Corporate Profile

IIFM is a standard-setting body of the Islamic Financial Services Industry (IFSI) focusing on standardization of Islamic financial contracts and product templates relating to the Capital & Money Market, Corporate Finance and Trade Finance segments of the IFSI.

IIFM which is based in Manama and hosted by the Central Bank of Bahrain (CBB), was established in 2002 under the Royal Decree No (23) Year 2002 of the Kingdom of Bahrain as a neutral and non-profit infrastructure development institution, by the collective efforts of the Islamic Development Bank, Autoriti Monetari Brunei Darussalam (formerly Ministry of Finance Brunei Darussalam), Bank Indonesia, Bank Negara Malaysia (delegated to Labuan Financial Services Authority), Central Bank of Bahrain (formerly Bahrain Monetary Agency) and the Central Bank of Sudan.

Besides the founding members, IIFM is also supported by certain regulatory and government bodies such as Dubai International Financial Centre Authority, State Bank of Pakistan, The National Bank of Kazakhstan and by a number of international and regional financial institutions active in Islamic finance as well as other market players.

In advancing its mission to create a robust, transparent and efficient Islamic financial market, IIFM promotes at the global level unification, best practices and Shari’ah harmonization through introducing and developing Shari‘ah compliant standard financial contracts. It also contributes in creating industry awareness by organizing specialized seminars and technical workshops in many jurisdictions as well as publishing research reports.

 

IIFM principal activities and current focus

  • Addressing the documentation standardization needs of the industry in the areas of Capital & Money Market, Corporate Finance & Trade Finance
  • Provide universal platform by bringing regulatory bodies, financial institutions, law firms, stock exchanges, industry associations, infrastructure service providers and other market participants on a common platform through the creation of project specific global working groups and committees
  • Facilitate unification, Shari‘ah harmonization and legal reforms in Islamic financial markets
  • Organize specialized events, market consultative meetings and standardization specific seminars and workshops
  • Research and reports on Sukuk

 

Main Strengths

IIFM works under the guidance of its Board of Directors and with the support of its member institutions. Its main strength is the pooling of expertise from the banks, legal, accounting and other market participants who work together under the guidance of the IIFM Shari’ah Board for the benefit of the IFSI