What is International Islamic Financial Market?

What is International Islamic Financial Market?

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 templates.

What is the structure of Islamic financial system?

The Islamic financial system encompasses the Islamic banking system, Islamic money market, Islamic insurance or takaful, Islamic capital market and the specialised financial institutions which provide alternative sources of financing.

Which are the leading countries following Islamic mode of financing?

Iran leads the way with 29% of the global total followed by Saudi Arabia (25%), Malaysia (11%), the United Arab Emirates (8%), Kuwait (6%), Qatar (6%), Turkey (2.6%), Bangladesh (2.1%), Indonesia (2%) and Bahrain (1.8%). These countries drive the growth of Islamic finance, set industry standards and foster innovation.

Why there is a need for Islamic money market?

Critical to the well functioning of the Islamic banking system is the Islamic money market because of the vital functions it can perform in the financial system. It provides the Islamic financial institutions with the facility for raising funds and adjusting portfolios over a short-term.

What are the principles of Islamic investments?

Islamic investing is grounded in Islamic finance principles, which aims to meet investors’ financial needs with integrity and in a manner that is fair, trustworthy, honest and ensures a more equitable wealth distribution.

How many Islamic financial institutions are there in the world?

In 2019, the number of commercial Islamic banks worldwide amounted to 428 banks. In the same year, the total assets of global Islamic banking amounted to about 1.99 trillion U.S. dollars sharing about six percent of the total global banking assets.

What are the key functions of Islamic capital market?

Islamic capital market has two objectives; firstly is to eliminate usury and secondly to develop Islamic economics and the global economy. These two objectives should be the role of Islamic Capital Market in developing muslim economy.

What is International Islamic financial market?

International Islamic Financial Market, Bahrain. IIFM is the International Islamic Financial Services Industry’s standard setting organization focused on the Islamic Capital & Money Market (ICMM) segment of the industry.

What is the IMF External Advisory Group for Islamic finance?

The IMF established an External Advisory Group, comprised of standard-setters for Islamic finance and leading international experts, to assist in identifying policy issues and to enhance coordination with different stakeholders interested in Islamic Finance. What Is Islamic Finance? What Is Islamic Finance?

What is IIFM and why is it important?

IIFM is the International Islamic Financial Services Industry’s standard setting organization focused on the Islamic Capital & Money Market (ICMM) segment of the industry. Its primary focus lies in the standardization of Islamic financial products, documentation and related processes at the global level.

What is the future of Islamic finance?

Overview Though still a small share of global finance, Islamic finance is growing rapidly and has enormous potential for further growth. The Islamic banking sector is now systemically important in several member countries and the internationalization of the Sukuk market has increased cross-border financial flows and linkages.