The board specifically discussed the area of Islamic Capital & Money Market (ICMM) standardization and valued the publication of IIFM’s documentation standards and guidelines for Islamic Hedging and Islamic Liquidity Management.
The meeting was attended by IIFM Directors and senior representatives from Central Bank of Bahrain, Bank Indonesia, Central Bank of Sudan, Autoriti Monetari Brunei Darussalam, Labuan Financial Services Authority (Malaysia), Islamic Development Bank, ABC Islamic Bank, Kuwait Finance House-Bahrain, Standard Chartered Saadiq, Mashreq Al Islami and Credit Agricole Corporate and Investment Bank. The meeting was hosted by ABC Islamic Bank at their offices.
The IIFM board meeting was chaired by IIFM Chairman, Khalid Hamad Abdul-Rahman Hamad.
The Board also appreciated the work undertaken by IIFM and its joint partner International Swaps and Derivatives Association (ISDA) with regards to creating legal certainty with the soon to be issued legal opinion on English Law which will greatly assist the market in further implementation of the Tahawwut Master Agreement.
The progress on IIFM under development initiatives on Collateralized Murabaha Liquidity Management Documentation and both Islamic Cross Currency Swap and Islamic FX Forwards were also reviewed.
The Board of Directors reaffirmed their earlier decision on initiation of Sukuk Standardization initiative by IIFM.
Ijlal Ahmed Alvi, Chief Executive of IIFM said that IIFM has already started the consultative process and first Consultative Meeting was held on 6th November. He further said that IIFM is considering on not only developing guidelines which will help the primary and secondary market but the consultation is also taking place on the development of Sukuk structure and documentation standards.