• Home
• News Article

IIFM 26th Board of Directors Meeting & Industry Briefing held in Singapore

Singapore - Monday, 4^th June 2012 - The 26^th Board of Directors meeting of the Bahrain based global standard setting body, the International Islamic Financial Markets (IIFM) was held today in Singapore. The meeting was attended by senior representatives from Bank Indonesia, Labuan Financial Services Authority (Malaysia), Autoriti Monetari Brunei Darussalam, Central Bank of Sudan, Islamic Development Bank, State Bank of Pakistan, Credit Agricole CIB, Standard Chartered Saadiq, Kuwait Finance House (Bahrain) and ABC Islamic Bank.

On the sidelines of the meeting, a specialized industry briefing event was also organized by IIFM with the support of the Monetary Authority of Singapore (MAS) where more than 100 market participants from over 50 institutions based in Singapore and the region were briefed by leading international experts from the Middle East, Europe and the region on the latest developments in Islamic risk mitigation and liquidity management instruments.

The Board of Directors reviewed IIFM standards development particularly the progress on Inter-Bank Unrestricted Wakalah and publication of new Islamic hedging product standard on Mubadalatul Arbaah (Profit Rate Swap) as well as future standards development particularly on foreign currency risk mitigation as these are key instruments which are very much required by the industry.

The Board of Directors also deliberated on the industry requirement for Sukuk standardization.

On the collateralized liquidity management tool, which IIFM has been working on for some time; the Board agreed to proceed in developing collateralized product and documentation standard in consultation with Shariah Scholars and market participants as this standard will pave the way for a more efficient and more liquid domestic as well as cross border activity to facilitate the liquidity management.

The IIFM administrative Policy & Procedures and Audited Accounts for the Year 2011 were among the agenda items also discussed, reviewed and approved by the Board.

Mr. Simon Eedle, Vice Chairman, IIFM said "These are exciting times in the development of the Islamic finance industry with increasing interest from more countries to allow Shariah compliant banking and also from financial centre's keen to support its growth. IIFM has a major responsibility to not only set standards to support the growth of the industry but also to educate the market as a whole."

Mr. Tai Boon Leong, Executive Director, Monetary Authority of Singapore said "We are honored that the IIFM has decided to hold their latest board meeting in Singapore and at the same time offered to share their work on developing Islamic hedging and liquidity management instruments."

Mr. Ijlal Ahmed Alvi, Chief Executive Officer, IIFM thanked the Board of Directors for their support. Mr. Alvi also extended his appreciation to Monetary Authority of Singapore for hosting the IIFM events. He also stressed on the importance of IIFM market unification efforts particularly in the area of liquidity management and risk mitigation and hoped that these standards will soon be adopted and implemented across the global market and that Singapore will be one of the key jurisdictions in supporting IIFM efforts.

About IIFM
IIFM is the international Islamic financial market's organization focused on the Islamic Capital & Money Market segment of the Islamic finance industry. Its primary focus lies in the standardization of Islamic financial products, documentation and related processes at the global level.

IIFM was founded with the collective efforts of the Central Bank of Bahrain, Bank Indonesia, Central Bank of Sudan, Labuan Financial Services Authority (Malaysia), Autoriti Monetari Brunei Darussalam and the Islamic Development Bank (a multilateral institution based in Saudi Arabia).

Besides the founding members, IIFM is supported by its permanent member State Bank of Pakistan and further supported by a number of regional and international financial institutions as well as other market participants as its members. The main strength of IIFM is pooling of expertise from banks, legal and other market participants who work together under the guidance of Shariah scholars.

More information about IIFM is available on www.iifm.net

For PR inquiries, please contact:
Usman M. Naseer
Business Development Officer
International Islamic Financial Market (IIFM)
Email: usman.naseer@iifm.net
Tel: +971 17 500161

© Press Release 2012

---

© Copyright Zawya. All Rights Reserved.

---