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Friday, 8 February 2008

IIFM to step up sukuk market research

(MENAFN - Bahrain Tribune) Bahrain based International Islamic Financial Market (IIFM) was mulling the possibility of initiating couple of additional research projects during 2008 to further enhance the development of sukuk market.The 18th Board of Directors meeting of IIFM was held yesterday in London, where the board members reviewed the progress of development initiatives spearheaded by IIFM, be it the Master Agreement for Islamic Treasury Placements or the Master Agreement for Islamic Hedging and Shariah-compliant repurchase agreement (Repo). The International Islamic Financial Market (IIFM) was founded with the collective efforts of the central banks of Bahrain, Indonesia, Malaysia, Pakistan, Sudan, the Brunei Finance Ministry and Saudi Arabian based Islamic Development Bank as an infrastructure institution with the mandate to take part in the establishment, development, self-regulation and promotion of Islamic capital and money market.IIFM's primary focus lies in the advancement and standardization of Islamic financial instrument structures, contracts, product development and infrastructure; and the issuance of guidelines and recommendations for the enhancement of Islamic capital and money market globally."IIFM is gratified by the support and guidance provided by all board members to its several initiatives undertaken in order to advance the growth of the Islamic Finance Industry. Such initiatives are critical for activating sound, effective and truly global Islamic capital and money markets, both primary and secondary," said Ijlal Alvi, CEO of IIFM."We are extremely pleased with the support extended by the UK financial services industry in developing market standards which will be acceptable across borders," he said. He also appreciated the efforts of UK Government in developing Islamic banking and finance industry in UK and making London as an Islamic financial centre.Over 150 international and UK based financial experts representing HM Treasury, Debt Management Office, City of London, Financial Services Authority, financial institutions, regulatory bodies, law firms and other related institutions participated.

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