IIFM plays its role in market unification by developing best practices at the global level and achieving Shari’ah harmonization through its efforts for creation of a robust, transparent and efficient Islamic finance industry. IIFM also contributes in creating industry awareness by organizing specialized seminars and workshops as well as publishing research reports.
IIFM was founded in 2002 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 as a neutral and non-profit organization. Besides the founding members, IIFM is also supported by certain regulatory and government bodies such as Indonesia Financial Services Authority, Dubai International Financial Centre, Nasdaq Dubai, 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 participants.
IIFM was formed under Amiri Decree No. (23) Dated 2002 as a non-profit organization.
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
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