| 04 Feb 2008 |
|
International Islamic Financial Market project receives support from Europe-based financial institutions
- Text size
London - The 18th Board of Directors meeting of Bahrain based International Islamic Financial Market (IIFM)International Islamic Financial Market (IIFM)
was held on 4th February 2008 in London, where the board members reviewed the progress of development initiatives spearheaded by IIFM namely the Master Agreement for Islamic Treasury Placements, Master Agreement for Islamic Hedging and Shariah-compliant repurchase agreement (Repo). The board also deliberated on the possibility of initiating couple of additional projects during 2008 mainly to further enhance the development of Sukuk market.
"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", said Mr. Ijlal Alvi, CEO of IIFM.
On the sidelines of the meeting, IIFM also organized a well focused Islamic Finance Industry & IIFM briefing session which was sponsored by the European Islamic Investment Bank Plc (EIIB) and Calyon Corporate and Investment Bank.
IIFM briefing session received strong interest from the industry players and 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.
The presentations were made by senior representatives of International Swaps & Derivatives Association (ISDA), International Capital Market Associations (ICMA), law firms, accounting firms and several major financial institutions involved in the development process.
"We are extremely pleased with the support extended by the UK financial services industry in developing market standards which will be acceptable across borders," said Mr. Ijlal. 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.
"Such initiatives are critical for activating sound, effective and truly global Islamic capital and money markets, both primary and secondary."
The participants appreciated the efforts of IIFM in bringing the industry players on a common platform through its Working Groups.
The first Shariah Quality Rating of AA, assigned to IIFM member Bank Muamalat Indonesia by Islamic International Rating Agency (IIRA) was also announced at the event.
About International Islamic Financial Market
The International Islamic Financial Market (IIFM)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 the 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. In addition, development of the global primary and secondary capital market, short term financial market and the creation of a market for Islamic financial instruments are key areas for IIFM.
For more information, please contact:
Kingdom of Bahrain
Tel: : +973 17500161
Fax: +973 17500171
E-mail: iifm@batelco.com.bh
Website: www.iifm.net
© Press Release 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.