11 September 2025, Bahrain – IIFM has been awarded the GIFA Market Leadership Award (Facilitation & Support) 2025 at the prestigious Global Islamic Finance Awards (GIFA) ceremony held as part of the Global Islamic Finance Summit 2025 on 11th September 2025 in Kuala Lumpur, Malaysia.
GIFA was founded in 2011 and has grown to become one of the most respected market-led awards in Islamic banking and finance in the world. GIFA celebrates innovation, resilience, and leadership across the global financial services industry. Each year, the GIFA Awards Committee evaluates leading individuals, institutions, and government departments from around the world for their commitment to the growth of Islamic finance industry. This year, the committee considered several other distinguished nominees within the category and selected IIFM for its contributions in facilitating and supporting the advancement of the Islamic financial services industry by developing globally standardized financial documentation and product templates.
On this occasion, the IIFM Chief Executive, Mr. Ijlal Ahmed Alvi said, “It is indeed an honor to be awarded the prestigious GIFA Market Leadership Award affirming IIFM’s unwavering commitment to enhancing and promoting a cohesive and robust Islamic Financial Services Industry through development of Shari’ah-compliant financial documentation and product confirmation standards, along with various other industry development services. I would like to thank the Chairman, Secretariat and Awards Committee of GIFA for recognizing IIFM’s contributions as an industry body and wish to dedicate this accolade to the IIFM Board of Directors, the IIFM Shari’ah Board, and the entire institutional membership of IIFM for their invaluable guidance and support in establishing IIFM as one of the leading standard-setting and development bodies of the industry. I also wish to acknowledge the steadfast dedication and commitment of the entire team at the IIFM Secretariat in achieving IIFM’s objectives.”
Mr. Jaffree Ismail, Deputy Director-General of Labuan Financial Services Authority (Labuan FSA), a founding member institution of IIFM, attended the ceremony and received the award on behalf of IIFM.
IIFM provides ready-to-use globally standardized Shari’ah-compliant Financial Contractual Documentation and Product Templates, supported by Guidance Notes and Shari’ah Pronouncements. IIFM also issues jurisdictional specific Legal Opinions for enforceability of financial contracts specifically for its Islamic hedging master agreement and products such as Profit Rate Swaps, Cross Currency Swaps and Foreign Exchange Forwards. Financial institutions and other market participants benefit tremendously from use of these high-level standard documents by saving on legal documentation related costs and time efficiency in terms of negotiation and execution of transactions. Use of standardized documents also enhances transparency and promotes uniform practices globally resulting in minimization of operational risk, creation of legal certainty and facilitation of Shari’ah harmonization for the sustainable development of the industry.