Turkish Translated Standards

The following IIFM Standards have been translated into Turkish language:

• Standard No. 1 - IIFM Master Agreements for Treasury Placement
• (IIFM Standart 1: IIFM Hazine Plasmanı için Tip Sözleşmeler)

This is the industry’s first ever globally standardized documentation and was developed for the purpose of liquidity management based on commonly used Commodity Murabahah and Agency contracts. The widely acceptable Shari’ah-compliant mechanisms are defined in the Structure Memorandum.

• Standard No. 2 - ISDA/IIFM Tahawwut (Hedging) Master Agreement
• (IIFM Standart 2: ISDA/IIFM Tahavvut (Hedging) Ana Sözleşmesi)

This is the industry’s first joint globally standardized documentation developed with collaboration between two International standard-setting organizations. It is a framework document designed to facilitate risk management functions of institutions active in Islamic finance. The risk mitigation product confirmations and credit support documentation fall under its terms and conditions. The documentation is supported by an explanatory memorandum.

• Standard No. 5 - IIFM Interbank Unrestricted Master Investment Wakalah Agreement
• (IIFM Standart 5: IIFM Bankalararası Sınırsız Yatırım Vekâleti Ana Sözleşmesi)

This Standard documentation provides an alternative Islamic liquidity management instrument for institutions to transact without guaranteeing the principal and profit. The documentation is robust and provides operational, legal and Shari’ah certainty. It is supported by a detailed operational guidance memorandum and an accounting assessment.

• Standard No. 6 – IIFM Master Collateralized Murabahah Agreement
• (IIFM Standart 6: IIFM Teminatlı Murabaha Ana Sözleşmesi)
  

In order to provide the industry with an alternative to conventional Repo, the standard agreement provides a mechanism for access to liquidity on a collateralized basis (based on the Shari’ah principle of Ar’Rahn) utilizing Sukuk and other Islamic securities portfolio as collateral. The standard agreement is accompanied by an operational guidance memorandum which covers the operational procedures.

• Standard No. 8 – ISDA/IIFM Master Terms and Conditions for an Islamic Foreign Exchange Forward (Single Binding Wa’ad based structure)
• (IIFM Standart 8: SDA/IIFM Vadeli Döviz İşlemleri – Tek Taraflı Bağlayıcı Taahhüde Dayanan Yapı)

IFX Forward template is designed to be used for bilateral deliverable FX Forward transactions subject to a Tahawwut Master Agreement entered into between the parties. Its objective is to minimize the impact of currency rate fluctuation and volatility for stable business operations.

• Standard No. 15 – IIFM Standard Shari’ah-Compliant Structuring Solutions for Risk-Free Rates (RFRs) Implementation for Murabahah and Ijarah Transactions
• (IIFM Standart 15: Murabaha ve İcare İşlemleri ile ilgili IIFM IBOR Geçişi Yapılandırma Çözümleri)

The main objective of the IIFM RFR’s Implementation Solutions for Murabahah and Ijarah Financing Transactions is to facilitate and ease the implementation of the new Risk-Free Rate’s (RFR’s) in a Shari‘ah-compliant manner.