Thomson Reuters Launches World's First Islamic Interbank Rate
2011年11月22日 - 4:00PM
Marketwired
Thomson Reuters today launched the world's first Islamic finance
benchmark rate, designed to provide an objective and dedicated
indicator for the average expected return on Shariah-compliant
short-term interbank funding. The Islamic Interbank Benchmark Rate
(IIBR), announced at the 18th Annual World Islamic Banking
Conference in Bahrain, uses the contributed rates of 16 Islamic
banks and the Islamic sections of conventional banks to provide a
reliable and much-needed alternative for pricing Islamic
instruments to the conventional interest-based benchmarks used for
mainstream finance.
"The delinking from conventional performance benchmarks started
more than a dozen years ago and now we are extremely proud to offer
the world's first Islamic pricing benchmark, the Thomson Reuters
Islamic Interbank Benchmark Rate," said Rushdi
Siddiqui, global head of Islamic finance, Thomson Reuters. "We
have taken a collaborative approach as industry challenges are best
solved by industry players working towards a common objective. The
simplicity and robustness of the new benchmark's methodology,
governance, and transparency, combined with the endorsement of many
respected Islamic financial institutions and scholars, will result
in a reliable and realistic benchmark that better measures cost of
funding for Islamic financial institutions. Together we are taking
an important step forward for Islamic finance authenticity."
The benchmark's ongoing implementation and integrity will be
overseen by an Islamic Benchmark Committee of over 20 Islamic
finance institutions, chaired by Dr. Nasser Saidi, chief economist
of the Dubai International Financial Center (DIFC), and a Shariah
Committee consisting of four world-respected Shariah scholars.
"Dr. Nasser Saidi, chair of the Islamic
Benchmark Committee and chief economist, Dubai International
Financial Centre, said: "The establishment of the IIBR marks an
important milestone in the maturation of Islamic money markets by
providing an international reference rate for interbank
transactions. Conventional money markets have relied on LIBOR,
which by definition does not comply with Shariah conventions.
Islamic markets will be able to rely on the IIBR and it will become
an international reference rate for both conventional and
Sharia-compliant transactions. Our aim is to provide an IIBR that
is reliable, timely, representative of market conditions,
transparent in its construction and accepted as the market
reference. Islamic money and financial markets are coming of age
and becoming part of the mainstream."
Established in co-operation with the Islamic Development Bank
(IDB), Accounting and Auditing Organisation for Islamic Financial
Institutions (AAOIFI), the Bahrain Association of Banks (BAB),
Hawkamah Institute for Corporate Governance and a number of major
Islamic banks, the IIBR harnesses Thomson Reuters global benchmark
fixings infrastructure which is used to compile over 100 fixings
around the world.
"The Islamic Development Bank has been a founding member of the
Islamic finance industry since its inception in 1975 and the launch
of this indigenous Islamic benchmark will prove to be a major
milestone in the growth and sustainability of the industry," said
Hassan Demirhan, director, Treasury
Department, Islamic Development Bank.
"As the global standard setter for the Islamic finance industry,
the AAOIFI is keen to support initiatives that progress the
industry towards standardised approaches around the consensus of
its members. Given the support we have received from the industry
globally, particularly the main Islamic banks which will contribute
towards and utilise the rate, AAOIFI is proud to be associated with
this initiative which will certainly be defined as an important
milestone for the Islamic finance industry in years to come," said
Khairul Nizam, deputy secretary general,
AAOIFI.
Rates for Shariah-compliant US dollar (USD) funding will be
contributed by the 16-member panel in the morning each business day
to Thomson Reuters systems and will be published daily on Thomson
Reuters terminals and feeds at 11.00am Makkah time (GMT+3). The new
benchmark can be used to price a number of Islamic instruments
including common overnight to short-term treasury investment and
financing instruments such as Murabaha, Wakala and Mudaraba, retail
financing instruments such as property and car finance, and sukuk
and other Shariah-compliant fixed income instruments. It can also
be used for the pricing and benchmarking of corporate finance and
investment assets.
The US$1 trillion Islamic finance industry is currently growing
at more than 15% per annum. It is frequently the topic of
conversation by regulators, international lending agencies,
bankers, and asset managers in the G-20 countries as well as the 57
Muslim countries for raising asset-backed or asset-based funds.
Notes to editors
Members of the Islamic Benchmark Committee are:
- Thomson Reuters
- Islamic Development Bank (IDB)
- Accounting and Auditing Organisation for Islamic Financial
Institutions (AAOIFI)
- Association of Islamic Banking Institutions Malaysia
(AIBIM)
- Bahrain Association of Banks (BAB)
- Hawkamah Institute for Corporate Governance
- Statistical Economic and Social Research Center for Islamic
Countries (SESRIC)
- Abu Dhabi Islamic Bank
- Ahli United Bank
- Al Baraka Bank
- Al Hilal Bank
- Alinma Bank
- Al Salam Bank
- Bahrain Islamic Bank
- Barwa Bank
- Dubai Islamic Bank
- Ithmaar Bank
- Kuwait Finance House
- Masraf Al Rayan
- Noor Islamic Bank
- National Commercial Bank
- Qatar Islamic Bank
- Sharjah Islamic Bank
- CIMB Islamic Bank
- RHB Islamic Bank
- Bank Muamalat Malaysia
Members of the Shariah Committee are:
- Sheikh Yusuf Talal Delorenzo (Chairman)
- Dr. Abdul Rahim Sultan AlOlama
- Dr. Mohammad Daud Bakar
- Sheikh Muddassir Siddiqui
About Thomson Reuters Thomson Reuters is
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major operations in London and Eagan, Minnesota, Thomson Reuters
employs more than 55,000 people and operates in over 100 countries.
For more information, go to www.thomsonreuters.com.
CONTACTS Kate Reid PR Director, Thomson Reuters +44 20 7542 2215
+44 7917 200 737 kate.reid@thomsonreuters.com
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