INSTRUMEN PASARAN WANG

PENGENALAN PASARAN WANGPasaran yang mendagangkan instrumen kewangan jangka pendek (tempoh matang antara satu malam hingga 12 bulan).Aset didagangkan mempunyai kecairan tinggi dan boleh ditukarkan kepada tunai dengan segera.

Urusniaga dilaksanakan secara borong menerusi pelbagai aset kewangan yang mempunyai ciri-ciri yang berbeza.Peserta yang berurusniaga adalah mereka yang memerlukan/ melabur tunai jangka pendek yang cepat.

INSTRUMEN YANG DIGUNAKANInstrumen Terbitan KerajaanWang semalaman / wang panggilanBil perbendaharaanBil BNMNota CagamasInstrumen SwastaPenerimaan jurubankInstrumen deposit boleh niagaReposKertas komersil/ kertas perdagangan

INSTRUMEN KEWANGAN JANGKA PENDEKMembolehkan peserta mendapatkan pinjaman atau melabur dalam aset kewangan untuk jangka pendek.Pembelian daripada penerbit dengan harga muka, diskaun, harga pasaran atau harga premium.Instrumen kewangan dipengaruhi oleh tempoh matang dan kadar pulangan masing-masing.

PASARAN WANG DAN PERANAN DALAM MENYALURKAN DANA

KATEGORI INSTRUMEN DAN PENERBIT

PenerbitInstitusi PenerbitInstrumen KonvensionalInstrumen IslamikKerajaan/ BNMPerbendaharaan MalaysiaSekuriti Kerajaan Malaysia (Malaysian Government Securities) MGSSijil/ Terbitan Pelaburan Kerajaan (Government Investment Certificates / Issues) GIIPerbendaharaan MalaysiaBil Perbendaharaan Malaysia (Malaysian Treasury Bills) MTBBil Perbendaharaan Malaysia Islam (Malaysian Islamic Treasury Bills) MITB

BNMBil Bank Negara (Bank Negara Bills) / Nota Kewangan Bank Negara (Bank Negara Monetary Notes) BNMNNota Kewangan Bank Negara Malaysia Islam (Bank Negara Monetary Note Islamic) BNMN-iBNMNota Boleh Niaga Bank Negara (Bank Negara Negiatable Notes) BNNNNota Boleh Niaga Bank Negara Islam (Bank Negara Islamic Negiatable Notes) BNNN-i

BNM-Sukuk Banak Negara Malaysia Ijarah - SBNMI

TREASURY BILLS (T-BILLS)Treasury billsIssued to meet the short-term needs of the governmentAttractive to investorsMinimal default riskbacked by GovernmentExcellent liquidity for investorsShort-term maturityEstimating T-bill yieldNo coupon paymentsPar or face value received at maturityYield at issue is the difference between the selling price and par or face value adjusted for timeIf sold prior to maturity in secondary marketYield based on the difference between price paid for T-bill and selling price adjusted for time

KATEGORI INSTRUMEN DAN PENERBIT

PenerbitInstitusi PenerbitInstrumen KonvensionalInstrumen IslamikAgensi Berkaitan KerajaanSyarikat CAGAMASBon CagamasSukuk Mudharabah Cagamas - SMCSyarikat CAGAMASNota CagamasNota Cagamas Islam Khazanah Nasional BerhadBon Khazanah-Pengurusan Danaharta Nasional BerhadDanaharta

INSTRUMEN YG DIKELUARKAN OLEH PIHAK SWASTA/ INSTITUSI KEWANGAN

PenerbitInstitusi PenerbitInstrumen KonvensionalInstrumen IslamikBank (Swasta)Pelbagai Bank Perdagangan dan Pelaburan Swasta-Pelaburan Antara Bank Mudharabah (Mudharabah Interbank Investment) MII (semalaman, 1 minggu, 1 bulan, 3 bulan)Pelbagai Bank Perdagangan dan Pelaburan SwastaPenerimaan Jurubank - BABil Penerimaan Islam (Islamic Accepted Bill) - IABPelbagai Bank Perdagangan dan Pelaburan SwastaPerjanjian Beli balik (Repurchase Aggrement) - Repos Islamic Repos (Sale and buy back arrangement) - SBBAPelbagai Bank Perdagangan dan Pelaburan SwastaSijil Deposit Boleh Niaga (Negotiable Instruments of Deposit) - NID-Pelbagai Bank Perdagangan dan Pelaburan SwastaKertas Komersil / Kertas Perdagangan (Commercial Paper) - CPPelaburan antara Bank berasakan Murabahah Komoditi (Commodity Murabahah)

COMMERCIAL PAPERShort-term debt instrumentAlternative to bank loanUsed only by well-known and creditworthy firmsUnsecuredNot a large secondary market

Commercial paper backed by bank lines of creditBank line used if company loses credit ratingBank lends to pay off commercial paperBank charges fees for guaranteed line of credit

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)

Issued by large commercial banksPurchased by nonfinancial corporations or money market fundsSecondary markets supported by dealers in securityNCD premiums:Rate above T-bill rate to compensate for lower liquidity and safety

REPORepo is a generic name for bothrepurchase agreementsandsell/buy-backs In a repo, one party sells an asset (usually fixed-income securities) to another party at one price at the start of the transaction and commits to repurchase the asset from the second party at a different price at a future date or (in the case of anopen repo) on demand If the seller defaults during the life of the repo, the buyer (as the new owner) can sell the asset to a third party to offset his loss. The asset therefore acts as collateral and mitigates the credit risk that the buyer has on the seller.Variations on standard repos:Reverse Repo- Thereverse repois the complete opposite of a repo. In this case, a dealer buys government securities from an investor and then sells them back at a later date for a higher priceTerm Repo- exactly the same as a repo except the term of the loan is greater than 30 days

BANKERS ACCEPTANCEA bank takes responsibility for a future payment of trade bill of exchangeUsed mostly in international transactionsExporters send goods to a foreign destination and want payment assurance before sendingBank stamps a time draft from the importer ACCEPTED and obligates the bank to make good on the payment at a specific timeExporter can hold until the date or sell before maturityIf sold to get the cash before maturity, price received is a discount from drafts total

a

(This space should be reserved for the printing of the Magnetic Ink Character Recognitionencoding for automated clearing)BA No. 0000001NLAccepted onPayable at Bumiputra-Commerce Bank Berhad for and on behalf ofBumiputra-Commerce Bank Berhad

Due dateBankers AcceptanceTo Bumiputra-Commerce Bank BerhadAt days after sight without days of grace pay to the order of ourselves the sum of ringgit ............................................Drawn to finance ( sale to non-resident/resident)of goods described in the records of the accepting bank.for and on behalf of Trader Sdn Bhd.Dated ......................EG. BA in Malaysia: Green BA (Islamic)

EG. BA in Malaysia: Pink BA (Conventional)

MAJOR PARTICIPANTS IN MONEY MARKETParticipantsCommercial banksFinance, industrial, and service companiesFederal and state governmentsMoney market unit trust fundsAll other financial institutions (investing)Short-term investing for income and liquidityShort-term financing for short and permanent needsLarge transaction size and telecommunication network

VALUATION OF MONEY MARKET SECURITIESPresent value of future cash flows at maturity (zero coupon)Value (price) inversely related to discount rate or yieldMoney market security prices more stable than longer term bondsYields = risk-free rate + default risk premium

INTERACTION AMONG MONEY MARKET YIELDSSecurities are close investment substitutesInvestors trade to maintain yield differentialsT-Bill is the benchmark yield in money marketYield changes in T-bills quickly impacts other securities via dealer tradingYield differentials determined by risk differences between securitiesDefault risk premiums vary inversely with economic conditions

INSTRUMEN PASARAN WANG YANG UTAMA DI MALAYSIA

Wang semalaman/bermalam (overnight money) dan wang panggilan (deposit antara bank)Sekuriti Kerajaan (jangka pendek)Bon CagamasBon KhazanahBil Perbendaharaan (TBs)Bil Bank Negara Nota CagamasInstrumen deposit boleh niaga (NIDs)Penerimaan jurubank (BA).

INSTRUMEN PASARAN WANG ISLAM

*

INSTRUMENDEFINISICONTOHSURAT KREDIT SECARA ISLAM (ILC)Merupakan bukti perakuan bahawa bank akan membayar kepada penjual jumlah tertentu seperti yang tercatat dalam surat kredit, berserta syarat tertentu

Terdiri daripada- Surat Kredit Penasihatan (Letter Of Credit Advisory)- Surat Kredit Pengesahan (Letter Of Credit-confirmation)See page 209Al-Wakalah Letter of CreditAl-Musyarakah Letter of credit

(see page 209-210)SURAT JAMINAN SECARA ISLAMJaminan oleh satu pihak (bank) ke atas satu pihak lain yang diberikan kpd pihak ketiga (pemilik barangan/ penjual) yang telah mendepositkan barangannya kepada pihak yang dijamin oleh bank

See page 210Jaminan Bank-iJaminan Perkapalan-iBIL PENERIMAAN ISLAM (IBA)Menggalakkan aktiviti perdagangan secara IslamMenggunakan konsep bay al-dayn dan murabahahIBA Import-Pembelian Domestik

IBA Import-Penjualan Domestik

INSTRUMEN PERBENDAHARAAN-PELABURAN ANTARA BANK MUDHARABAH sebuah bank Islam boleh melabur lebihan dana ke dalam bank bank Islam yang mengalami deficitKonsep mudharabahPelaburan min rm50kTempoh semalaman, 1 minggu, 1 bulan, 3 bulan, 12 bulan

INSTRUMEN LAINPEMBIAYAAN MODAL KERJAPRODUK KOMODITI MURABAHAHPEMBIAYAAN SEMULA KREDIT EKSPORT ISLAM

*