1. ISLAMIC FINANCE GATEWAY COMMUNITY -
THE PULSE OF THE ISLAMIC FINANCIAL MARKETS
Dear Follower,
Join us in this week’s focus session with Mr. Ijlal Alvi, Chief Executive Officer at
International Islamic Financial Market (IIFM) to discuss Standardization in
action: IIFM master agreement for interbank wakala
Date: Wednesday 26th of June, 2013
Time: 11 am Mecca time, (GMT +3)
Session discussion points:
- How will the IIFM master agreement support wakala as an alternative to
commodity murabaha/tawarruq?
- What advantages from a Shari'ah perspective does wakala have over
commodity murabaha/tawarruq?
- What are some of the wakala-specific issues that the standardized contract
tackles?
- How have these issues affected the market for wakala and its accessibility?
- How will a standardized wakala contract increase the volume of transactions
- What might be its short-term and long-term impact in the industry?
- Which types of banks and countries are more likely to benefit?
- Does the agreement focus on unrestricted on-balance sheet transactions, or
does it cover off-balance sheet transactions? If not, will IIFM work on
developing an off-balance sheet alternative?
Kindly RSVP on ifg.community@thomsonreuters.com with your name, company
name. job title and contact number to forward you the session’s login details.
About Mr. Ijlal Alvi
Ijlal Alvi is the Chief Executive of IIFM since 2005, where he has been instrumental in
initiating standardization of Islamic Capital & Money Market’s Documentation,
Products and related Processes. In order to enhance and bring unification in Islamic
finance and its legal system, Mr. Alvi has negotiated and successfully signed several
Memorandum of Understanding (MoU) with organizations such as IRTI-IDB Group,
ISDA, ICMA, AIBIM etc.,

2. Mr. Alvi has overseen the launch of the IFSI’s first global standardized documentation
namely Murabaha and Agency documentation, ISDA/IIFM Tahawwut (Hedging)
Master Agreement, Hedging Product Standards, Inter-Bank Unrestricted Investment
Wakalah Standard etc,.
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Kind regards
Islamic Finance Gateway Community Team
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