International Islamic Financial Market gets new CEO

Mr. Alvi succeeds Mr. Abdul Rais Abdul Majid, who served as IIFM's first Chief Executive Officer from April 2002 until August 2004.

Mr. Alvi brings with him over 18 years experience in treasury, investments, financial institutions, corporate marketing and Islamic banking.

He has served with a number of leading international and regional financial institutions. Prior to his appointment at the IIFM, he was Deputy General Manager of The International Banking Corporation in Bahrain.

He has also served with Algosaibi Investment Holdings and Habib Bank, in Bahrain, as well as with Deutsche Bank in Vietnam, Singapore and Pakistan, and with Mashreq Bank in Dubai.

Mr. Alvi said he was delighted to take up the assignment at the IIFM and looks forward to furthering the institution's mission.

'There is a tremendous potential to develop and encourage secondary market trading of Islamic financial instruments such as sukuk (Islamic bonds),' he said. Product development of Shari'a compatible instruments is another area, which requires attention and IIFM will be focused on this area as well.

'We are determined to meet the expectations of Islamic financial institutions worldwide by way of structuring financial products and tradable instruments suitable to their respective market niches,' Mr. Alvi added. 'To achieve this, we would seek alliances and cooperation from the Islamic banking industry at large.'

IIFM, in cooperation with various securities exchange commissions and securities exchanges, will work on developing and standardizing trading rules, regulations and guidelines for Islamic instruments.