The International Islamic Financial Market (IIFM), a Bahrain-based standard setter for Islamic finance, and the Participation Banks Association of Türkiye (TKBB) announced the release of six IIFM standards translated into Turkish.
These standards focus on Islamic hedging and liquidity management, catering to the growing demand for risk mitigation tools and alternative liquidity solutions in the Turkish market.
The translated standards emerged from a collaborative effort between IIFM and TKBB, aligning with their commitment to develop the participation banking sector in Türkiye and globally.
These translated documents will enable Turkish participation banks to conduct transactions based on globally standardised documentation, enhancing efficiency and transparency.
“This initiative reflects the increasing global recognition of IIFM standards,” said IIFM chairman Khalid Hamad. “Used in over 20 jurisdictions, our standards promote orderly development and unification of Islamic finance, both domestically and across borders.”
İsmail Vural, secretary general of TKBB, highlighted the project’s potential to benefit a wider audience. “These translated documents serve as a valuable resource for institutions seeking to diversify their portfolios and streamline processes,” he said. “They will also act as an international reference for stakeholders within the participation finance ecosystem.”
Building upon this success, Ijlal Alvi, chief executive of IIFM, expressed a desire for continued collaboration. “We look forward to further co-operation with TKBB, not only on translating additional standards, but also exploring new avenues to advance the Islamic finance industry, including the vital Turkish participation banking sector.”
Fatma Çınar, Director of TKBB, emphasised the project’s wider significance. “This initiative fosters collaboration between local and international institutions within the Islamic finance ecosystem,” she said. “The translated documents will not only enhance knowledge and skills in liquidity management but also improve process management and communication among stakeholders. We are delighted to make this valuable resource available to all our stakeholders in Türkiye.”
This collaboration between IIFM and TKBB signifies a significant step towards strengthening and standardising Islamic finance practices in Türkiye and beyond.
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