Manama, Kingdom of Bahrain – Following the publication of its Sukuk Al Ijarah Standard Documentation Templates last week, the International Islamic Financial Market (IIFM) held its virtual Shari’ah Board meeting on Sunday, 18th October 2020 to review the 5th Draft Documentation Templates of IIFM Sukuk Al Mudarabah Standard for Perpetual Tier 1 Sukuk issuances.
Mr. Ijlal Ahmed Alvi, Chief Executive of IIFM and Dr. Ahmad Rufai, Head of Compliance at IIFM opened the meeting and expressed their appreciation to all the distinguished members of the IIFM Shari’ah Board for their active participation, support and invaluable guidance provided to IIFM in all of its standards development process.
The IIFM Secretariat also acknowledged the leadership of IIFM Board of Directors, support of IIFM member institutions, active involvement of IIFM Working Group member institutions and the external legal counsel in this very comprehensive drafting and market comments exercise.
The IIFM Shari’ah Board consists of well renowned senior scholars covering 10 different jurisdictions and the meeting was attended by:
- His Eminence Sheikh Prof. Dr. Ali Muhyealdin Al-Quradaghi
- His Eminence Sheikh Dr. Nizam Yaquby
- His Eminence Sheikh Dr. Mohammed Burhan Arbouna
- His Eminence Sheikh Prof. Dr. Mohamad Akram Laldin
- His Eminence Sheikh Dr. Imran Ashraf Usmani
- His Eminence Sheikh Prof. Dr. Mohammed Abdul Rahim Sultan Al UlamaHis Eminence Sheikh Prof. Dr. Hasan Hacak
- His Eminence Ustad Mohammad Elhassan Elkhalifa
- His Eminence Prof. Dr. H. Fathurrahman Djamil, MA
- His Eminence Sheikh Isa Abdulla Duwaishan
From IIFM Secretariat:
- Mr. Ijlal Ahmed Alvi, Chief Executive Officer
- Dr. Ahmad Rufai, Head of Compliance
- Mr. Ismail Dadabhoy, Advisor
From Clifford Chance LLP:
- Mr. Ahmed Choudhry, Counsel
Based on the productive outcome of the meeting, IIFM Secretariat is confident that the IIFM Sukuk Al Mudarabah Standard Documentation Templates for Perpetual Tier 1 issuances will be finalized soon for use by the industry.