments, and qualifying cadres entrusted with the task of issuing and trading these instruments.