IIFM embarks on 3-yr strategic plan

Manama : At its 36th meeting hosted by the Central Bank of Bahrain, the Board of Directors of the International Islamic Financial Market (IIFM) resolved to approve IIFM’s three-year strategic plan to take the Islamic finance industry forward by expanding its standardization initiatives and other services to new  areas.

The main recommendations as part of the strategy involve the standardization of new products and agreements, industry advocacy on evolving regulatory landscape, strengthening the collaboration with international and regional bodies, organizing roundtable discussions with regulators and market participants in key jurisdictions, organizing IIFM annual conference, compilation of IIFM standards and related information in a handbook for reference and the development of educational programs on IIFM standards.

“IIFM is recognized as a market leader in Islamic capital and money market, having published 10 standards, it is well positioned to build on this track record to focus on bringing standardization in other areas such as Islamic syndication documentation, gold related wholesale products and agreements and additional Islamic FX and commodity hedging/investment products. The new three-year strategy is a result of assessing the industry’s requirements and comprehensive consideration and approval by the IIFM Board of Directors,” said Khalid Hamad Abdu Rahman Hamad, Chairman of IIFM.

“IIFM has long established links with international standard-setters and trade associations with ten years of collaborative efforts with ISDA resulting in the publication of the full suite of Islamic hedging standards,” he said.