International Islamic Financial Market project receives support from Europe-based financial institutions

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.