The International Islamic Financial Market (IIFM) has embarked on a three-year strategic plan expand the scope of standardization initiatives in Islamic finance and other services to new segments and areas.

The main recommendations as part of the strategy involve a number of initiatives, including,  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 easy 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,” said Khalid Hamad Abdul Rahman Hamad, chairman of IIFM, speaking at its 36th meeting hosted by the Central Bank of Bahrain.

“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.”

“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. Going forward IIFM is looking to work closely with the World Gold Council, Borsa Istanbul, Islamic standard-setting organizations and other industry service providers,” said Ijlal Ahmed Alvi, chief executive of IIFM.

“Among the objectives of the three-year strategic plan is to increase market awareness programs by organizing focused roundtables in key regions as well as provide training on IIFM published standards,” he added.  

Also at the meeting, the Board of Directors formalized the appointment of Datuk Ahmad Hizzad Baharuddin, director general at Labuan Financial Services Authority in Malaysia as the new Vice chairman of IIFM.

“We appreciate the confidence of the Board of IIFM in Labuan FSA and we look forward to continue supporting IIFM's further contribution to the global Islamic financial market development," said Datuk Ahmad Hizzad.

Hamad welcomed the appointment of Datuk Ahmad Hizzad as the new IIFM vice chairman by the Board of Directors. He also thanked the IIFM Shari'ah Board for their continued support and guidance.

With regard to the continuation of IIFM in its bid to develop the Islamic financial industry, IIFM has started 2017 with the publication of Islamic Credit Support Deed for Cash Collateral (Variation Margin) and is currently working with the industry to complete the standard Islamic Risk Participation Agreements for unfunded and funded transactions related to trade finance business.

During the year, IIFM will also initiate the development of standard Sukuk documentation and market guidelines and will be publishing the much awaited 6th edition of the IIFM Sukuk Report next month. – TradeArabia News Service