Standards Implementation

Evaluation of implementation of IIFM Standards using normal survey process

IIFM regularly monitors the use of its standards by Financial Institutions and other market participants, including the Central Banks through surveys.

Given the practical nature of IIFM Documentation and Product Standards Financial Institutions are the main beneficiaries. As per IIFM assessment the users of IIFM standards are financial institutions who are active in the cross border market based in a number of major jurisdictions such as GCC, Asia, Europe and Africa. The actual number of users of standards in practice are likely  to be in triple digits compared to the actual number of respondents to our survey. However, the sample does provide a good representative of the market.

Following is the snap short of  a recent survey carried out by IIFM to assess the adaptation of  IIFM Standards as used by the market, based on a sample of 21 responding financial institutions across 7 jurisdictions.

1) ISDA/IIFM Tahawwut (Hedging) Master Agreement (TMA)

2) ISDA/IIFM Islamic Profit Rate Swap – Single Sale

3) ISDA/IIFM Islamic Profit Rate Swap – Two Sale

4) ISDA/IIFM Islamic Cross-Currency Swap

5) ISDA/IIFM Islamic Foreign Exchange Forward – Single Binding Wa’ad based Standard

6) ISDA/IIFM Islamic Foreign Exchange Forward – Two Unilateral and Independent Wa’ad based Standard

7) ISDA/IIFM 2017 Credit Support Deed for Cash Collateral (Variation Margin)

8) IIFM Master Agreements for Treasury Placement (MATP)

9) IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement (UMWA)

10) IIFM Master Collateralized Murabahah Agreement (MCMA)