International Islamic Financial Market (IIFM)
IIFM is a standard-setting body of the Islamic Financial Services Industry (IFSI) focusing on standardization of islamic financial contracts and product templates relating to the capital and money market, corporate finance and trade finance segments of the IFSI.
IIFM which is based in Manama and hosted by the Central Bank of Bahrain (CBB), was established in 2002 under the Royal Decree No (23) Year 2002 of the Kingdom of Bahrain as a neutral and non-profit infrastructure development institution, 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.
Besides the founding members, IIFM is also supported by certain regulatory and government bodies such as Dubai International Financial Centre Authority, 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 players.
In advancing its mission to create a robust, transparent and efficient Islamic financial market, IIFM promotes at the global level unification, best practices and Shari’ah harmonization through introducing and developing Shari‘ah compliant standard financial contracts. It also contributes in creating industry awareness by organizing specialized seminars and technical workshops in many jurisdictions as well as publishing research reports.See more