GLOBAL: The International Islamic Financial Market (IIFM) and International Capital Market Association (ICMA) have signed an MoU to jointly develop a global standardized documentation framework for a Shariah compliant repurchase (Repo) agreement, formally titled the ‘IIFM/ICMA Islamic Repo (I’aadat Al Shira’a) Master Agreement.’ The initiative will address liquidity management challenges in Islamic finance.
After completion of the drafting phase, the framework will be accompanied by an explanatory memorandum to facilitate implementation.
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