"IIFM" officially launched website www.iifm.net at the International Islamic Finance Forum – Dubai

Kingdom of Bahrain: Bahrain based International Islamic Financial Market officially launched their website www.iifm.net at the International Islamic Financial Forum held from February 23 - 25, at the Crown Plaza, Dubai. The launch was made immediate after a presentation by Muhammad Ikram Thowfeek, Head of Corporate Strategy & Market Development at IIFM, who was a speaker at the forum and addressed on the “The Regulatory Environment & the Role of IIFM” during a session chaired by Mr. Iqbal Khan, a member of the Market & Product Development Committee of IIFM.

Mr. Thowfeek highlighted on the issues and challenges faced by the Islamic finance industry in the new millennium and how the regulatory environment could provide solutions to those challenging issues through consensus agreements, strategic alliances and partnerships between and among regulatory bodies, oversight agencies, national delegations (representing various economic stakeholders), standard setters, rating agencies, training & research institutes, etc., thereby to capitalize on the enormous growth potentials in the industry, which is conservatively estimated to be growing at a rate of 12-15% per annum and managing funds to the tune of USD 200 - 250 billion,

The role of ‘IIFM’ was made clear at the Islamic Finance Forum, participated by more than 200 practitioners and other delegates interested in this multi-billion dollar industry, by highlighting the making of IIFM with the initial agreement signed by five regulatory bodies and the Islamic Development Bank at a meeting held in Paris - November 2001. Followed by the initially agreement IIFM was officially incorporated under the Laws of the Kingdom of Bahrain in April 2002 and was further strengthened it legal stature by means of a RoyalDecree No. 23, establishing IIFM in August 2002. Also, the strategic framework of IIFM was highlighted as to its vision, mission and objectives, which will be achieved by adopting the fundamental principles or core values of “Credibility - Authenticity - Uniformity”.

Vision
“… to be a premier International Islamic Financial Institution that promotes active trading of Islamic financial products/instruments globally…”

Mission
“… to facilitate International secondary market trading of Islamic financial products/instruments by providing independent Shari’a enhancement and guidelines for new products/instruments…”

In addition to the speakers from IIFM, Mr. Thowfeek and Dr. Bashir Al Amine, who addressed the forum on the “Expectations still to be met’, the other delegates from IIFM were Dr. Azmir Agel, a director at LOFSA, Associate Professor Dr. Muhammad Daud Bakar, Sheikh Nizam Yaqubi and Sheikh Mohamed Elgari, all are Shari’a Supervisory Committee members.

Contact details:
International Islamic Financial Market, P.O. Box 11454, Manama, Bahrain.
Tel: +973 537850/60 Fax: +973 537810 E-mail: iifm@batelco.com.bh
website: www.iifm.net

Islamic Capital &
Money Market
Unification
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