This document provides information about treasury management in commercial and Islamic banks. It discusses liquidity management, organizational structure of treasury departments, advantages of integrated treasury operations, and roles and functions of front, mid, and back offices. It also covers cash forecasting, working capital management, cash management, investment management, risk management, and other treasury activities. Specific to Islamic banks, it mentions challenges in liquidity management due to lack of Shariah-compliant instruments and discusses instruments like commodity murabaha used for short-term liquidity placement and management within the framework of Islamic finance principles.
This presentation broadly covers Mumbai University MMS Semester IV - Elective - Treasury Management.
It starts with History; factors leading to modern treasury management; main objectives; Integrated treasury; departments of treasury - Front, Middle and Back office.
www.abhijeetdeshmukh.com
This presentation broadly covers Mumbai University MMS Semester IV - Elective - Treasury Management.
It starts with History; factors leading to modern treasury management; main objectives; Integrated treasury; departments of treasury - Front, Middle and Back office.
www.abhijeetdeshmukh.com
Managing balance sheet liquidity & long term funding Dr Rajeev Jain
Managing balance sheet liquidity and long term funding
• Do the company have the right cash management processes?
• The importance of accurately forecast company cash flow with liquidity management
• Looking at your balance sheet frequently: Do the company has sufficient funding sources?
• Ensuring the right balance of credit and non-credit service utilisation for funding process
• Learning about rebuilding the balance sheet and turning their problem into growth
• Establishing long term stability and security of our funding in turn helps protect our liquidity position in the crisis
• Building necessary tools and methods to achieve properly structured balance sheet
• Managing complex situations precisely through flexible values (general direction), values with longer lifespan than goals or objectives and past and present corporate actions
Basics of cash management for financial management & reportingSoaga Hameed Gbola
This paper examines the basics of cash management for financial management and financial reporting purposes. This study makes use of descriptive research method to examine the importance, essence, influence, relationship, and impact of cash management on financial management and financial reporting. It establishes the strong impact of cash management on corporate survival, linkage to practically every account on financial report, maximisation of shareholders’ wealth, fraud prevention and detection, and liquidity enrichment. It also ascertains the need for the use of net cash flows as a measure of performance. Organisations should give cash management serious attention and make it a strategic partner, and should maintain a dedicated cash module for cash management because accrual accounting is not adequate for cash management. Regulatory bodies should enhance disclosure requirements in respect of cash and cash equivalents to enhance transparency and prevent creative cash management.
Managing balance sheet liquidity & long term funding Dr Rajeev Jain
Managing balance sheet liquidity and long term funding
• Do the company have the right cash management processes?
• The importance of accurately forecast company cash flow with liquidity management
• Looking at your balance sheet frequently: Do the company has sufficient funding sources?
• Ensuring the right balance of credit and non-credit service utilisation for funding process
• Learning about rebuilding the balance sheet and turning their problem into growth
• Establishing long term stability and security of our funding in turn helps protect our liquidity position in the crisis
• Building necessary tools and methods to achieve properly structured balance sheet
• Managing complex situations precisely through flexible values (general direction), values with longer lifespan than goals or objectives and past and present corporate actions
Basics of cash management for financial management & reportingSoaga Hameed Gbola
This paper examines the basics of cash management for financial management and financial reporting purposes. This study makes use of descriptive research method to examine the importance, essence, influence, relationship, and impact of cash management on financial management and financial reporting. It establishes the strong impact of cash management on corporate survival, linkage to practically every account on financial report, maximisation of shareholders’ wealth, fraud prevention and detection, and liquidity enrichment. It also ascertains the need for the use of net cash flows as a measure of performance. Organisations should give cash management serious attention and make it a strategic partner, and should maintain a dedicated cash module for cash management because accrual accounting is not adequate for cash management. Regulatory bodies should enhance disclosure requirements in respect of cash and cash equivalents to enhance transparency and prevent creative cash management.
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
[Note: This is a partial preview. To download this presentation, visit:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
3. Class rules
2 hours class
a) 15 minutes recap and/or discussion
b) 1 hour lecture
c) 30 minutes discussion and Q&A
d) 15 minutes career and professional advice
Rules & Adab attending the class
a) Compulsory turning on the camera
b) Display full name in your zoom
c) Read the materials before attending the class
d) Ask questions
e) You may contact me via email / whatsapp during working hours
Methodology and delivery
a) Materials will be both in English and Indonesia
b) Slide and teaching materials were collected from different sources
c) None of the materials were owned by me
d) 1 page of resume after every class should be submitted
e) There might be articles distributed for discussion in the class
6. TREASURY MANAGEMENT
Treasury generally refers to the funds and revenue at the
disposal of the bank and day-to-day management of the
same.
The treasury acts as the custodian of cash and other liquid
assets.
The art of managing, within the acceptable level of risk, the
consolidated fund of the bank optimally and profitably is
called Treasury Management.
It is the window through which banks raise funds or place
funds for its operations.
7. Liquidity Management
• The objective of liquidity management is to maintain adequate level of
liquidity and raise profitability of the bank managing the surplus liquidity.
• Bank will follow raising cash on short notice with low cost as possible in
shortage of funds and convert funds in earnings assets if surplus funds are
available. In the situation of surplus liquidity, the treasury should use in
money market lending, reverse repo, buying T-bills, and government
securities.
• When the bank is in situation of deficit of liquidity, treasury should go for
any of interbank borrowings, borrowing against T- bills and bond or
debentures or Repo, Standing liquidity facility by NRB, liquidation of
Treasury bills and bonds, Accepting and calling deposits etc.
8. ORGANIZATIONAL STRUCTURE
8
It should facilitate the handling of all market operations
from dealing to settlement, custody and accounting, in
both the domestic and foreign exchange markets.
As follows:
⚫ Front–Office: Dealing – Risk Taking
⚫ Mid–Office: Risk Management and Management Information
⚫ Back–Office: Confirmations, Settlements, Accounting and
Reconciliation
9. STRUCTURE OF AN INTEGRATED TREASURY
The treasury department is manned by the front office,
mid office, back office and the audit group. In some
cases the audit group forms a part of the middle office
only.
The dealers and traders constitute the front office. In
the course of their buying and selling transactions, they
are the first point of interface with the other participants
in the market (dealers of other banks, brokers and
customers).
They report to their department heads. They also
interact amongst themselves to exploit arbitrage
opportunities.
10. STRUCTURE OF AN INTEGRATED TREASURY
A mid office set up, independent of the treasury unit,
responsible for risk monitoring, measurement analysis and
reports directly to the Top management for control.
This unit provides risk assessment to Asset Liability
Committee (ALCO) and is responsible for daily tracking of
risk exposures, individually as well as collectively.
The back office undertakes accounting, settlement and
reconciliation operations.
The audit group independently inspects/audits daily
operations in the treasury department to ensure adherence to
internal/regulatory systems and procedures.
12. ADVANTAGES OF INTEGRATING TREASURY OPERATIONS
Is to improve portfolio profitability, risk insulation and also to
synergize banking assets with trading assets.
This is achieved through efficient utilization of funds, cost effective
sourcing of liability, proper transfer pricing, availing arbitrage
opportunities, online and offline exchange of information between
the money and forex dealers, single window service to customers,
effective MIS, improved internal control, minimization of risks and
better regulatory compliance.
An integrated treasury acts as a centre of arbitrage and hedging
activities.
It seeks to maximise its currency portfolio and free transfer of
funds from one currency to another so as to remain a proactive
profit centre.
13. FRONT-OFFICE
FUNCTIONS
It has a responsibility to manage investment and market
risks in accordance with instructions received from bank’s
ALCO.
It is undertaken through the dealing room which acts as the
bank’s interface to international and domestic financial
markets.
The dealing room is the center for market and risk
management activities in the bank.
It is the clearing house for risk and has the responsibility to
manage the treasury risks taken in all areas of the bank.
In view of this, control over the activities of the treasury and
its staff are critical to ensure that the bank is protected from
undue market risk. 25
14. MID-OFFICE
FUNCTIONS
Responsible for onsite risk measurement,
monitoring and management reporting.
Limit setting and monitoring exposures in relation to
limits.
Assessing likely market movementsbased on internal
assessments and external/internal research.
Evolving hedging strategies for assets and liabilities.
Interacting with bank’s Risk management department
on liquidity and market risk.
Monitoring open currency positions.
Calculating and reporting VAR. 26
15. MID-OFFICE FUNCTIONS
(CONTD..)
15
Stress testing and back testing of investment and
trading portfolios.
Risk-return analysis.
Marking open positions to market to
assess unrealized gain and losses.
16. BACK-OFFICE FUNCTIONS
16
Deal slip verification.
Generation and dispatch of interbank confirmations.
Monitoring receipt of confirmations from counterpart
banks.
Monitoring receipt of confirmations of forward contracts.
Effecting / receiving payments.
Monitoring receipt of forex funds in interbank contracts.
17. BASIC TREASURY FUNCTIONS
31
Maintenance of statutory
reserves
Managing liquidity
Profitability deployment of
reserves
Trading and arbitrate
Hedge and cover
operations
Mid/Back – Office
function(s)
Extending cover to foreign
exchange trade
transactions
Funding and managing
forex assets and liabilities
Providing hedge to forex
risks proprietary and for its
constituents
Trading and Arbitrage
Mid/Back Office functions
Domestic Operations Forex Operations
18. ROLE OF TREASURY DEPARTMENT
Cash Forecasting
Working Capital Management
Cash Management
Investment Management
Treasury Risk Management
ManagementAdvice
Credit RatingAgency Relations
Bank Relationships
Fund Raising
OtherActivities
5
19. CASH FORECASTING
The accounting staff generally handles the receipt and
disbursement of cash, but the treasury staff needs to
compile this information from all subsidiaries into short -
range and long - range cash forecasts.
These forecasts are needed for investment purposes, so
the treasury staff can plan to use investment vehicles that
are of the correct duration to match scheduled cash
outflows.
The staff also uses the forecasts to determine when more
cash is needed, so that it can plan to acquire funds either
through the use of debt or equity.
20. WORKING CAPITAL MANAGEMENT
20
Working capital in a bank refers to the funds that are available to meet the bank's day-to-day
operational expenses and short-term financial obligations.
In the context of a bank, working capital is typically calculated by subtracting the bank's current
liabilities from its current assets. Current assets include cash, cash equivalents, short-term
investments, loans and advances, and other liquid assets that can be readily converted into
cash within a year. Current liabilities encompass items such as deposits from customers,
borrowings, and other short-term obligations that the bank is required to repay within a year.
Banks closely monitor and manage their working capital to ensure that they have sufficient
liquidity to meet withdrawal requests from depositors, settle obligations as they come due,
manage any unforeseen financial emergencies, and comply with regulatory requirements.
The treasurer should be aware of working capital levels and trends, and advise management
on the impact of proposed policy changes on working capital levels.
21. CASH MANAGEMENT
21
The treasury staff uses the information it obtained from its cash forecasting
and working capital management activities to ensure that sufficient cash
is available for operational needs.
The efficiency of this area is significantly improved by the use of cash
pooling systems.
cash pooling systems involve consolidating cash balances from different
subsidiaries or business units into a single pool or account.
The primary goal of cash pooling is to optimize the utilization of cash
resources within a company and improve overall liquidity management. By
centralizing cash, companies can reduce idle cash balances, minimize
external borrowing costs, and maximize investment returns.
22. INVESTMENT MANAGEMENT
22
The treasury staff is responsible for the proper
investment of excess funds.
The maximum return on investment of these funds is
rarely the primary goal.
Instead, it is much more important to not put funds at
risk, and also to match the maturity dates of
investments with a company’s projected cash needs.
23. TREASURY RISK MANAGEMENT
23
The interest rates that a company pays on its debt
obligations may vary directly with market rates, which
present a problem if market rates are rising.
A company’s foreign exchange positions could also
be at risk if exchange rates suddenly worsen.
In both cases, the treasury staff can create risk
management strategies and implement hedging
tactics to mitigate the company’s risk.
24. MANAGEMENT ADVICE
24
The treasury staff monitors market conditions
constantly, and therefore is an excellent in - house
resource for the management team should they want to
know about interest rates that the company is likely to
pay on new debt offerings, the availability of debt, and
probable terms that equity investors will want in
exchange for their investment in the company
25. CREDIT RATING AGENCY
RELATIONS
25
When a company issues marketable debt, it is likely
that a credit rating agency will review the company’s
financial condition and assign a credit rating to the
debt.
The treasury staff responds to information requests
from the credit agency’s review team and provides it
with additional information over time.
26. BANK RELATIONSHIPS
26
The treasurer meets with the representatives of any
bank that the company uses to discuss the company’s
financial condition, the bank’s fee structure, any debt
granted to the company by the bank, and other services
such as foreign exchange transactions, hedges, wire
transfers, custodial services, cash pooling, and so forth.
A long - term and open relationship can lead to some
degree of bank cooperation if a company is having
financial difficulties, and may sometimes lead to modest
reductions in bank fees.
27. FUND RAISING
A key function is for the treasurer to maintain excellent relations with
the investment community for fund - raising purposes.
This community is composed of the sell side, which are those brokers
and investment bankers who sell the company’s debt and equity
offerings to the buy side, which are the investors, pension funds, and
other sources of cash, who buy the company’s debt and equity.
While all funds ultimately come from the buy side, the sell side is
invaluable for its contacts with the buy side, and therefore is
frequently worth the cost of its substantial fees associated with fund
raising.
14
28. OTHER ACTIVITIES
If a company engages in mergers and acquisitions on
a regular basis, then the treasury staff should have
expertise in integrating the treasury systems of
acquirees into those of the company.
For larger organizations, this may require a core team of
acquisition integration experts.
Another activity is the maintenance of all types of
insurance on behalf of the company.
This chore may be given to the treasury staff on the
grounds that it already handles a considerable amount
of risk management through its hedging activities, so
management activities.
this represents a further centralization of risk
16
30. Management of the liquidity
o Lack of Shariah compatible financial instruments to intervene
in the market for Islamic institutions.
o Treasury bills or other such high quality instruments are not
acceptable under Shairah law.
o Other instruments like Sukuk: problems of longer duration,
price risk, lack of liquidity, etc.
o Sukuk holdings to be held as part of investment portfolio of
the Treasury to earn higher returns.
Source: Mohammed Tariq, Treasurer of Islamic Development Bank (2009)
31. Pasar Uang (Money Market)
• Pasar uang (money market) adalah di mana diperdagangkan
surat-surat berharga jangka pendek.
• Pasar uang merupakan tempat pertemuan antara pihak yang
bersurplus dana dengan pihak yang berdefisit dana, di mana
dananya berjangka pendek. Pasar uang melayani banyak pihak seperti
pemerintah, bank perusahaan asuransi, dan lembaga keuangan
lainnya.
• Jenis-jenis instrumen pasar uang yang ditawarkan dalam
pasar uang dengan sistem konvensional di Indonesia antara lain:
Sertifikat Bank Indonesia (SBI), pasar Uang Antarbank (PUAB), Surat
Berharga Pasar Uang (SPBU), Sertifikat Deposito, Commercial Paper,
Repurchase Agreement, Banker’s Acceptance
Source: MANAJEMEN PASAR UANG ANTAR BANK SYARIAH (PUAS) DI INDONESIA, Yuliani & Mawi (2017)
32. Pasar Uang Antar Bank Syariah (PUAS) di
Indonesia
• Akad yang dapat digunakan dalam PUAS menurut fatwa Dewan Syatiah
NasionalMajelis Ulama Indonesia (DSN-MUI) adalah:
1.Mudharabah (muqaradhah)/Qiradh
2.Musyarakah
3.Qardh
4.Wadi’ah
5.Al-Sharf
6.Ju’alah
7.Rahn
• Pemindahan kepemilikan instrumen PUAS harus menggunakan akad di atas
dan hanya boleh dipindahtangankan 1 (satu) kali
• Peserta PUAS adalah bank syariah dan bank konvensional.
• Bank syariah dapat melakukan penanaman dana dan atau pengelolaan
dana sedangkan bank konvensional hanya dapat menanamkan dananya
• Bank syariah tidak diperkenankan menanamkan dananya pada bank
konvensional untuk menghindari pemanfaatan dana yang akan
menghasilkan bunga
Source: MANAJEMEN PASAR UANG ANTAR BANK SYARIAH (PUAS) DI INDONESIA, Yuliani & Mawi (2017)
33.
34. Issue dan permasalahan pada PUAS
Source: MANAJEMEN PASAR UANG ANTAR BANK SYARIAH (PUAS) DI INDONESIA, Yuliani & Mawi (2017)
• Pada satu sisi, transaksi jenis ini hanya berlangsung dalam jangka sangat pendek,
yakni hitungan hari. Logikanya, dana tersebut belum dapat disalurkan untuk
usaha-usaha produktif.
• Lalu apakah sebenarnya transaksi ini hanya hilah semata?
35. Commodity Murabaha
o Islamic Finance: Placement of funds under Commodity Murabaha
o The Commodity Murabahah transaction allows the buyer bank to
receive immediate funds while complying with Islamic principles.
The seller bank earns its profit through the markup on the deferred
payment, rather than charging interest, which is prohibited in Islamic
finance.
o For liquidity management purposes, Islamic banks can enter into
multiple Commodity Murabahah transactions with various
counterparties. By actively engaging in these transactions, they can
generate short-term funds to meet their liquidity requirements.
o Additionally, the use of Commodity Murabahah for liquidity management
has been subject to some debates and discussions among Islamic
scholars, who have raised concerns about the extent to which these
transactions truly reflect underlying economic activities. As a result,
regulatory frameworks and interpretations may vary across jurisdictions.
Source: Mohammed Tariq, Treasurer of Islamic Development Bank (2009)
36. • Pada tahun 2011, Indonesia melalui Dewan Syariah Nasional - Majelis Ulama Indonesia (DSN -
MUI) pun mengeluarkan fatwa nomor 82 tahun 2011 tentang perdagangan komoditi
berdasarkan prinsip syariah di Bursa Komoditi.
• Bank Indonesia (BI) pun merilis ketentuan terkait penggunaan komoditi syariah sebagai salah satu
instrumen di pasar uang antarbank syariah (PUAS). Ketentuan tersebut berwujud Surat Edaran BI
(SE 14/3/DPM 2012) perihal sertifikat perdagangan komoditi berdasarkan prinsip syariah
antarbank (SiKA).
• SiKA merupakan sertifikat yang diterbitkan oleh Bank Umum Syariah (BUS) atau Unit Usaha
Syariah (UUS) dalam transaksi PUAS. Sertifikat ini sekaligus bukti jual beli dengan pembayaran
tangguh atas perdagangan komoditi di Bursa Komoditi.
38. Homework!!
1. Read this article before our next class:
Rizkiah, S. K. (2018). Liquidity management in Islamic banking: Issues
and challenges. Tazkia Islamic Finance and Business Review, 12(2).
2. Write a one page resume of today’s class, upload it in one google
drive
3. Create a Linkedin account for yourself with details and connect to my
account