| By Rosli Abidin
Yahya
The International Islamic
Financial Market (IIFM) is definitely on course in its mission
to create a vibrant market for tradable Islamic financial
instruments.
The IIFM is a project of the
monetary authorities of Brunei Darussalam, Bahrain, Indonesia,
Malaysia and Sudan, as well as the Islamic Development Bank.
Its main mission is to create
and develop an international market of Islamic financial
instruments by promoting and facilitating cross-border
investment activity.
A blueprint for the IIFM was
discussed during the fourth meeting of the IIFM Board, held in
Bahrain recently. The meeting was chaired by IIFM's Chairman, D
M Qureshi, who represents the Islamic Development Bank on the
IIFM Board.
Strategic alliances being
forged between the IIFM, Bahrain Stock Exchange (BSE) and
Malaysia's Labuan Financial Exchange (LFX) were also discussed
at the meeting.
"We share a common
objective of deepening and widening Islamic capital markets and
such strategic alliances are aimed at carrying forward this
mission," said Abdul Rais Abdul Majid, Chief Executive
Officer of the IIFM.
He said the meeting focused on
both IIFM's policy issues as well as a blueprint for the
organisation, which became operational last April.
The meeting also approved
changes to the IIFM Board.
Bahrain Monetary Agency's (BMA)
Financial Institutions Supervision Executive Director Anwar
Khalifa Al Sadah was appointed the IIFM Deputy Chairman,
replacing BMA Deputy Governor Khalid Al Bassam.
BMA's Islamic Financial
Institutions Director Shaikh Salman bin Isa Al-Khalifa takes Mr
Al-Sadah's place as alternate director on the IIFM Board.
Shaikh Salman is also in the
IIFM Market and Product Development Committee.
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