THE ISLAMIC INTERBANK MONEY MARKET (IIMM)

Obiyathulla Ismath Bacha, Ali Zhang Hengchao and Mirzet Šeho

Chapter 4 in Islamic Capital Markets:A Comparative Approach, 2025, pp 73-101 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter is designed to introduce the Islamic Interbank Money Market (IIMM) in Malaysia and Shariah-compliant money market operations in other countries. The necessity of these money market institutions for Islamic banks is explained. In addition to describing the structure and trading mechanisms, the chapter also examines the instruments traded and their pricing. On completing this chapter, you should have a good understanding of Shariah-compliant money markets, their structure, trading mechanism, and instruments traded. You should also have an appreciation for why such a market is needed to support the Islamic banking sector.

Keywords: Islamic Banking; Islamic Finance; Capital; Capital Markets; Contracts; Instrument Design; Interbank; Interbank Money Market; Islamic Interbank Money Market; Bond; Bond Market; Sukuk; Sukuk Market; Common Stocks; Equity Markets; Islamic Equities Market; Derivative Instruments; Shariah; Shariah-compliant Derivative Instrument; Exchange Rates; Foreign Exchange Market; Digital Financial Assets; Blockchain; Financial Solution; Digital Financial Solution; Conventional Capital Market; Dual Market (search for similar items in EconPapers)
JEL-codes: F3 G15 G18 G23 G24 (search for similar items in EconPapers)
Date: 2025
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