The International Islamic Financial Market (IIFM) and the International Capital Market Association (ICMA) have concluded three meetings in Bahrain and London focusing on the development of international Islamic capital markets.

The IIFM and ICMA said in a joint statement that they are now preparing detailed papers on the developments of the primary sukuk - or Islamic bonds - market, and the market for Islamic repurchase agreements, or repos.

"The sukuk issuance recommendations structure paper would be circulated for written comment, as a basis for subsequent discussions, to market participants involved in the IIFM-ICMA joint working group process; the recommendations would then be submitted for Sharia review and inputs prior to embarking on a detailed drafting stage, which in itself is expected to further involve market participants and final Sharia review and inputs," said the statement.

"The repo structure paper will follow the same approach."

"IIFM is pleased that soon the primary and secondary market structure papers will be ready, as this will enable the drafting of these new market tools," said IIFM chief executive Ajlal Alvi.

"This is a clear step towards fulfilling the goals of IIFM's development initiatives towards global market standards".