Indonesian Council of Ulama Fatwa No. 78 of 2010 on Shari'a-friendly Inter-bank Financial Market Mechanisms

This fatwa defines the shari'a-friendly inter-bank financial market (Pasar Uang Antarbank berdasarkan prinsip Syariah - PUAS) as involving short-term financial transactions based on shari'a principles. PUAS participants in the primary market are defined as shari'a banks in their capacity as issuers of PUAS instruments, or funds-owners, and conventional banks as funds-owners. PUAS participants in the secondary market are defined as shari'a banks as sellers or purchasers of PUAS instruments, and conventional banks as sellers and purchasers of PUAS instruments. The fatwa also states that a PUAS certificate can be issued via mudharabah or musyarakah agreement.

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