إدارة السيولة في الاقتصاد الإسلامي تقويم تجربة شهادات المشاركة السودانية للفترة 1998-2002م

Abstract

The problem of the study is how to deal with the excess liquidity and to finance the deficit in an Islamic economy. To solve these problems, The Bank of Sudan and Ministry of Finance introduced what is known as Government Musharka Certificate (GMC) to finance the budget deficit with real resources from the private sector (instead of borrowing from The Central Bank) and the Central Bank Musharka Certificate (CMC) to work (both) as an open market operations tools of monetary policy. The study is focusing on the extent the certificates succeeded in achieving their objectives on the currency in circulation (liquidity), the browning of the government from the central bank, commercial banks deposits and credits and the effect GMCs on inflation, and the relationship between the value of GMCs sold , government deficit and money supply during the period under consideration (1998-2002). To establish the above mentioned relationship the researcher used the simple statistics comparing the performance of the mentioned variables before and after the issuing of the certificates. The study reached the conclusion that the selling of GMCs and CMCs affected the cash inside banks more than that circulating outside, in spite of that, it saved considerable real resources (from the private sector) to the government to finance the budget deficit (at 2002 more than the budget deficit). However they must be issued according to the deficit because their high return may cause additional burden on the government. Also, the purchase of CMC & GMC by the private sector, banks and institutions did not affect the commercial bank deposits and its credit to the private sector. The certificates must be sold to the private sector and not to the central bank, but in spite of that, the portion sold to the central bank is not inflationary, if it is sold again to the private sector. The general trend of the growth of money supply during the period 1998-2002 is growing at constant rate which is essential for economic stability especially in an economy like that of Sudan facing the objectives of increasing the production, utilizing excess capacity and encouraging foreign investment