Manama: Mahmood Rafique, Editor: Bahrain-based global standard setting body the International Islamic Financial Market (IIFM) has released French versions of six of its standards for Islamic Liquidity Management and Risk Mitigation.
The issuance was a as part of IIFFM’s Strategic Plan (2017-2020) to expand Islamic financial documentation standardisation initiatives and other services to new segments and jurisdictions.
“The French translated versions of IIFM’s six standards will cater to the growing requirement of standardized documentation and product confirmations globally including jurisdictions where French is used as the legal language and is a clear reflection of the industry’s expansion. On behalf of IIFM Board of Directors and Members, I would like to thank the Islamic Development Bank (IsDB) for its valuable support to this important initiative,” Khalid Hamad, Chairman of IIFM said.
“Standardisation is a must for the advancement of Islamic finance industry in a transparent, efficient and harmonized manner and the completion of this first phase of the translation effort will indeed benefit users of IIFM Standards particularly in French speaking jurisdictions,” Ijlal Ahmed Alvi, Chief Executive of IIFM said.
The translation initiative is divided into several phases due to the voluminous nature of IIFM Standards and its supporting documents, with the aim to have French translated versions of all IIFM published standards.
