The Artisan is an ideal choice for a business lunch
Key scholars and representatives from the UAE Central Bank, regional Islamic banks, international banks, law firms, accounting firm and other market participants across the region also attended the meeting.
The Consultative Meeting focused on the key features and mechanics of the TaHawwut documentation which IIFM and ISDA is currently finalizing in consultation with market participants and under the guidance of IIFM Shariah Panel. Other objectives of the meeting included achieving market consensus and harmonization, and encouraging practitioners and scholars to air their views on key issues affecting the Islamic finance industry specifically the role of Hedging or risk management in Islamic Finance.
Commenting on the Consultative Meeting, Tirad Mahmoud, CEO of ADIB said: “We are pleased to have hosted this meeting in Abu Dhabi. ADIB, founding member of IIFM and we were on its board at its formation stage in 2002. Since then we have contributed a great deal in terms of realigning its focus and initiatives. It is now considered the foremost body responsible for developing and setting global standards in Islamic finance documentation, products and processes.” Ijlal Alvi, IIFM CEO thanked ADIB on behalf of IIFM Board of Directors for its support and hosting this important meeting.
IIFM’s primary focus is to standardize broader market products, documentation and processes, and provide elements vital to the sustainable growth of Islamic finance. Most importantly, it works to create a robust and transparent financial system.
IIFM’s members include 47 Islamic finance institutions from across the world and its permanent board includes the Central Banks of Bahrain and Malaysia, Bank of Indonesia, Bank of Sudan, Ministry of Finance Brunei, Islamic Development Bank, State Bank of Pakistan and the DIFC. Other financial institutions represented on its board include Bank Islam Malaysia Berhad, Bank Muamalat Indonesia, EIIB, Standard Chartered Bank Saadiq, NBK, KFH, Calyon and ABC Islamic.
IIFM is a link between regulatory bodies and financial institutions and is driven by financial institutions through project specific working groups. It ascertains industry needs through dialogue and surveys, reviews the findings and appoints a project specific working group that develops market standards under the guidance of IIFM Shari’a Panel. It has recently finalised the Master Murabaha and Master Agency Agreements, commonly known as the IIFM MATP, that are now used by a number of institutions globally and is the first universally standardized documentation in Islamic finance. The Tahawwut Master Agreement is in its final stages; moreover, IIFM may soon publish a reference paper on liquidity management tools covering repurchase and collateralization.
The Artisan is an ideal choice for a business lunch
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The prestigious event will gather prominent figures, experts, and innovators from the global financial and investment sectors