International Islamic Financial Market to issue sukuk documentation

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MANAMA: International Islamic Financial Market (IIFM), a Bahrain-based standard setting body, will publish its sukuk al ijara standard documentation later this month through a webinar, it has emerged.

The launch of the suite of documentation catering to the capital market was postponed earlier this year due to Covid-19.

In the future, IIFM also intends to develop sukuk al ijara standard documentation for the securitisation market.

The IIFM sukuk al mudaraba standard documentation for Perpetual Tier 1 is also advancing with IIFM Sharia board guidance and is expected to be finalised before the end of this year.

The announcements come after the forty-second board meeting of the organisation held virtually earlier this month.

IIFM chairman Khalid Hamad led the meeting that discussed issues related to emerging developments in the Islamic finance industry and the role that IIFM may further play in adding more sustainable development and advancement of the industry.

The board of directors discussed the unified and harmonised approach of IIFM in standardising Sharia-compliant financial documentation and product confirmations to support the systemic and robust expansion of the Islamic finance industry.

Also in the meeting, it was agreed that in order to create a better understanding on the practical aspects of IIFM’s published standards as well as to support the professional development of financial institutions human resource; IIFM will jointly develop training material with a leading training provider to offer technical workshops to the market by Q1-2021.

Ijlal Ahmed Alvi, chief executive of IIFM said, “Next year IIFM will be embarking on its 2021-2023 Strategic Plan which will take into account the shift required due to Covid-19 pandemic. Besides the core focus on its Standards, the value addition of IIFM will also involve joint initiatives involving digital future of financial markets; professional development, and creating awareness and finding common solutions to global financial developments which impact the Islamic finance industry.”

avinash@gdn.com.bh

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