INID refers to a sum of money invested with Islamic Banking Institutions and repayable to the bearer on a specified future date at the nominal value of INID plus declared dividend, It is offered under the Shariah contract of Mudharabah (profit sharing).

The minimum amount per transaction is MYR60, 000 in nominal value per account or per customer. For foreign currency INI, the nominal value shall be more than the RM60, 000 equivalent values per account or per customer.

The minimum tenor is 30 days. INI products with investment tenor exceeding 5 years must comply with relevant regulatory requirements issued by the Securities Commissions

Features

• INID can be legally transferred through a depository institution and hence highly liquid
• INID can be issued to non-residents, or resident may buy from or sell to a non-resident, subject to the prevailing rules and regulations imposed by BNM on transaction with non-resident
• INID can be traded in the secondary market. Type of trades in the secondary market are on the following basis:-
  • Outright sale and purchase
  • Purchase and redemption; and
  • Sell and Buy Back Agreement
• INID cannot be withdrawn prematurely. However, it can be sold at prevailing market rate before its maturity date