IIFM and TKBB publish Turkish translated versions of IIFM Standards to boost Shari’ah-compliant transactions in Türkiye
Wednesday, 24th April 2024 - Manama, Kingdom of Bahrain: The International Islamic Financial Market (IIFM) and the Participation Banks Association of Türkiye (TKBB) announced the release of Turkish translated versions of six (6) IIFM Published Standards relating to Islamic Hedging and Liquidity Management segments.
This initiative is part of IIFM and TKBB collaboration for the development of the participation banking sector in Türkiye and globally. The translated versions will benefit participation banks to transact based on high-level globally standardized documentation and product confirmation templates.
The selection of these translated standards relating to Islamic Hedging and Liquidity Management was a result of a consultative exercise undertaken by TKBB in coordination with IIFM given the domestic requirements to mitigate risk factors such as currency risk as well as the need for alternative liquidity management tools.