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Malaysia introduces new Islamic monetary instrument | | Malaysia's central bank announced
on Wednesday the introduction of a new Islamic monetary instrument, Collateralized
Murabahah. The Shariah-compliant financing under which the financier has the rights
to sell the asset in the event of default by the end-user, without imposing penalty
or interest that is banned by the Shariah law. The Collateralized Murabahah will
be a new low credit-risk financial instrument that enables collateralized interbank
transactions in the Islamic Money Market in the country, the central bank said
in a statement. The facility, the bank said, can be used by Islamic financial
institutions to obtain liquidity from the bank and expanded to facilitate daily
Islamic money market operations. The new structure has been used by some Middle
Eastern institutions although it was not popular.
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