BANK NEGARA MALAYSIA (BNM) today announced introduction of a new Islamic monetary instrument knows as, Collateralised Murabahah.
Source from (The Malay Mail): http://www.mmail.com.my/story/bnm-introduces-new-islamic-instrument
Published: May 31, 2012
It said Collateralised Murabahah is essentially a Shariah-compliant financing secured by assets in which the financier has the right to sell the asset should the client fail to repay the financing.
"It combines the widely accepted Murabahah financing transaction with sukuk (Islamic bond) that forms the pledged asset to back the transaction," it said in a statement.
The central bank said Collateralised Murabahah will be a new low credit-risk financial instrument that enables collateralised interbank transactions in the Islamic Money Market in Malaysia.
"It will add diversity to existing liquidity management tools and further promote greater liquidity in the Islamic financial market," it said.
Collateralised Murabahah can be used by Islamic financial institutions to obtain liquidity from BNM under the standing facility and it will also be expanded to facilitate daily Islamic money market operations in the interbank market, it added.
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