1. INSTRUMEN PASARAN WANG

2. PENGENALAN PASARAN WANG Pasaran 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.

3. INSTRUMEN YANG DIGUNAKAN Instrumen Terbitan Kerajaan Wang semalaman / wang panggilan Bil perbendaharaan Bil BNM Nota Cagamas Instrumen Swasta Penerimaan jurubank Instrumen deposit boleh niaga Repos Kertas komersil/ kertas perdagangan

4. INSTRUMEN KEWANGAN JANGKA PENDEK Membolehkan 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.

5. PASARAN WANG DAN PERANAN DALAM MENYALURKAN DANA

6. KATEGORI INSTRUMEN DAN PENERBIT PenerbitInstitusi PenerbitInstrumen KonvensionalInstrumen Islamik Kerajaan/ BNMPerbendaharaan Malaysia Sekuriti Kerajaan Malaysia (Malaysian Government Securities) MGS Sijil/ Terbitan Pelaburan Kerajaan (Government Investment Certificates / Issues) GII Perbendaharaan Malaysia Bil Perbendaharaan Malaysia (Malaysian Treasury Bills) MTB Bil Perbendaharaan Malaysia Islam (Malaysian Islamic Treasury Bills) MITB BNMBil Bank Negara (Bank Negara Bills) / Nota Kewangan Bank Negara (Bank Negara Monetary Notes) BNMN Nota Kewangan Bank Negara Malaysia – Islam (Bank Negara Monetary Note – Islamic) BNMN-i BNMNota Boleh Niaga Bank Negara (Bank Negara Negiatable Notes) BNNN Nota Boleh Niaga Bank Negara – Islam (Bank Negara Islamic Negiatable Notes) BNNN-i BNM-Sukuk Banak Negara Malaysia Ijarah - SBNMI

7. TREASURY BILLS (T-BILLS) Treasury bills  Issued to meet the short-term needs of the government  Attractive to investors  Minimal default risk—backed by Government  Excellent liquidity for investors  Short-term maturity Estimating T-bill yield  No coupon payments  Par or face value received at maturity  Yield at issue is the difference between the selling price and par or face value adjusted for time  If sold prior to maturity in secondary market  Yield based on the difference between price paid for T-bill and selling price adjusted for time

8. KATEGORI INSTRUMEN DAN PENERBIT PenerbitInstitusi PenerbitInstrumen KonvensionalInstrumen Islamik Agensi Berkaitan Kerajaan Syarikat CAGAMASBon CagamasSukuk Mudharabah Cagamas - SMC Syarikat CAGAMASNota CagamasNota Cagamas Islam Khazanah Nasional Berhad Bon Khazanah- Pengurusan Danaharta Nasional Berhad Danaharta

9. INSTRUMEN YG DIKELUARKAN OLEH PIHAK SWASTA/ INSTITUSI KEWANGAN PenerbitInstitusi PenerbitInstrumen KonvensionalInstrumen Islamik Bank (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 Swasta Penerimaan Jurubank - BABil Penerimaan Islam (Islamic Accepted Bill) - IAB Pelbagai Bank Perdagangan dan Pelaburan Swasta Perjanjian Beli balik (Repurchase Aggrement) - Repos Islamic Repos (Sale and buy back arrangement) - SBBA Pelbagai Bank Perdagangan dan Pelaburan Swasta Sijil Deposit Boleh Niaga (Negotiable Instruments of Deposit) - NID - Pelbagai Bank Perdagangan dan Pelaburan Swasta Kertas Komersil / Kertas Perdagangan (Commercial Paper) - CP Pelaburan antara Bank berasakan Murabahah Komoditi (Commodity Murabahah)

10. COMMERCIAL PAPER  Short-term debt instrument  Alternative to bank loan  Used only by well-known and creditworthy firms  Unsecured  Not a large secondary market Commercial paper backed by bank lines of credit  Bank line used if company loses credit rating  Bank lends to pay off commercial paper  Bank charges fees for guaranteed line of credit

11. NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)  Issued by large commercial banks  Purchased by nonfinancial corporations or money market funds  Secondary markets supported by dealers in security  NCD premiums:  Rate above T-bill rate to compensate for lower liquidity and safety

12. REPO 1.Repo is a generic name for both repurchase agreements and sell/buy-backs 2.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 an open 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. 3.Variations on standard repos: a.Reverse Repo - The reverse repo is 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 price reverse repo b.Term Repo - exactly the same as a repo except the term of the loan is greater than 30 days

14. BANKERS ACCEPTANCE  A bank takes responsibility for a future payment of trade bill of exchange  Used mostly in international transactions  Exporters send goods to a foreign destination and want payment assurance before sending  Bank stamps a time draft from the importer ACCEPTED and obligates the bank to make good on the payment at a specific time  Exporter can hold until the date or sell before maturity  If sold to get the cash before maturity, price received is a discount from draft’s total

15. a 1 Purchase Order Shipment of Goods 5 L/C3 Shipping Documents &Time Draft DraftAccepted (B/A Created) 7 Japanese Bank (Exporter’s Bank) American Bank (Importer’s Bank) ImporterExporter 2 L/C (Letter of Credit) Application 4 L/C Notification 6 Shipping Documents & Time Draft

16. (This space should be reserved for the printing of the Magnetic Ink Character Recognition encoding for automated clearing) BA No. 0000001NL Accepted on Payable at Bumiputra-Commerce Bank Berhad for and on behalf of Bumiputra-Commerce Bank Berhad Due date Bankers Acceptance To Bumiputra-Commerce Bank Berhad At 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)

17. (This space should be reserved for the printing of the Magnetic Ink Character Recognition encoding for automated clearing) BA No. 0000001 Accepted on Payable at Bumiputra-Commerce Bank Berhad for and on behalf of Bumiputra-Commerce Bank Berhad Due date Bankers Acceptance **** To Bumiputra-Commerce Bank Berhad At * days after sight without days of grace pay to the order of ourselves the sum of ringgit ……………………………………............................................ ** Drawn to finance ( purchases 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: Pink BA (Conventional)

18. MAJOR PARTICIPANTS IN MONEY MARKET Participants  Commercial banks  Finance, industrial, and service companies  Federal and state governments  Money market unit trust funds  All other financial institutions (investing) Short-term investing for income and liquidity Short-term financing for short and permanent needs Large transaction size and telecommunication network

19. VALUATION OF MONEY MARKET SECURITIES Present value of future cash flows at maturity (zero coupon) Value (price) inversely related to discount rate or yield Money market security prices more stable than longer term bonds Yields = risk-free rate + default risk premium

20. INTERACTION AMONG MONEY MARKET YIELDS Securities are close investment substitutes Investors trade to maintain yield differentials T-Bill is the benchmark yield in money market Yield changes in T-bills quickly impacts other securities via dealer trading Yield differentials determined by risk differences between securities Default risk premiums vary inversely with economic conditions

21. INSTRUMEN PASARAN WANG YANG UTAMA DI MALAYSIA i.Wang semalaman/bermalam (overnight money) dan wang panggilan (deposit antara bank) ii.Sekuriti Kerajaan (jangka pendek) iii.Bon Cagamas iv.Bon Khazanah v.Bil Perbendaharaan (TBs) vi.Bil Bank Negara vii.Nota Cagamas viii.Instrumen deposit boleh niaga (NIDs) ix.Penerimaan jurubank (BA).

22. INSTRUMEN PASARAN WANG ISLAM 22

23. INSTRUMENDEFINISICONTOH SURAT 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 209 Al-Wakalah Letter of Credit Al-Musyarakah Letter of credit (see page 209-210) SURAT JAMINAN SECARA ISLAM Jaminan 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 210 Jaminan Bank-i Jaminan Perkapalan-i BIL PENERIMAAN ISLAM (IBA) Menggalakkan aktiviti perdagangan secara Islam Menggunakan konsep bay’ al-dayn dan murabahah IBA Import-Pembelian Domestik IBA Import-Penjualan Domestik

24. INSTRUMEN PERBENDAHARAAN -PELABURAN ANTARA BANK MUDHARABAH  sebuah bank Islam boleh melabur lebihan dana ke dalam bank bank Islam yang mengalami deficit  Konsep mudharabah  Pelaburan min rm50k  Tempoh – semalaman, 1 minggu, 1 bulan, 3 bulan, 12 bulan

25. INSTRUMEN LAIN 1.PEMBIAYAAN MODAL KERJA 2.PRODUK KOMODITI MURABAHAH 3.PEMBIAYAAN SEMULA KREDIT EKSPORT ISLAM