INI was introduced as new financial instruments for the Islamic banking industries as new innovative deposit products, which are freely marketable in the Islamic Money Market (IMM) secondary market.
There are two types of INI:
- Negotiable Islamic Debt Certificate (NIDC), which is issued based on the concept of Bai Bithaman Ajil and traded based on Bai Al-Dayn.
- Islamic Negotiable Instruments of Deposit (INID), which is based on the concept of Mudharabah.