<![CDATA[Purpose: This study examines the effects of Receivables Turnover (ROT) and Inventory Turnover (IT) on the Current Ratio (CR), with Gross Profit Margin (GPM) as a moderator, among Jakarta Islamic Index (JII) firms. Prior studies examined liquidity determinants in isolation with inconsistent results, overlooking the interactive profitability efficiency mechanism and Islamic financial principles an unresolved gap addressed herein. Anchored in Working Capital Management, Resource-Based View, and Trade-off Theories, this study elucidates the cash-conversion mechanism linking working capital management to liquidity, foregrounding GPM's moderating role within Islamic capital markets as its novelty. Research Methodology: Purposive sampling yielded 11 JII companies (2018–2023; 66 firm-year observations), analyzed via Panel Data Regression and Moderated Regression Analysis (EViews12). Results: ROT significantly and positively affects CR, whereas IT and GPM do not; simultaneously, the variables explain 92.3% of liquidity variance. GPM strengthens the ROT–CR relationship but does not moderate the IT–CR relationship. Conclusions: JII liquidity requires integrated management of receivables, inventory, and profitability; profitability catalyzes receivables-management efficacy, affirming, through the maṣlaah paradigm, financial equilibrium as sustainable conduct. Limitations: The small sample constrains external validity and generalizability; GPM's non-moderation of the inventory liquidity nexus suggests alternative moderators. Contributions: This study provides stakeholders evidence for holistic, sustainable liquidity management through interconnected ratios under the maṣlaḥah paradigm]]>
