International Islamic Financial Market elects new Chairman

Also elected was Mr. Mubarak El Tayeb El Amin, Associate Director, Treasury, at the Islamic Development Bank, as Vice Chairman of the IIFM. The elections took place during the 17th meeting of the IIFM Board of Directors. The new Board will serve for a three-year term.

The meeting was also attended by H.E Siti Chalimah Fadjrijah, Deputy Governor, Bank Indonesia, and senior representatives of Bank Islam Malaysia, Kuwait Finance House-Bahrain, European Islamic Investment Bank (United Kingdom), State Bank of Pakistan, Bank Muamalat Indonesia, Brunei International Financial Centre, CIMB Islamic Bank (Malaysia), National Bank of Kuwait, Al Salam Bank (Bahrain), Calyon Corporate and Investment Bank (Bahrain) and Mr. Ijlal A. Alvi, Chief Executive Officer of IIFM.

Following the meeting, Mr. Hamad said the Board had reviewed progress on various IIFM projects, such as the Islamic Hedging Framework Agreement, Islamic Treasury Murabaha Master Agreement and the Islamic Primary and Secondary Market Development with focus on primary issuance issues and secondary issues such as the possible development of Islamic Repurchase (Repo).

The Board also reviewed the Islamic system and infrastructure project, proposal for mutual funds and the development project for Islamic Money Market.

"These development initiatives and projects are part of the mandate of IIFM and are focused on IIFM's core mission of facilitating and stimulating the development of Islamic capital and money markets," said Mr. Hamad.

Mr. Alvi thanked the Board for providing the necessary strategic direction and strong support for a robust development program for the IIFM.

"The positive progress of the initiatives and projects of the IIFM are due to the support of international market practitioners in IIFM Working Groups, which is unique. Moreover, the IIFM is further strengthened by the involvement of international financial institutions as members of IIFM," said Mr. Alvi.

The Board was briefed about the upcoming visits to Bahrain of the Chief Executive Officer of the International Swaps and Derivatives Association (ISDA), New York, and the Executive President of International Capital Market Association (ICMA), U.K. Their planned visits, their first-ever to Bahrain, are the result of the alliance and joint projects with the IIFM.

Mr. Alvi also expressed delight at the election of Mr. Hamad as the new Chairman.

"As IIFM's host regulator, the Central Bank of Bahrain is playing a key role in enabling the re-launch of IIFM and to shape and crystallize the common vision for the development of the global Islamic financial services industry," said Mr. Alvi.

The IIFM Board meeting was followed by its 2nd Annual General Meeting (AGM), which was attended by a number of IIFM members from other jurisdictions. The focus of discussion at the AGM was the progress of IIFM's developmental initiatives, projects and members' views and suggestions.

Mr. Alvi provided a detailed briefing on the 2nd International Islamic Financial Market Conference, which opens in Bahrain tomorrow (18th June 2007). The two-day event, being held at the Diplomat Radisson SAS Hotel, will feature 45 expert speakers from around the world, with more than 300 delegates registered to attend. The conference is focused on specialized and technical deliberations and dialogue for a robust and truly global Islamic Financial Services Industry.