www.theborneopost.com -KUALA LUMPUR: Bank Negara yesterday announced introduction of a new Islamic monetary instrument, Collateralised Murabahah.
It
said Collateralised Murabahah was essentially a syariah-compliant
financing secured by assets in which the financier had 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. (source)
The central bank said Collateralised
Murabahah would 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 could be used
by Islamic financial institutions to obtain liquidity from Bank Negara
under the standing facility and it would also be expanded to facilitate
daily Islamic money market operations in the interbank market, it added.
— Bernama
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