أطروحة دكتوراه الصيغ الإسلامية للاستثمار في رأس المال العامل حسني عبد العزيز يحيى

Islamic Forms of Investment in Working Capital
2009

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Islamic Forms of Investment in Working Capital
Abstract
This dissertation dealt with the economical, financial, and Islamic concepts of
working capital and its financing instruments in both conventional and Islamic
systems. It showed that conventional instruments depend on debt contracts,
while Islamic instruments depends mainly on commodities- sale- contracts.
Special concern was paid to analyzing financial and economical effects of
Islamic
tools of finance. Moreover pricing models were introduced in the
study, to replace "conventional comparative" approach largely used in practice.

Statistically, the study found no significant relation between the volume of
working capital finance and contract type, clients industry, bank's profitability
and deposit volume variables.
Finally, other Islamic financing tools have been suggested, (joint salam or
istisna and tawreed), variable "modaraba capital", and modaraba sukuk
instruments.

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125
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3 :

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127
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2006 2007

129
Statistical
) Package For Social Sciences (SPSS

.

.
)(
) 24(
.
1-5 :
260 )
(
400
. )
( %35 .
2-5 :

43

130

:

. 2005
.
) (
) ( .

.
.
29
157 112
% 55 :

34
30
131
22.8
:
(2)

$ millions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Bank Name
Albraka Islamic Bank
abc islamic
bahrain islamic bank
shamil bank of bahrain
islami bank bangladesh
export import bank of bangladesh
egyptian saudi finance bank
pt bank syariah muamalat indonesia
jordan islamic bank
islamic international arab bank
kuwait finance house
bank islam malaysia berhad
bank muamalatmalaysia berhad
meezan bank
faisal bank-pakistan
qatar islamic bank
al braka bank ltd
al tadamon islamic bank
bank albilad
bank al-jazira
al rajihi bank
al baraka turk participatiob
kuveyt turk bank
dubi islamic bank
abu dhabi islamic bank
emirates islamic bank
sharjah islamic bank
islamic bank of yemen
tadhamon internationalislamic bank
Total Banks Sample
Country
Bahrain
Bahrain
Bahrain
Bahrain
Bangladesh
Bangladesh
Egypt
Indonesia
Jordan
Jordan
Kuwait
Malaysia
Malaysia
Pakistan
Pakistan
qatar
south africa
sudan
saudi araibia
saudi araibia
saudi araibia
turky
turky
uae
uae
uae
uae
yemen
yemen
132
Total Assets
1045.0
1364.9
1748.0
2045.7
2770.6
745.7
1595.0
929.8
2252.2
837.8
30275.3
5534.4
3899.9
1101.3
2316.0
5861.5
240.9
499.6
4434.3
5747.8
34354.0
3178.3
3324.7
22792.3
9877.5
4614.6
2962.3
84.1
1168.0
157601.3
Equity
189.1
132.5
496.6
420.0
171.4
58.5
92.4
87.4
188.3
104.4
4163.8
304.1
207.8
93.8
169.6
1271.7
28.8
67.7
827.4
1252.1
6292.1
459.8
348.3
2902.9
753.4
362.8
606.0
16.0
83.3
22151.8
Total
Deposits
798.7
1131.5
1069.0
1238.8
2408.1
601.5
1431.5
800.7
1873.8
280.5
19432.2
5096.4
3531.1
894.8
168.3
3351.9
206.2
373.8
3382.2
4170.7
23915.8
2582.3
2558.1
17696.5
6483.9
3785.8
1899.0
49.7
920.8
112133.7
Net
Profit
4.1
51.1
66.3
80.6
29.7
13.5
0.0
12.0
32.4
15.2
1119.8
65.5
21.0
15.8
37.2
344.8
2.6
20.6
19.3
214.6
1719.1
73.2
57.7
680.6
155.7
64.9
82.1
0.0
10.9
5010.5
:

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% 96
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.

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137
- :
% 6.3

) ( % 11.6
- ) . (%2.6
- :

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% 95 %34
. ) (
2007 120
78 .

-2 :
- :

% 19 % 14
138
) (

.
139
5-5
:
-1
-2
X1
-3
X2
-4
X3
-5
X4
-6
X5
-7
X6
-8
X7
-9
X8
-10
X9
140
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H1
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145

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(

.
151
.1
. 2001
.2
). 2000 (
.3
. 2006
.4
. 1998
.5
. 1988
.6
. 2003
.7
.1998
.8
.
.9 . 2007
.10
. 1999
152
.11
. 2004
.12
) 2008 ( .
.13
. 2004
.14
. 2001
.15
) ( ). 2005 (
.16 2007
.17
. 1997/9/
.18 1986
.19
.2005
.20
.
.21
. 2004
.22
. 1996
.23
. 1998
153
.24
. 2004
.25
1999
.26
.2004
.27
.
.28
.1996
.29
30
.1998
.31
.1992
.32
1420 .
.33
. 2000
.34
). 2008 ( .
154
.35
.2000
.36
. 2004
.37
. 2005
.38
. 2007
.39
. 1996
.40

) ( .1987
.41 1992
.42
. 1998
.43 . 2001
.44
.1996
.45
. 2001
.46
. 2006
.47
. 1992
155
.48
) (
. 1994
.49
. 2007
.50
. 1986
.51 ) (
. 2005
.52
1987
.53 .1999
.54
. 2007
.55
. 2002
.56
. 2004
.57
. 1999
.58
. 1997
156
.59

. 2004
.60
. 2003
.61
. 1993
.62
. 2006
.63
.
.64
. 2002
.65
. 2007
.66
. 2007
.67
.
.68
. 2000
.69
. 1998
157
.70 ) (
. 2000
.71 .
.72 .1999
.73 2001
.
.74 ) (
) 2007 (
.75 . 2005
.76 ) ( )(
. 2005
.77
. 1989
.78

.
.79 . 2004
:
1. Abaidullah, Mohammed, Islamic Financial Services, King Abdul
Aziz University, Saudi Arabia, 2005.
2. Brek, Jonathan & Demarzo, Peter, Corporate Finance, Pearson,
Addison Wesley, 2007.
158
3. Brigham, Eugene. F & Houston, Joel, Fundamentals of Financial

Management, 10th Edition, Thomson, South Western, 2004.
4. Damodarn, Aswath, Corporate Finance, Theory and Practice, John
Wiley & Sons. 1997.
5. Dean, Fred.R. Corporate Finance, Concepts & Policies, Black Well
Business, 1995.
6. General Councel for Islamic Banks and Financial Institutions,
Islamic Finance Directory, 2007.
7. Moyer. R.charles & Others, Contemporary Financial Management
, South Western College publishing , 1995.
8. Pinches,
Georg.E.
Financial
Management,
Harper
Collins
Publishers , 1994.
9. Ross, Stephen.A, Westerfield, Randolph & Jaffe , Jeffrey &others ,
Corpreate Finance , McGraw Hill , 7th Edition , 2005 .
-10. Servigny Arnaud De, and Renult Oliver, Measuring and Managing
Credit Risk, Mc Graw Hill, 2004.
11 - Emery Gary W, Corporate Finance, Priciples and Practice, Addison-
Wesley, 1997.
12- Bodie, ZVI, Merton Robent C, Finance, Prentice- Hall Business
Publishing, 1997 .
12- Chambers Doneld R, Lacey Nelson, Modern Corporate Finance, Theory
and Practice, Addison Wesley Inc, 1990.
13- Emery Douglas R, Finnerty John D, Corporate Financial Management,
Prentice- Hall Inc, 1997.
14- Brigham Eugene F, Michael C Ehrahrdt, Financial Management, Theory
and Practice, Thomson, South Western, 2005.
15- Kaen fred R, Corprate Finance, Black well Business, 1995.
159
16- Arnold Glen, Corporate Financial Management, Prentice- Hall Inc,

second edition, 2002.
17- Wester Field, Ross, Essentials of Corporate Finance, 2nd Edition, Irwin,
McGraw Hill, 1999.
18- Brealey Richard A, Stewart Myers, Principles of Corporate Finance, 6th
Edition, Irwin, McGraw- Hill, 2005.
:
.1
. 2004
.2
. 2004
.3
. 2004
.4
. 1997
. 5
. 1996
:
1. Badr El-Din. A. Ibrahim & Vijay Kumar, Islamic
Musharaka"versus"Conventional Partner ship www.erf.org.eg .
2. Dar, Harvey, Presly, Size Profitability, and Agency Problem in Profit
Loss Sharing in Islamic Finance, www.ujaen.es/dep/economia .
3. Tuli, Jay and Tilva, Reena, Islamic Banking A New Era of Financing.
www.gbbalwebpost.com/farooqm/study-res.
160
4. Tlemsani, Issam and Mathews, Robin, Ethical Banking Islamic House

Financing in the United Kingdom Comparative Study
www.gbblwebpost.com/farooqm/study-res.
5. Beng Soon Chon and Ming Hua Liu, Islamic Banking, Interest Free or
Iinterest Based, www.efmaefm.org .
6. Mirachor, Abbas, Equilibrium in Non Interest Open Economy, IMF
Working Paper, 88/111, http/islamiccenter.kaau.edu.sa.
7. Evaluation of Islamic Banking Performance on the Current Use of
Econometric Models 2005, http/MPRA.ub.uni.Muonchen.de/7272/Hasan,
Zubair.
:
.1
. 2007
.2
. 2007
.3
. 2007
.4
. 2007
.5
. 2007
.6
. 2007
.7
. 2007
.8
. 2007
.9
. 2007
.10
.2007
.11
. 2007
.12
. 2007
161
. 2007
.13
. 2007
.14
. 2006
.15
.2007
.16
.2007
.17
. 2007
.18
2007 -
.19
1. Islamic Bank Bangladesh. Annual report 2007.

2. Export import band of Bangladesh, Annual report 2007.
3. Pt Bank Syariah Muamalat Indonesia , Annual report 2006.
4. Bank Islam Malaysia berhod, Annual report 2007.
5. Bank Muamlat Malaysia berlod, Annual report 2006.
6. Meezan bank Pakistan, Annual report 2007.
7. Faisal bank Pakistan, Annual report 2007.
8. Al Baraka Bank ltd, South Africa, Annual report 2007.
9. Al Baraka Turk Participation, Turkey, Annual report 2007.
10. Kuveyt Tturk Bank Turkey, Annual report 2007.
162
163

X9
\
0.056
0.052
0.056
0.061
0.043
0.055
0.066
0.125
0.047
0.031
0.094
0.054
0.041
0.068
0.082
0.074
0.076
0.088
0.043
0.042
0.069
0.105
0.092
0.072
0.065
0.057
0.064
0.047
0.061
0.046
0.042
0.050
0.057
0.040
0.048
0.063
0.106
0.042
0.022
0.092
0.054
0.038
0.058
0.084
X8
\
0.764
0.829
0.612
0.606
0.860
0.807
0.898
0.861
0.832
0.335
0.609
0.921
0.905
0.812
0.722
0.572
0.856
0.748
0.763
0.726
0.718
0.812
0.769
0.766
0.656
0.820
0.641
0.591
0.788
0.745
0.866
0.697
0.561
0.875
0.838
0.888
0.852
0.833
0.345
0.591
0.982
0.913
0.742
0.644
X7

0.094
0.062
0.406
0.099
0.260
0.246
0.334
0.191
0.115
0.366
0.185
0.160
0.071
0.324
0.465
0.221
0.041
0.690
0.190
0.386
0.540
0.174
0.080
0.089
0.510
0.255
0.491
0.394
0.312
0.164
0.273
0.200
0.180
0.246
0.334
0.201
0.154
0.463
0.169
0.136
0.112
0.318
0.425
X6
X5
0.485
0.335
0.395
0.552
0.050
0.026
0.183
0.575
0.215
0.079
0.364
0.224
0.272
0.081
0.088
0.078
0.632
0.235
0.569
0.140
0.205
0.114
0.401
0.127
0.350
0.041
0.301
0.126
0.365
0.130
0.110
0.600
0.048
0.000
0.109
0.196
0.227
0.099
0.474
0.466
0.030
0.032
0.296
0.000
0.009
0.032
0.048
0.046
0.169
0.203
0.285
0.110
0.070
0.121
0.000
0.078
0.059
0.045
0.132
0.107
0.070
0.046
0.000
0.055
0.377
0.203
0.105
0.437
0.486
0.031
0.023
0.065
0.533
0.548
0.591
0.668
0.030
0.021
0.183
0.595
0.212
0.085
0.285
0.263
0.209
0.082
0.093
X4

X3

0.295
0.238
0.068
0.239
0.650
0.681
0.483
0.124
0.475
0.328
0.352
0.142
0.192
0.564
0.415
0.405
0.327
0.066
0.209
0.426
0.210
0.543
0.316
0.499
0.030
0.263
0.086
0.606
0.546
0.243
0.134
0.077
0.225
0.720
0.686
0.483
0.149
0.257
0.249
0.441
0.163
0.192
0.569
0.459
0.109
0.171
0.030
0.024
0.350
0.652
0.000
0.013
0.061
0.177
0.284
0.038
0.363
0.334
0.450
0.160
0.112
0.001
0.020
0.914
0.223
0.206
0.150
0.167
0.304
0.519
0.607
164
0.088
0.183
0.170
0.036
0.364
0.605
0.039
0.036
0.139
0.283
0.035
0.337
0.397
0.404
X2
0.022
0.097
0.174
0.084
0.444
0.021
0.001
0.002
0.295
0.067
0.405
0.631
0.038
0.141
0.052
0.025
0.220
0.030
0.088
0.123
0.001
0.068
0.484
0.017
0.001
0.002
X1
0.861
0.829
0.784
0.802
0.639
0.348
0.916
0.498
0.922
0.821
0.716
0.960
0.637
0.517
0.550
0.763
0.327
0.333
0.914
0.086
0.777
0.794
0.850
0.690
0.644
0.481
0.393
0.977
0.748
0.890
0.817
0.830
0.841
0.635
0.395
0.932
0.521
0.943
0.859
0.717
0.963
0.663
0.458
0.596
Y
. .
0.685
0.737
0.603
0.513
0.380
0.460
0.752
0.204
0.531
0.861
0.657
0.284
0.137
0.636
0.648
0.647
0.395
0.530
0.680
0.797
0.312
0.739
0.560
0.593
0.526
0.470
0.289
0.886
0.552
0.776
0.689
0.639
0.425
0.670
0.487
0.752
0.170
0.533
0.699
0.672
0.215
0.223
0.649
0.608
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
0.589
0.585
0.510
0.819
0.762
0.467
0.739
0.570
0.712
0.588
0.382
0.299
0.939
0.783
0.791
0.301
0.481
0.945
0.009
0.846
0.810
0.909
0.746
0.720
0.541
0.343
0.933
0.732
0.077
0.561
0.554
0.066
0.065
0.295
Avg
Max
Min
0.569
0.939
0.137
0.685
0.977
0.009
0.156
0.631
0.001
0.119
0.027
0.141
0.294
0.346
0.003
0.402
0.301
0.065
0.177
0.505
0.155
0.533
0.248
0.578
0.040
0.227
0.056
0.535
0.408
0.244
0.991
0.000
0.329
0.720
0.030
0.017
0.991
0.154
0.190
0.091
0.137
0.253
0.459
0.657
165
0.009
0.019
0.033
0.028
0.147
0.148
0.212
0.050
0.198
0.070
0.058
0.460
0.235
0.702
0.139
0.234
0.119
0.436
0.143
0.350
0.399
0.344
0.076
0.121
0.194
0.239
0.691
0.102
0.324
0.584
0.201
0.168
0.067
0.560
0.176
0.530
0.465
0.395
0.143
0.600
0.000
0.274
0.702
0.021
0.278
0.691
0.041
0.590
0.853
0.777
0.697
0.695
0.698
0.864
0.805
0.730
0.813
0.864
0.578
0.653
0.801
0.073
0.061
0.093
0.033
0.048
0.073
0.112
0.091
0.071
0.065
0.053
0.058
0.035
0.056
0.748
0.982
0.335
0.063
0.125
0.022
2007 : (1)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

Bank Name
albraka islamic bank
abc islamic
jordan islamic bank
bank muamalat malaysia berhad
meezan bank
qatar islamic bank
al braka bank ltd
bank albilad
bank al-jazira
al rajihi bank
al baraka turk participation
kuveyt turk bank
dubi islamic bank
currency
taka
taka

166

667.6
895.3
447.3
1045.8
144920
40195
4371.4
6627621
813.1
328.8
6137.4
9838
5373.3
35249
87346
16292.4
1487.7
618
13599
10200
107679
2854.8
2747
65167.5
33078.3
11540
7910.9
11094.9
122461.8
. . .
457.2
660.2
269.8
536.3
55069
18477
3287.2
1352581
431.5
283.2
4031.4
2795.4
738
22432
56578
10540.2
587.3
9243.8
8128.1
33633
2108.4
38618.7
17386
5419
2284
9834.5
67556
2007 ( 2)

23.3
551.8
25.5
716.9
146.5
204.1
Bank Name
currency
abc islamic
838.7
taka
91418.4
export import bank of

bangladesh
taka
13980
4002.5
3302450
7
8

pt bank syariah muamalat
indonesia
835707
44.9
704.8
14
23.3
241.8
0.4
1067
2955.6
8803
13
bank muamalat malaysia

berhad
3053.2
14
meezan bank
17314
15
16
qatar islamic bank
17
al braka bank ltd
18
19
bank albilad
20
bank al-jazira
875.2
21
al rajihi bank
18963
22
23
kuveyt turk bank
24
dubi islamic bank
16279.7
22066.1
25
10527.7
10496
26
2006.6
2800
27
1411.4
28
29
tadhamon internationalislamic
bank
72.9
13.6
25.1
50
1153
50201
1955.6
17373
8842
50883
34435
368.8
jordan islamic bank
43.6
182
142
152.9
39.5
12
19.7
10
11
2404146
49.3
18
5260
58.3
370.5
930.6
813.7
639
342
36
369.9
1313.5
636.7
7758
4020
238
659
87346
2998.5
7250.6
1249
487.1
834.3
202
33.1
12429
892
2180
2415
199.3
166.3
378.7
2.7
0.8
0.7
278
9324.8
63090
1630
23996
182.9
2671.9
2747
4731.3
3808
5506
6606.3
9029.3
1720
272
9324
738.6
739.7
2578
3415.7
24.7
4733.1
72
9086.5
73.8
45.1
1669.7
10842.2
106.4
146.3
77822.4
5717.1
24985.6
167
1872.1
2007 ( ) ( 3)

Bank Name
currency
87
110
84.3
2
3
abc islamic
172.8
40.2
30.5
326.7
58.2
4
5

bangladesh
egyptian saudi finance
bank
indonesia
taka
74.7
175.1
115.5
taka
15285
12081
1913
6.9
654.6
1455.2
6
7
8
9
323.6
62.7
291.8
176.8
55.8
181.8
577.1
103.4
144920
1041
180200
501100
321842
725389
329371
9.5
48.9
337.1
159
169.6
1.4
16.9
91
2163.3
74.5
604.7
26
9875
1453.7
3482815
1086904
5.1
83.6
2235.7
119
1133.7
13
jordan islamic bank

islamic international arab
bank
bank islam malaysia
berhad
berhad
14
meezan bank
15
16
qatar islamic bank
17
al braka bank ltd
939.9
60.6
18
7.1
13.2
27.6
5.8
137
419.3
19
20
bank albilad
bank al-jazira
26.7
31
321.5
2404.1
2525.6
1937.6
440.9
487.7
426
7732
1003
2552.3
3910.6
21
1247
3653
18907
4914
22051
56907
22
al rajihi bank
al baraka turk
participation
107.2
1349.6
201.3
483
244.7
388.5
23
kuveyt turk bank
24
dubi islamic bank
25
26

27
10
11
12
28
29

tadhamon
internationalislamic bank
0.4
800.9
226
1128
268
4662
1849
355
1350
86
829.4
203.7
2501.4
1320.4
138.7
293.7
16320
3576
1069
1623
1241
11415
2807
30417
93.6
5871
6506.5
2781
4829.4
1606
6038
1266.1
37826
3596.8
487.2
8
890
61.7
18.8
668
200
558
1101
220
12256.6
20248.9
18559.8
8300.1
5802.1
390.7
992.3
2646.7
3638.6
802.3
11577.4
4615.7
16870
2939.3
683.9
958.3
2381.3
3887.4
2160
4568
26432
40372
168
137.3
3476.9
9499
7979
38179.8
2007 ( 4)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

Bank Name
abc islamic
jordan islamic bank
meezan bank
qatar islamic bank
al braka bank ltd
bank albilad
bank al-jazira
al rajihi bank
kuveyt turk bank
dubi islamic bank
currency
taka
taka

169
492.5
782.9
345.3
670.0
37413.7
16817.0
3919.2
5540717.0
198.0
188.3
5039.0
2315.0
1623.6
27880.0
71757.0
7273.7
1106.2
402.0
12312.5
9545.0
47337.0
2454.5
1760.0
51313.5
14693.4
6773.0
6237.5
10252.0
84445.0
SME,s
41374.4
7819.0
51.9
20.9
1051.0
594.5
3956.5
797.0
175.1
112.4
102.0
375.8
66132.5
15559.0
452.2
1086904.0
563.2
119.6
1098.4
6472.0
3155.2
7369.0
15589.0
5062.0
381.5
216.0
1286.5
655.2
60342.0
176.4
170.0
6927.0
18384.9
4767.0
1673.4
742.9
38016.8
2007 ( 5)

Bank Name
currency
abc islamic

bangladesh
taka
6
7
8
9

indonesia
1.7
42
1.5
6.9
37.6
19
9440
6.5
11.9
2.3
5.5
84.5
4702.7
58.6
49.5
3.3
26.6
87.4
87.4
424.0
14572.2
taka
4943.0
4943
452.9
452.9
14707
539770.0
1049309
494832
10.4
48.8
0.4
2.7
13.2
75.5
7.4
18.8
0.6
3.4
2.2
32.4
467.0
467
852.0
852
10
jordan islamic bank

bank
11
12
13

berhad
546.8
546.8
14
meezan bank
3283.0
3283
15
8633.0
8633
16
qatar islamic bank
123.2
877.2
17
al braka bank ltd
127.5
127.5
18
90.4
90.4
19
bank albilad
20
bank al-jazira
21
al rajihi bank
22
23
kuveyt turk bank
24
dubi islamic bank
627
25
526
26
112
27
28

tadhamon
29
38.1
499.1
669.1
84.6
123.2
132.2
45.6
714.7
572.4
572.4
210.0
8583
388.0
388
354.0
354
1054.6
3841.6
1531.5
2057.5
41.5
498.4
460.7
460.7
46.0
788.2
7687.7
14073
2797
5576
1254.9
194
400.5
236.6
211.5
216.8
504.6
18.1
133.4
742.2
396
5471.3
170
509.5
4344.7
695.8
8.5
2007 ( 6)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

Bank Name
abc islamic
islami bank
bangladesh
bangladesh
bank
pt bank syariah
muamalat indonesia
jordan islamic bank
islamic international
arab bank
bank islam malaysia
berhad
bank muamalat
malaysia berhad
meezan bank
qatar islamic bank
al braka bank ltd
al tadamon islamic
bank
bank albilad
bank al-jazira
al rajihi bank
al baraka turk
participation
kuveyt turk bank
dubi islamic bank
tadhamon
internationalislamic
bank
currency

60.7
371.5
134
232
1131
403
813.7

798.2
1131
403
1238.8
taka
19165.1
62403.5
31103.7
51885.4
164557.7
taka
4778
2210
875
33683
41546
691.8
1985.7
2225.9
3267.8
8171.2
679248
447
24849
191
25.5
6504592
665
7208689
1328.5
78.9
3063
117
5.6
120
2175.4
198.9
5361
4618
2056
37
10866
17577
2620.5
12238
18033
4384
49.7
472.5
17645
25848
4241
193.5
2141.1
3476
1586
6944.5
21223
56600
3576
846.4
12178.6
54582
102067
12201
1443.5
363
10051.3
5543.9
81210
32
372
2547.8
9498
8515
767
12689.1
15647
89725
457.2
668
13804.7
3697.2
2956
1773.3
2277.5
1476
34
8730
315.8
1181
530.9
1792
142.7
419.4
749.1
2266
41620
20124.8
9629.3
4253.4
5789
2998.1
2969
64154.7
23822
13909
6977
9858.5
46332
52001
84473
182806
425.1
171
353.9
90
605.2
2007 ( 7)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Bank Name
abc islamic
jordan islamic bank
meezan bank
qatar islamic bank
al braka bank ltd
bank albilad
bank al-jazira
al rajihi bank
kuveyt turk bank
dubi islamic bank
172
currency
taka
taka

1045
1364.9
659
2045.7
191362.3
51503
9104
8370595
1596.8
594
8798
19088.3
13450.6
67178
141277.0
21336
1686.3
1025.5
16636
21564
124886.5
3690
3860
83738.8
36290
16954
10883.5
16686
231853.8
58.6
70.9
37
124.2
8289
2820.4
597.9
1049309
75.5
18.4
831.1
1036.3
546.8
4573.7
11610.8
1580.2
127.5
90.4
714.7
909
8583.1
388
354
6008
2362.4
961.5
692.5
788.2
14073
2006 : (8)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

Bank Name
abc islamic
jordan islamic bank
meezan bank
qatar islamic bank
al braka bank ltd
bank albilad
bank al-jazira
al rajihi bank
kuveyt turk bank
dubi islamic bank
currency
taka
taka

173

633.9
519.7
303.6
857.2
113575
32641
3798.8
6109245
639.6
294.6
4641.1
10261
4154
27031
74468
11757
1303.5
414.8
9835
6421
91864
1983.3
2077
50274.1
20600
7028
5648.4
8947.4
95030.5
. . .
492
358.3
194
364.3
76141
15908
2856.6
1037889
340.6
206
3119.6
2210.5
928.1
17537
45278
6919.2
762.6
8052.8
4894
42910
1465
35784.7
12110
2685
1688.1
8404.4
74383.5
2006 ( 9)

Bank Name
currency
23.5
540.9
abc islamic
61
363.6
721.3

bangladesh
taka
71233.1
6
7
8
9

indonesia
179.5
taka
12883
3542.2
15.5
13
50.5
199.5
0.4
1050
2023.7
12
13

berhad
14
15
16
qatar islamic bank
17
al braka bank ltd
18
19
bank albilad
20
bank al-jazira
60.3
21
al rajihi bank
20468
22
23
kuveyt turk bank
24
dubi islamic bank
14991.2
25
6025.9
8659
26
989
2454.4
27
1096.1
828.7
28

tadhamon
9237
2596.4
meezan bank
12005
36.2
30.6
50
905.6
2188622
39399.2
1974.2
12685
7073
220421
16663
22.9
21
3.2
41
252.2
647.9
667.3
643
321
39
156.2
771.7
629.7
3943
365
6380
4338
74468
4608.6
793.4
392.4
527.4
195.2
7.7
9293.3
375.7
3307.3
1385.6
1535
127.1
383.8
207.4
3.5
0.9
166
6360.7
55115
2164
14117
175.9
1807.4
6038.2
838.4
2077
256.6
13.5
11

56.1
105.3
497878
10
29
95.1
544.7
jordan islamic bank

bank
13.8
3185661
58.4
72.4
5912
18067.9
2832.3
3053.8
4452.3
565.3
143.3
5146
60.5
359.3
1753.2
1472.1
10.8
3566.7
146.1
4379
251
19.9
8345.1
105.9
496.4
59270.1
1564.5
23634
174
2006 ( ) ( 10 )

Bank Name
currency
64
63.3
90
37.4
abc islamic
104.2
taka
taka
jordan islamic bank
10
11
12
13
14
meezan bank
15
16
qatar islamic bank
17
al braka bank ltd
600.1
311
18
4.8
8.9
18.1
3.9
5.4
92
281.7
19
bank albilad
27.6
109.4
1631.5
186.6
32
6869.4
978.5
20
bank al-jazira
30
1222.3
2017.2
209.5
229.1
21
al rajihi bank
1621
2156
12074
2531
22
67.5
831
225.7
292.4
23
kuveyt turk bank
340
175
307
906
349
24
dubi islamic bank
7586.7
21480.4
10652.3
7206.1
3348.6
25
824
1030
26
166.7
1429
1392.5
27
314.7
28
29
6.4
23.3
261
142.1
23.3
40.2
179.5
60.6
64.8
128.3
91.7
572.4
11960
10442
1496
568.8
1264.6
205634
562946
349039
336538
240084
3.3
49.5
114.7
241.2
134.5
0.7
8.5
65
59.7
25
2046.4
487.9
140
1211
471
4488
2050
646
1255
39.8
697.5
101.6
2020.1
768.9
98.8
427.3
12625
2766
827
1256
960
8593
1141
29055
5128
1742
202
6744
30474
60.8
4660
4069.6
680.5
2286.1
23.6
338
113575
699
8044
0.7
691
175
1670
3117
18572
20218
1263.3
3393568
1021436
0.3
1323.7
27.8
95.4
135.7
392.4
23.5
696
13
783.1
664.9
2048
21486
51996
195.1
330.8
7210
11536
2789.4
1213.9
394.9
1945.5
2993.3
7179
11511
37550.5
13
3469.4
2006 ( 11)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Bank Name
abc islamic
jordan islamic bank
meezan bank
qatar islamic bank
al braka bank ltd
bank albilad
bank al-jazira
al rajihi bank
kuveyt turk bank
dubi islamic bank
currency
taka
taka

176
523.8
331.8
214.9
455
42245.2
17393
3405.8
5087809
129.5
151.2
3900
2564
1052.2
21305
60604
6497
983.9
270
9119.6
5828.8
37741
1818.5
1228
46044.3
11857
3153.8
4324.1
8664
92979
SME,s
20388.8
3818
28.3
20.6
1190
748.5
1797
723
110.1
187.9
88.7
402.2
50941.1
11430
392.9
1021436
481.7
122.8
741.1
6507
2353.3
5726
13864
3463
319.6
144.8
715.4
592.2
54123
164.8
126
4229.8
8743
3874.2
1324.3
283.4
2051.5
2006 ( 12)

Bank Name
currency
abc islamic
18.8
15.8

bangladesh
bank
pt bank syariah
muamalat indonesia
taka
jordan islamic bank
10
arab bank
5
6
7
11
1.3
0.2
29.8
8.8
4.6
23.4
44.7
444.5
11158
taka
3808.0
3808
226.5
226.5
7385
2.4
3.8
45.1
21.7
44.7
0
71.9
364772
3326.1
11613
408754.0
785139
8.9
40.8
0.3
10.2
61.2
4.6
15.1
0.4
1.5
1.4
23
327.5
327.5
798.0
798
386.0
386
2349.0
2349
13
14
meezan bank
15
16
qatar islamic bank
17
al braka bank ltd
18
19
bank albilad
20
bank al-jazira
21
22
al rajihi bank
al baraka turk
participation
23
kuveyt turk bank
24
dubi islamic bank
525.1
25
297.5
26
53.4
27
28

tadhamon
bank
29
1.1

bank islam malaysia
berhad
bank muamalat
malaysia berhad
12
6636.0
6636
135.8
744.4
89.9
89.9
76.6
118.2
412.2
22.7
44.9
90.8
55.5
356.7
16.9
1729
5677
240
935.4
228.5
167.4
136.6
142.9
315.9
80.4
76.6
373.6
461.4
461.4
252.0
7658
280.3
280.3
269.0
269
809.8
2814.7
1037.5
1335
7.0
277.4
332.1
332.1
510.9
36.6
547.5
356
4153.4
96.8
1043.2
374.3
27.3
5719.7
10353.2
177
2006 ( 13)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Bank Name
abc islamic
islami bank
bangladesh
bangladesh
bank
pt bank syariah
muamalat indonesia
jordan islamic bank
arab bank
bank islam malaysia
berhad
bank muamalat
malaysia berhad
meezan bank
qatar islamic bank
al braka bank ltd
al tadamon islamic
bank
bank albilad
bank al-jazira
al rajihi bank
al baraka turk
participation
kuveyt turk bank
dubi islamic bank
tadhamon
bank
currency
32.7
335.0
218.9
150.5
712.6
304.0
838.0
737.1
712.6
304.0
950.3
112.3
taka
14016.1
52118.6
25872.3
39522.1
131529.1
taka
3463.0
1685.0
404.0
29480.0
35032.0
414.0
1356.3
1958.8
2790.5
6519.6
514102.0
375.0
5701.0
176.0
28.0
5808825.0
640.0
6328628.0
1219.0
68.9
2301.7
49.7
32.4
136.0
1346.2
204.9
3730.0
3610.0
1876.0
36.0
8818.0
14340.0
2070.9
7780.0
14461.0
2364.0
43.4
468.1
9838.0
19125.0
3376.0
212.7
1688.6
3838.0
4764.0
232.8
5146.3
12993.0
36063.0
3046.0
764.8
9373.9
34449.0
74413.0
8786.0
1253.7
287.0
4848.7
6393.7
62309.0
23.0
70.0
188.0
0.0
328.0
2939.4
4335.1
11089.0
638.0
7858.1
10917.0
73398.0
429.0
563.0
9264.3
3445.8
1924.0
1601.3
2262.7
1284.3
25.0
5733.4
330.5
955.4
351.7
1736.7
86.6
184.3
110.2
1788.0
32065.8
14585.2
6080.0
2282.2
6217.4
2154.0
2376.0
47063.5
18031.0
9046.0
4419.5
10216.8
37143.0
39468.0
72240.0
148851.0
178
2006 14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Bank Name
abc islamic
bangladesh
indonesia
jordan islamic bank
bank
berhad
meezan bank
qatar islamic bank
al braka bank ltd
bank albilad
bank al-jazira
al rajihi bank
kuveyt turk bank
dubi islamic bank
tadhamon
currency
taka

989.4
823.3
436
1693.2
150252.8

45.1
34.7
21.6
96.7
6019
taka

41793.5
7341.1
2013.9
461.5
7427046
1462.6
785138
61.2
594
6313.8
14598.6
12.9
579
785
10269.6
46438.6
115470.4
14888.5
1470.4
820.9
11281.3
15712.9
105208.8
2491.8
2951.4
64433.9
22189.4
10473.7
7641.6
15646.8
386
2704.3
9728
1087.9
89.9
76.6
373.6
749.7
7658.3
280.3
269.6
4576.5
1450.6
553.9
441.6
547.5
185941.7
10353
179

أطروحة دكتوراه الصيغ الإسلامية للاستثمار في رأس المال العامل حسني عبد العزيز يحيى

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أطروحة دكتوراه الصيغ الإسلامية للاستثمار في رأس المال العامل حسني عبد العزيز يحيى

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Islamic Forms of Investment in Working Capital

Islamic Forms of Investment in Working Capital

tools of finance. Moreover pricing models were introduced in the

study, to replace "conventional comparative" approach largely used in practice.

" " "

" " "" "" "

) ( 1 2007 . 218 217

) (1 2003 . 225 224

120 2.5 %20

" " " "

) (1 1997 5 ).( 3642

: " " 2002

: " 2004 "

: Badr-El-Din A. Ibrahim Vijay Kumar

: Dar, Harvey, Presley

: )(Tuli, Jay) and( Tilva, Reena

""Islamic Banking, A new Era of Financing

: )( Tlemsani, Issam) and( Matthews, Robin

) Package For Social Sciences (SPSS

3. Brigham, Eugene. F & Houston, Joel, Fundamentals of Financial

16- Arnold Glen, Corporate Financial Management, Prentice- Hall Inc,

4. Tlemsani, Issam and Mathews, Robin, Ethical Banking Islamic House

1. Islamic Bank Bangladesh. Annual report 2007.

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shamil bank of bahrain

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