The Islamic Development Bank (IDB), a founding and permanent member of the International Islamic Financial Market (IIFM), hosted a briefing conducted by IIFM to its group entities and senior officials at the IDB offices in Jeddah.
Ijlal Ahmed Alvi, Chief Executive Officer of IIFM briefed the IDB officials on the value addition of IIFM as well as its global standardization of products and documentation initiatives that are contributing to the development, transparency and unification of the Islamic Capital and Money Market.
“The Islamic Development Bank is pleased to host IIFM to present its activities and recent achievements to the Bank. We consider IIFM to be a crucial infrastructure institution for the development of Islamic financial services industry and are delighted to see IIFM achieving tangible results in the drive towards standardization of contracts and documentation. The recent launch of master agreements in partnership with ISDA will be useful in developing the Islamic capital and money markets. IDB will continue its support and look forward to seeing IIFM play a stronger and more visible role in developing the industry,” said Dr. Abdulaziz Al-Hinai, Vice President Finance at IDB.
“IIFM is thankful to the IDB for their continuous support and I would like to take this opportunity to thank Dr. Al-Hinai for arranging the meeting so that IDB can play a more proactive role in IIFM’s standardization of products and documentation initiatives both by encouraging innovation as well as harmonization of existing practices in the liquidity management and hedging areas of Islamic finance” added Alvi.