»  Emirates
»  Arab World
»  International
»  Sports
»  Business
»  Special Reports
»  Archives
Bookmark and Share
You are here: Home > News Bulletin
Text size
DIFC hosts IIFM Shari'ah Panel meeting
2009-12-29 11:05:50
WAM Dubai, Dec 29th, 2009 (WAM) -- The Dubai International Financial Centre (DIFC) hosted a meeting of the Shari'ah Advisory Panel of the International Islamic Financial Market (IIFM) to obtain guidance from scholars and to explain the benefits of its Tahawwut (Hedging) Master Agreement.

The Agreement provides a framework and mechanism on hedging or risk management transactions that can be undertaken by the Islamic finance industry. It has been developed by the IIFM jointly with the International Swaps and Derivatives Association (ISDA).

The DIFC meeting focused on the key features and mechanics of the Tahawwut documentation, which the IIFM and ISDA have developed in consultation with market participants and under the guidance of the IIFM Shari'ah Panel.

Farhan Al Bastaki, Executive Director for Islamic Finance at DIFC, said "While the world has been searching for an alternative to the conventional banking system deeply impacted by the global financial crisis, few have realised that a more stable, asset-backed and efficient system already exists. Islamic Finance has withstood the negative impact of the global financial crisis, proving its resilience, effectiveness and relevance to the global financial industry.

"The DIFC is pleased to have partnered with the IIFM as part of its own on-going effort to promote and support the growth of the Islamic finance industry across all corners of the globe," he added.

Ijlal Alvi. IIFM CEO said "The IIFM and DIFC have been co-operating to promote the Islamic finance industry in the region and the world. Apart from being a board member, the DIFC last year organised a very successful IIFM industry briefing session to reaffirm support for the Master Agreements for Treasury Placement (MATP).

Bookmark and Share
Market Watch
»  Abu Dhabi
»  Dubai
»  UAE Stock Market
»  NBAD Exchange Rate
Wam AnyWhere
Get the news at your fingertips..
Weather         For more details click here
City Temperature Humidity
Abu Dhabi 40 24 85 15
Dubai 38 26 75 15
Sharjah 40 24 70 15
Ras Al Khaimah 41 23 75 20
Umm Al Qaiwain 40 23 75 20
Ajman 40 22 75 20
Al Fujairah 32 25 60 15
Al Ain 40 26 70 20
Abu Musa 36 25 75 25
Tunb Kubra / Sughra 36 25 75 25
Delma 38 25 75 25
Ruwais 40 25 80 15
Liwa 41 26 80 20
As-Sila 40 25 75 15