Manama, Kingdom of Bahrain – December 23, 2025 – IIFM convened a strategic meeting with senior representatives of the Islamic Development Bank Group (IsDB), including Treasurer Mr. Mohammed Sharaf and Lead Investment Specialist Mr. Alfa Issa Goumandakoye. The meeting served to reaffirm their long-standing partnership and shared vision for the development, standardization, and global integration of Islamic capital markets. A key focus of the discussion was the progress of the IIFM-ICMA Shariah-compliant Repo Standard Agreement project. This initiative is designed to develop practical, standardized documentation for Repo agreement, thereby fostering a more efficient and stable Shariah-compliant interbank money market and providing financial institutions with essential, effective short-term liquidity management tools.
“IIFM’s work has one of the most meaningful and lasting impacts on the Islamic finance industry," stated Mr. Mohammed Sharaf, IsDB Treasurer. "The documentation and standards developed by IIFM are foundational to market confidence, liquidity, and global adoption. Supporting these initiatives is not a cost, it is an investment in the future of Islamic finance.”
Dr. Ahmed Rufai, IIFM Acting CEO, added, “We believe the IIFM-ICMA Shariah-compliant Repo Standard Agreement project will yield significant benefits for all market participants, by expediting processing times, ensuring legal certainty, and streamlining operations.”
The IsDB Group reiterated its strong support for IIFM’s critical mandate as an effective global standard-setting body.