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IB 1005 DEPOSITS AND FINANCING PRACTICES OF ISLAMIC FINANCIAL INSTITUTIONS CHAPTER 5 : NEGOTIABLE IB 1005 DEPOSITS AND FINANCING PRACTICES OF ISLAMIC FINANCIAL INSTITUTIONS CHAPTER 5 : NEGOTIABLE ISLAMIC CERTIFICATE OF DEPOSITS COMPILED BY HAMDAN HJ IDRIS, BSc Econs, MBA (Islamic Banking & Finance) Certified Professional Trainer (MIM) Industry Expert INCEIF PRESENTED BY HJ MAHMUD HJ BUNTAT, MBA (AUOL, UK), DBM (Swansea Inst. , UK), CIL (UIA) Part-time Lecturer (INCEIF) Former Head of Islamic Banking Division, OCBC Bank (Malaysia) Bhd

Chapter 5: Deposit – Negotiable Islamic Certificate of Deposits Islamic Negotiable Instrument of Deposit Chapter 5: Deposit – Negotiable Islamic Certificate of Deposits Islamic Negotiable Instrument of Deposit (INID) • is concluded on the basis of mudharabah and it is similar to a MIA. INID is an Islamic negotiable instrument (INI) and can be sold/traded in the Islamic money market. The maturity is from 90 days up to 60 months (5 yrs). With a nominal value of a minimum of RM 50, 000 and in multiples thereof up to RM 10. 0 M.

 The profit or declared dividend rate depends on the profit sharing ratio (PSR). The profit or declared dividend rate depends on the profit sharing ratio (PSR). The return is equivalent to the time value of the depositor’s money and comparable to conventional rates of interest

 Profit Sharing ration in favour of customer (PSR) Deposit placement (D) Declared divident Profit Sharing ration in favour of customer (PSR) Deposit placement (D) Declared divident rate ( r ) Tenor (months) ( t ) or days to maturity 80 : 20 RM 1, 000 7. 5% p. a 6 182. 5 Proceeds D x [ 1+ r* ( t /365 ) ] 1, 000 x [1 + (0. 075 x 182 / 365) ] Customer’s profit 1, 037, 500

Negotiable Islamic Deposit Certificate (NIDC) • This is a form of deposit instrument from Negotiable Islamic Deposit Certificate (NIDC) • This is a form of deposit instrument from the customer to the bank • This instrument as practiced in Malaysia is based on the principle of bay’ –al`inah (sell and buy back. • Although known as deposit, the underlying contract is essentially sale and purchase contract and should comply to all principles pertaining to sale and purchase, instead deposit or investment.

NIDC (MODUS OPERANDI) Sells asset Bank (e. g equipments for RM 50, 000) Customer NIDC (MODUS OPERANDI) Sells asset Bank (e. g equipments for RM 50, 000) Customer (Depositor) Method of payment: cash – “Islamic Deposit” Buys-back asset Bank (e. g equipments for RM 50, 000 + X%) Customer (Depositor) Method of payment: deferred over a period of 5 years Bank Also issues NIDC to evidence the indebtedness created by The deferred payment sale

Bank sells an asset to its customer Selling Price (SP) Profir margin ( r Bank sells an asset to its customer Selling Price (SP) Profir margin ( r ) Tenor (months) ( t ) or, days to maturity Bank purchases from the customer RM 1, 000 7. 5% p. a 6 182. 5 SP x [ 1+ r* t / 365 ) ] 1, 000 x [ 1 + (0. 075 x 182 / 365) ] Customer’s profit 1, 037, 500

 • The bank sells its’ asset to a customer for immediate cash, whom • The bank sells its’ asset to a customer for immediate cash, whom simultaneously sells back the asset to the bank for a credit price. The deferred marked up credit price, is re-paid by the bank to the customer within a period from overnight up to 365 days. The bank issues a Certificate of Debt (Shahadah al-Dayn) as evidence of the bank's debt to the customer.

 NIDC is based on an `inah transaction and may be subsequently traded as NIDC is based on an `inah transaction and may be subsequently traded as a debt to a third party (bai’ al-dayn). Negotiable Islamic Debt Certificate (NIDC) is concluded on the basis of BBA, and is an INI, which can be traded in the Islamic money market.

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