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Wholesale Banking > HL Markets > Islamic Money Market Instruments > Islamic Negotiable Instruments
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Islamic Negotiable Instruments

Islamic Negotiable Instruments (INI) are structured along the concept of Al-Bai Bithaman Ajil (deferred payment sale) for Negotiable Islamic Debt Certificate (NIDC) and also the concept of Al-Mudharabah (profit sharing) for Islamic Negotiable Instruments of Deposits (INID)


NIDC refers to a sum of money deposited with the financial institution and repayable to the bearer on a specified future date at the nominal value of NIDC.
 
INID refers to a sum of money invested with financial institutions and repayable to the bearer on a specified future date at the nominal value of INID plus declared dividend.


Key Features
INIs are negotiable and are legally transferable by mere delivery through a depository institution.
Unlike General Investment Account (GIA) - Islamic version of Fixed Deposits (FD), INIs are negotiable and can be sold before its maturity date.
Customer can sell the NID in the secondary market before maturity at the prevailing market rate.
However, the INI cannot be withdrawn prematurely like in GIA.

 

†Eligible deposit insured by PIDM

 

 

 
 
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