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MANAMA: The International Islamic Financial Market (IIFM), a Bahrain-based standard setter, has launched Sharia-compliant solutions for the new benchmark risk-free rate (RFR) for Murabaha and Ijara transactions.
Globally, work on phasing out of London Inter-Bank Offered Rate (Libor) and transition to RFRs or alternative benchmark rates is now approaching discontinuation date of December 31, 2021 for currencies such as USD, EUR, GBP, CHF, JPY and certain other hard currencies used in the domestic as well as cross border trades .
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