BNM launches Malaysia Islamic Overnight Rate (MYOR-i) to spur Islamic financial product innovation

Bank Negara Malaysia (BNM) is pleased to announce the launch of MYOR-i. The introduction of MYOR-i will spur the development of innovative Shariah-compliant financial products which will further deepen Malaysia’s Islamic financial market. It will also reinforce a holistic Shariah-compliant ecosystem and enhance best market practices and standards.

MYOR-i, the first transaction-based Islamic benchmark rate in the world, is developed in accordance with the Principles for Financial Benchmarks. BNM’s Shariah Advisory Council (SAC) has also confirmed that MYOR-i is Shariah-compliant. MYOR-i will replace the Kuala Lumpur Islamic Reference Rate (KLIRR), which will be discontinued with immediate effect.

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