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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Group launches first Islamic interbank benchmark

Posted on 22 November 2011

A consortium of Islamic banks and financial industry associations launched the industry’s first Islamic interbank rate on Tuesday, providing a sharia-compliant alternative to traditional interest-based benchmarks.
The Islamic Interbank Benchmark Rate (IIBR), based on rates contributed by 16 Islamic banks and Islamic sections of conventional banks, is the average expected return on sharia-compliant, short-term interbank funding………………………………………..Full Article: Source

 
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