Tagged: International Islamic Financial Market

IIFM Publishes Global Standard Documentation on Islamic Inter-Bank Unrestricted Master Investment Wakalah Agreement

IIFM Publishes Global Standard Documentation on Islamic Inter-Bank Unrestricted Master Investment Wakalah Agreement

<p>At the 4th Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2013) in Singapore, Bahrain based international standard-setting body the International Islamic Financial Market (IIFM) announced the launch of IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement. This global standard document is supplemented with an Operational Guidance Memorandum. It is developed to be used in the Islamic inter-bank market between financial institutions in order to manage their liquidity requirements. It is also aimed to minimise the over reliance on the use of the Commodity Murabaha in the inter-bank market transactions. The key main features of this Agreement is that the Investor, the Muwakkil, will appoint the Wakil as its Agent to invest its funds in a Shari&rsquo;ah compliant manner in exchange for a fee.</p>
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<p><a href="http://www.tripolipost.com/articledetail.asp?c=11&amp;i=10303" title="http://www.tripolipost.com/articledetail.asp?c=11&amp;i=10303">http://www.tripolipost.com/articledetail.asp?c=11&amp;i=10303</a></p>
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Islamic finance growing

Islamic finance growing

The International Islamic Financial Market (IIFM) is progressing on a variety of Sharia products issued. This was made known at their 27th board meeting which was hosted by Kuwait Finance House – Bahrain in Manama. The mentioned products include Interb…