International Islamic Finance Group Holds Board Meeting In Labuan
by Mary Swire, Tax-News.com, Hong Kong
08 July 2004

The Board of Directors of the International Islamic Financial Market (IIFM) held its ninth Board meeting in Labuan on Monday which saw the admission of several new members to the group.

“IIFM is pleased to announce the admission of several new members after it embarked in its membership drive two months ago,” stated Mr. Waleed A. Rashdan – Vice Chairman of the group.

According to Mr Waleed, Bank Muamalat Indonesia was admitted as a Board member whilst Citi Islamic Investment Bank, Bahrain and Jordan Islamic Bank, have been admitted as members. Malaysian Rating Corporation Berhad, Bank Rakyat Malaysia Berhad and Securities and Commodities Authority, United Arab Emirates were admitted as observer members, bringing the total membership to eighteen. Mr Waleed added that several other institutions have expressed an interest in membership.

IIFM has also approached members of the International Organisation of Securities Commission (IOSCO) particularly from member counties of the Organisation of Islamic Conference (OIC) to join IIFM's Membership.

“Expertise and know-how of IOSCO members constitute an important asset to IIFM to achieve its objectives of developing the international Islamic secondary market especially when IOSCO members are involved in promoting high standards of regulation,” observed the chief executive of IIFM, Mr. Abdul Rais Abdul Majid.

It also emerged from the meeting that the board has ratified a memorandum of understanding with the Bahrain Stock Exchange.

“The IIFM and BSE will establish closer relationship and technical cooperation in order to enhance the competitiveness as well as efficiency in various projects undertaken for the mutual benefit of both parties,” stated the board.

The International Islamic Financial Market (IIFM) is an independent, non-profit international organisation aimed at ensuring the continued growth of Islamic banking and finance. Its principal objective is to develop an active international financial market based on Shari'a rules and principles.

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