Thursday, 10th December 2020, Manama, Kingdom of Bahrain – The International Islamic Financial Market (IIFM), an international Islamic finance standard-setting body, and Dar Al Sharia signed a teaming agreement to jointly develop training material and provide professional programs on IIFM Standards to the industry.
IIFM has so far published 13 comprehensive documentation and product confirmation standards across 4 key areas (i) Liquidity Management, (ii) Hedging, (iii) Sukuk and (iv) Trade Finance with few more standards under various phases of development. The Islamic finance industry has enthusiastically adopted these standards in their day to day activities which has significantly contributed in addressing critical factors such as reducing costs, shortening negotiation time and minimizing operational risk arising from financial transactions through development of standard Shari’ah-compliant financing and product documentation.
Disseminating knowledge of published standards and their application is part of IIFM 3 Year Strategic Plan (2017-2020) and seen as a key requirement by the Board of IIFM to ensure capacity building across the industry in understanding the practical aspects of the standards by the end users in particular financial institutions.
IIFM has partnered with Dar Al Sharia a leading Islamic finance consultancy firm to develop training material and programs which will be offered as professional courses to the participants in the industry. A training calendar will be rolled out for 2021 with details on courses across the 4 key areas and the relevant standards.
The courses will be offered in a classroom workshop format initially through online meeting and workshop tools and later physically across various locations around the world once travel and pandemic related issues are resolved.