21  SOLE Juan, Introducing Islamic banks into the conventional banking systems, IMF working paper WP/07/175, p. 20. 22  Idem., p. 21-22. 23  HESSE Heiko, JOBST Andreas, SOLE Juan, Quo vadis Islamic Finance, http://www.voxeu.org/index.php?q=node/2593. 24  EDWARDES Warren, Liquidity Management Issues, Institute of Islamic Banking & Insurance / New Horizon, The Islamic Funds Conference, 18 February 2004, http://www.dc3.co.uk/IslamicLiquidity040218.pdf.
6  BIS Review 59/2009  is ultimately dependant on policy decisions influenced by market size, instruments availability and global integration capacity or willingness. Liquidity is an elusive concept requiring the supervisor to adopt a dynamic approach. The endogeneity of liquidity calls for a case-bycase approach where the specificities of Islamic finance can be taken into account.