GULF DAILY NEWS: Manama: The Bahrain-based International Islamic Financial Market (IIFM) has launched the world's first-ever standardised Master Agreement in Islamic finance. The IIFM Master Agreement for Treasury Placement (MATP) can be used by financial institutions across the globe for their over-the-counter (OTC) Commodity Murabaha transactions.
The MATP comprises of standalone Master Murabaha Agreement, Master Agency Agreement and Letter of Understanding.
With an estimated value of more than $100 billion, Commodity Murabaha currently is the most widely used Islamic money market product in the GCC and other jurisdictions for liquidity management purpose.
The development of the MATP culminates a year of intense work spearheaded by the IIFM Secretariat and involving several Islamic financial institutions (IFIs) from member jurisdictions as well as Sharia scholars, legal experts and other market practitioners, said IIFM chairman and Central Bank of Bahrain executive director, banking supervision, Khalid Hamad.
"The MATP is a benchmark document and a global first for the Islamic finance industry," he said. Key Agreement Boost for Global Islamic Finance >>> | October 9, 2008
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