Thomson Reuters today announced the addition of leading Islamic scholars and bankers to the supervisory bodies of the Islamic Interbank Benchmark Rate (IIBR), expanding geographic and community representation on both the IIBR Shariah Committee and Islamic Benchmark Committee. The new members, announced at the 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012) in Bahrain, add credence to IIBR as a viable alternative for pricing Islamic instruments and establishing Islamic finance authenticity.
Launched in November 2011 as the world’s first Islamic finance benchmark rate, IIBR is designed to provide an objective and dedicated indicator for the average expected return on Shariah-compliant short-term interbank funding and an alternative to the conventional interest-based benchmarks used for mainstream finance. Both the Shariah Committee and the Islamic Benchmark Committee jointly oversee the ongoing implementation and integrity of IIBR. (Press Release)