Article summary
The International Islamic Financial Market (IIFM) and the International Islamic Liquidity Management Corporation (IILM) hosted a joint virtual awareness seminar titled, ‘Global Benchmark Rate Reforms – Challenges & Solutions for Islamic Finance Industry’ at the annual Indonesia Shari’ah Economic Festival (ISEF). The seminar was divided into focused sessions covering the background and differences between Inter-Bank Offered Rates (IBORs) and Risk-Free Rates (RFRs), methodologies for tenor rates, RFRs regulations and administrators, global transition implementation timelines, update on IIFM RFR implementation solutions for Islamic financing segment, RFR implementation documentation for Islamic hedging segment and the potential for an Islamic benchmark rate based on IILM Sukuk experience.
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