MANAMA: The International Islamic Financial Market (IIFM), a Bahrain-based standard-setting body, has initiated a dialogue with the industry to develop a solution on interbank lending rate (IBOR) replacement.
During their 44th meeting, the organisation’s board of directors held discussions on ongoing initiatives concerning global benchmark rate reforms and transition to Risk Free Rates (RFRs) and approved the initiatives recommended by the IIFM financing and hedging working groups .