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Corporate Profile

About IIFM

Who We Are

IIFM is a global standard-setting body of the Islamic Financial Services Industry (IFSI) focusing on standardization of Shari’ah-compliant financial contracts and product confirmations.


IIFM is hosted by the Central Bank of Bahrain (CBB) and was established under Royal Decree No (23) Year 2002 of the Kingdom of Bahrain as a neutral and non-profit international Islamic infrastructure development institution, by the collective efforts of the CBB (formerly Bahrain Monetary Agency), Islamic Development Bank, Bank Indonesia, Bank Negara Malaysia (delegated to Labuan Financial Services Authority), Central Bank of Sudan and Brunei Darussalam Central Bank (formerly Autoriti Monetari Brunei Darussalam).


Besides the Founding and Permanent Members, IIFM Board of Directors consist of Islamic and international banks namely Kuwait Finance House, Dubai Islamic Bank, Saudi National Bank, GFH Financial Group, Standard Chartered Saadiq, Bank ABC Islamic, National Bank of Kuwait and BNP Paribas.


IIFM is also supported by certain regulatory and government bodies such as State Bank of Pakistan, National Bank of Kazakhstan and DIFC Authority as well as by a number of international and regional financial institutions and other market players active in Islamic finance.

 

Vision

Active and well regulated trading and capital flows across the full spectrum of Shari’ah-compliant financial instruments internationally.

 

Mission

To achieve the Vision by catalyzing both national and international trading infrastructure, product innovation and information flow within strong, transparent and well regulated standards and guidelines. Promote acceptance and integration with mainstream markets.

 

Mandate

The core mandated area of IIFM to develop standardized Shari’ah-compliant Financial Documentation, Product Confirmations and Guidelines for the Islamic Financial Services Industry (IFSI).

 

Value Proposition

Focus on providing well defined services to the Islamic Financial Services Industry (IFSI) as follows:

 

- Publish practical and ready-to-use globally standardized Shari’ah-compliant Financial Documentation, Product Confirmations and related Guidance Notes supported with IIFM Shari’ah Board approval “Pronouncements”.

 

- Issue jurisdiction specific Legal Opinions for enforceability of financial contracts for IIFM Hedging Standards.

 

- Develop specific topic related concept papers in coordination with industry stakeholders for deliberations during industry-wide Consultative Meetings to obtain market views and form consensus on the need and approach for standardization related requirements in the subject area.

 

- Knowledge sharing and raising awareness on latest developments in the industry as well as IIFM Standards through specialized seminars, briefing sessions and roundtable events.

 

- Capacity building on published IIFM Standards by offering practically oriented Training Workshops for professionals.

 

- Publication of IIFM flagship annual Sukuk Report as well as regular White Papers and Reference Papers on specific areas.