Islamic Commercial Papers (ICPs)

Features

• ICPs are rated an Islamic short term financing paper issued by corporate bodies;
• The tenor of an ICP ranges from 1 month to 1 year;
• Price varies depending on credit worthiness of issuers;
• Primary issues are on tender basis and ICP are traded in the interbank market;
• ICPs rating is based on classification by rating agencies example P1, P2, P3 and NP by Rating Agency of Malaysia (RAM) or MARC 1, MARC 2, MARC 3 and MARC 4 by Malaysia Rating Corporation Berhad (MARC).