The Islamic inter bank money market and a dual banking system: the Malaysian experience
Purpose - This paper seeks to examine the operation of an Islamic inter-bank money market (IIMM), within a dual banking system. Design/methodology/approach - The paper describes Malaysia's Islamic IIMM. It then examines some of the key risks associated with money market functions. An empirical examination of the extent to which yields in the IIMM are correlated with conventional money market yields is undertaken. The implication of this on interest-rate exposure for the Islamic financial sector is discussed. Finally, the paper looks at some of the challenges and offers conclusions. Findings - The paper argues that even though an Islamic money market operates in an interest-free environment and trades Originality/value - The paper offers insights into the IIMM, focusing on Malaysia.
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Volume (Year): 1 (2008)
Issue (Month): 3 (October)
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References listed on IDEAS
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- Kohn, Meir, 2003. "Financial Institutions and Markets," OUP Catalogue, Oxford University Press, edition 2, number 9780195134728, December.
- Bacha, Obiyathulla I., 2004. "Dual Banking Systems and Interest Rate Risk for Islamic Banks," MPRA Paper 12763, University Library of Munich, Germany, revised Mar 2004.
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