By: Amr Adel
Manama – Mubasher: International Islamic Financial Market (IIFM) is currently studying the addition of two new standards for the Islamic financial products related to the capital market, corporate finance and trade financing.
First standard includes the participation in risk sharing, while the second one is concerned with the hedge types, Khalid Hamad, chairman of the International Islamic Financial Market (IIFM), said on the sidelines of the World Islamic Banking Conference (WIBC).
The international financial market will start working on the new standards in 2017, according to Hamad who is also the executive director of Banking Supervision at the Central Bank of Bahrain.
IIFM set nine main standards with the framework of unifying contracts and Islamic financial products.
Translated by: Julian Nabil
