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Norton Rose assists SWIFT with the development of Shariah compliant messaging endorsed by AAOIFI

Posted on 07 December 2010

Mohammed Paracha, Deputy Head of the Global Islamic Finance practice at Norton Rose Group has been assisting SWIFT with the development of Shariah compliant messaging standards for carrying out murabaha trades, a liquidity management product used by all Financial Institutions engaged in Islamic deposit taking.
SWIFT has been working closely with its Islamic banking members on the standardisation and automation of Islamic financing products. The first to be addressed is the treasury murabaha, which reportedly represents 60% of all Islamic financing, but is manually processed today. Mohammed Paracha first highlighted the possibility of murabaha processing over SWIFT and worked closely with SWIFT in its development……………………………………….Full Press Release: Source

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