International Islamic Financial Market

What International Islamic Financial Market does

International Islamic Financial Market (IIFM) is a Bahrain-based non-profit international standard-setting body established under Bahrain Royal Decree No. (23) of 2002, headquartered at 7th Floor, Zamil Tower, Government Avenue, Manama. It develops and publishes standardized Shari'ah-compliant financial documentation and product templates for the global Islamic Financial Services Industry (IFSI), covering hedging (ISDA/IIFM Tahawwut Master Agreement, profit rate swaps, Islamic cross-currency swaps, Islamic FX forwards, IBOR fallback documentation), liquidity management (Master Murabaha, Master Collateralized Murabahah, Inter-Bank Unrestricted Wakalah agreements), sukuk (Ijarah and Mudarabah templates), trade finance (IIFM-BAFT participation agreements), and syndicated financing (15 standardized Ijarah and Murabahah agreements launched June 2026). Standards are drafted through a multi-stakeholder process involving an industry Working Group, the IIFM Shari'ah Board, and Board of Directors, and supported by jurisdictional legal opinions and translation into English, Arabic, French, and Turkish.

IIFM operates an exclusive membership-based distribution model. It has six founding/permanent members (Central Bank of Bahrain, Islamic Development Bank, Labuan FSA representing Bank Negara Malaysia, Bank Indonesia, Central Bank of Sudan, Brunei Darussalam Central Bank) and 60+ institutional members including central banks, Islamic banks, conventional banks with Islamic windows, law firms, and development finance institutions across the Middle East, Asia, Africa, Europe, and the Americas. Revenue is generated through tiered institutional membership fees, strategic grants (notably a multi-year IsDBI grant funding the syndicated financing program), and paid training (Master Class workshops co-organized with Dar Al Sharia at USD 3,000/participant). Strategic partnerships with ISDA, ICMA, BAFT, IFSB, and IILM, along with tier-one legal advisors, extend IIFM's standard-setting reach.

The organization complements its publication output with research (14th Annual IIFM Sukuk Report), reference papers, regional seminars co-hosted with central banks, master class workshops, and educational video content. Membership is open by application ([email protected]) and grants access to the full standards library, guidance notes, Shari'ah pronouncements, and jurisdictional legal opinions.

Name

International Islamic Financial Market

Legal name

International Islamic Financial Market

Website

https://iifm.net

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

International Islamic Financial Market (IIFM), established in 2002 under Bahrain Royal Decree, is a non-profit standard-setting body that develops and publishes Shari'ah-compliant financial documentation templates for the global Islamic Financial Services Industry, serving over 60 institutional members.

Ownership category

akta.pro rank

Product category

Islamic Financial Standardization

NAICS

Investment Banking and Securities Intermediation (52315), All Other Legal Services (541199)

SIC

Asset-Backed Securities (6189), Security Brokers, Dealers & Flotation Companies (6211), International Affairs (9721)

akta.pro primary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

akta.pro secondary industries

Islamic Treasury, Liquidity & Interbank (Commodity Murabaha, Sukuk Liquidity) (FSABAGAK), Islamic Investment Banking & Capital Markets Services (FSABAGAG), Sukuk Origination & Structuring (Bank-led) (FSABAGAL), Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Islamic finance standards
• Shari'ah-compliant documentation
• Sukuk templates
• Treasury hedging standards
• Islamic contract standardization

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Membership Fees: IIFM generates revenue through institutional membership fees. Membership categories include Founding Members & Permanent Members (six signatories including Central Bank of Bahrain, Islamic Development Bank, Labuan FSA, Bank Indonesia, Central Bank of Sudan, Brunei Darussalam Central Bank), Full Member (Policy Level) for regulatory authorities and financial institutions, Member (Policy Level) for Islamic financial institutions, Associate Member for financial institutions, and Observer Members. Members gain access to all published standards, guidance notes, Shari'ah pronouncements, and jurisdictional legal opinions.
2. Strategic Grants and Project Funding: IIFM receives strategic financial support and grants from partner institutions for the development of specific standards projects. Notably, the Islamic Development Bank Institute (IsDBI), under the leadership of Acting Director General Dr. Sami Al-Suwailem, provided a generous grant to fund the development of the 15 standardized agreements for global syndicated financing launched in June 2026.

Pricing tiers

Distribution channels4 records

Marketing channels9 records

Core offering

IIFM develops and publishes standardized Shari'ah-compliant financial documentation and product templates for the global Islamic Financial Services Industry, covering hedging (profit rate swaps, cross-currency swaps, FX forwards), liquidity management (murabaha and wakalah), sukuk issuance (Ijarah and Mudarabah), trade finance, syndicated financing, and IBOR transition. Access to its 46 published standards, explanatory memoranda, Shari'ah pronouncements, and jurisdictional legal opinions is restricted to institutional members, with supplementary revenue from Master Class training workshops (USD 3,000/participant) and project grants.

Product overview

IIFM is a global standard-setting body for the Islamic Financial Services Industry, providing standardized Shari'ah-compliant financial documentation frameworks. Rather than a unified software platform, IIFM publishes distinct sets of standardized agreements across multiple categories: Hedging Standards (ISDA/IIFM master agreements for profit rate swaps, cross-currency swaps, FX forwards, and credit support), Liquidity Management Standards (Master Murabaha, Wakalah, and collateralized agreements), Sukuk Standards (Ijarah and Mudarabah templates for Islamic bonds), Syndicated Financing Standards (Ijarah and Murabahah syndicated financing agreements), and Trade Finance Standards (BAFT participation agreements). All standards require membership for access and include explanatory memoranda and guidance documentation. The portfolio is complemented by annual Sukuk Reports (14th Edition), reference papers, and professional training/workshops.

Differentiator

Problem solved

Functional benefit

Products and services

• ISDA/IIFM Hedging Standards Suite A comprehensive suite of ISDA/IIFM co-branded master agreements, confirmations and guidance documentation for Shari'ah-compliant hedging — including Tahawwut (Hedging) Master Agreement, Mubadalatul Arbaah Profit Rate Swap, Islamic Cross-Currency Swap (ICRCS), Islamic Foreign Exchange Forward (IFX Forward), Credit Support Deed for Cash Collateral and IBOR Fallback Standard Documentation. Available to IIFM member institutions (central banks, Islamic banks, conventional banks with Islamic windows) for use in cross-border hedging transactions.
• IIFM Liquidity Management Standards Standardized documentation for inter-bank treasury placements and liquidity management within Shari'ah parameters — including the IIFM Master Murabaha Agreement (available in English, Arabic, French and Turkish), the IIFM Master Collateralized Murabahah Agreement (MCMA), the IIFM Inter-Bank Unrestricted Master Investment Wakalah Agreement (UMWA), and the IIFM Master Agency Agreement for the Purchase of Commodities. Used by Islamic banks and conventional banks with Islamic windows for treasury and inter-bank activity.
• IIFM Sukuk Standards Standardized Shari'ah-compliant templates for sukuk issuance, comprising the Sukuk Al Ijarah suite (Prospectus, Sale and Purchase Agreement, Lease Agreement, Service Agency Agreement, Purchase Undertaking, Sale and Substitution Undertaking, Declaration of Trust) and the Sukuk Al Mudarabah Tier 1 suite (Prospectus, Master Mudarabah Agreement, Declaration of Trust). Designed for sovereigns, supranationals, corporates and financial institutions issuing Islamic bonds.
• IIFM-BAFT Trade Finance Standards Standardized master agreements for Islamic trade finance transactions — the IIFM-BAFT Master Unfunded Participation Agreement and IIFM-BAFT Master Funded Participation Agreement — developed jointly with BAFT (Bankers Association for Finance and Trade) for use in Islamic trade finance flows by banks and trade finance teams.
• IIFM Syndicated Financing Standards (2026) A suite of 15 standardized agreements for global syndicated financing — covering Ijarah (master investment agency, common terms, purchase, lease, service agency, purchase and sale undertakings, replacement assets undertaking, mandate letter template) and Murabahah (master murabahah, investment agency, purchase undertaking, mandate letter template) frameworks, plus a standard inter-financier/intercreditor agreement. Built to eliminate decades of documentation fragmentation in Islamic syndicated financing for use by arrangers, agents and financiers.
• IIFM/ICMA Islamic Repo Master Agreement Global standardized documentation framework for a Shari'ah-compliant repurchase agreement (Repo), developed jointly by IIFM and ICMA, with explanatory memorandum, to replace fragmented repo practices and address long-standing liquidity management challenges in Islamic finance. Targeted at Islamic banks, conventional banks with Islamic windows, treasury teams and liquidity managers.
• IIFM Annual Sukuk Reports Annual comprehensive study of the global sukuk market examining international and domestic market developments, structural preferences, and issuance data based on verified sukuk issuance data. Now in its 14th Edition (2025), it serves as the industry-benchmark reference publication used by central banks, Islamic banks and capital market participants globally.
• IIFM Reference Papers Discussion papers and white papers covering Islamic finance topics — including syndicated financing documentation standardization, IBOR transition implications, repo alternatives and collateralization, profit rate swaps (Mubadalatul Arbaah), and inter-bank wakalah agreements — published as industry reference material.
• IIFM Standards Master Class Training Three-day in-person workshops on IIFM Standards covering Islamic hedging and liquidity management documentation and applications, co-organized with Dar Al Sharia. Delivered in Dubai, UAE and Manama, Bahrain, with a participant cap of around 25 per session. Available to both members and non-members (USD 3,000/participant with 20% member discount and 15% group discount for the 3rd participant and above).

Quantifiable outcome

• Reduces transaction and operational costs for financial institutions through standardized documentation
• +5 more outcomes

Named customers22 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

13 partnerships are on record, tiered flagship, core and supporting.

• International Capital Market Association (ICMA)flagshipStrategic or Co-development Partner · 19 February 2026IIFM and ICMA signed a Memorandum of Understanding to develop a global standardized documentation framework for a Shari'ah-compliant repurchase agreement (Repo), officially titled the IIFM/ICMA Islamic Repo Master Agreement. The initiative aims to address long-standing liquidity management challenges in Islamic finance by replacing fragmented practices with unified, Shari'ah-compliant operational standards. Yusuf Battiwala from Norton Rose Fulbright has been appointed as Legal Counsel for the project. The framework will include an explanatory memorandum to facilitate seamless implementation across Islamic financial institutions worldwide.
• Dar Al ShariacoreStrategic or Co-development PartnerIIFM and Dar Al Sharia jointly organize the IIFM Standards Master Class on Hedging and Liquidity Management — a three-day in-person workshop covering Islamic Hedging and Liquidity Management documentation and applications. Dar Al Sharia's CEO, Ammar Ahmed, serves as lead faculty alongside other renowned industry experts. The collaboration extends across multiple workshop editions held in Dubai, UAE (October 2025, June 2026) and Manama, Bahrain.
• White & Case LLPcoreImplementation/ SI/ Consulting PartnerWhite & Case (W&C) was appointed as external legal counsel to draft the 15 comprehensive standard agreements for global syndicated financing. W&C worked closely and tirelessly alongside Dr. Ahmed Rufai (Acting CEO and Head of Compliance and Standards Development at IIFM) and the IIFM team — Mr. Babar Naseer, Mr. Zarrar Sayyed, and Mr. Tareq Fouad — to extensively craft and refine the legal architecture of these standards, ensuring compliance with the highest international legal standards while harmoniously incorporating complex Shari'ah requirements.
• Clifford Chance LLPsupportingImplementation/ SI/ Consulting PartnerClifford Chance LLP has provided client briefings and legal commentary on multiple IIFM standards including the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) and IIFM Master Murabaha Agreement. Habib Motani, Leading Islamic Finance Lawyer & Consultant at Clifford Chance, serves as faculty for IIFM Master Classes on Hedging & Liquidity Management.
• Trowers & Hamlins LLPsupportingImplementation/ SI/ Consulting PartnerTrowers & Hamlins LLP has authored client briefings and bulletins on IIFM standards including the Inter-Bank Unrestricted Master Investment Wakalah Agreement (UMWA) and IIFM Master Collateralized Murabahah Agreement. Salman Ahmed, Partner and Head of Islamic Finance at Trowers & Hamlins (Muscat), participated as a panelist at the 14th Annual IIFM Sukuk Report launch (November 2025).
• Linklaters LLPsupportingImplementation/ SI/ Consulting PartnerLinklaters LLP authored a client alert on the ISDA/IIFM Islamic Foreign Exchange Forward (IFX Forward) — Single Binding Wa'ad based Structure, contributing to industry understanding of IIFM documentation.
• Allen Overy Shearman Sterling LLPsupportingImplementation/ SI/ Consulting PartnerAllen Overy Shearman Sterling LLP (now Shearman & Sterling following the 2024 merger) authored a client briefing on the ISDA/IIFM Islamic Foreign Exchange Forward (IFX Forward) standard templates.
• Norton Rose FulbrightsupportingImplementation/ SI/ Consulting PartnerYusuf Battiwala from Norton Rose Fulbright has been appointed as Legal Counsel for the IIFM/ICMA Islamic Repo Master Agreement project, providing legal guidance in the development of the standardized framework.
• ISDA (International Swaps and Derivatives Association)coreStrategic or Co-development PartnerIIFM has partnered with ISDA to develop a comprehensive suite of Islamic hedging standards, including the ISDA/IIFM Tahawwut (Hedging) Master Agreement (TMA), ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap), ISDA/IIFM Islamic Cross-Currency Swap (ICRCS), ISDA/IIFM Islamic FX Forward, ISDA/IIFM Credit Support Deed, and ISDA/IIFM IBOR Fallback documentation. These are co-branded ISDA/IIFM standards reflecting deep collaborative standard-setting.
• BAFT (Bankers Association for Finance and Trade)coreStrategic or Co-development PartnerIIFM and BAFT jointly developed the IIFM-BAFT Master Unfunded Participation Agreement and IIFM-BAFT Master Funded Participation Agreement for Islamic trade finance transactions. The two organizations also co-organized a webinar on Islamic Master Participation Agreements for Trade Finance Transactions (May 2025).
• Islamic Financial Services Board (IFSB)supportingStrategic or Co-development PartnerIIFM co-organized a joint high-level seminar on Islamic capital markets with the IFSB and IILM at the ADGM building in Abu Dhabi (November 2018). The organizations collaborate on industry development and awareness initiatives.
• International Islamic Liquidity Management Corporation (IILM)supportingStrategic or Co-development PartnerIIFM co-organized a joint high-level seminar on Islamic capital markets with the IFSB and IILM at the ADGM building in Abu Dhabi (November 2018). The organizations also co-hosted a virtual seminar on Global Benchmark Rate Reforms (October 2021).
• World Gold Council (WGC)supportingStrategic or Co-development PartnerIIFM held an industry consultative meeting on Gold Documentation and Products Standardization with the World Gold Council (WGC) in Istanbul, Turkey (March 2018), exploring standardization of Islamic gold-linked financial products.

Scale indicators7 records

Recent moves5 records

Expansion highlights6 records

Emerging players

• ISRA (International Shariah Research Academy for Islamic Finance): Malaysia-based research institution that produces Shari'ah-related research, pronouncements, and training to support the Islamic finance industry. Comparable to IIFM as a knowledge-and-standards producer serving Islamic financial institutions, though focused on Shari'ah research rather than transactional documentation.
• LSTA (Loan Syndications and Trading Association): US-based trade association that develops standard documentation and market practices for the US syndicated loan market. Comparable as a regional peer producing syndicated-financing templates analogous to IIFM's 2026 syndicated financing suite, but focused on the US conventional market.
• LMA (Loan Market Association): London-based trade association that produces the standard LMA syndicated loan documentation used globally for conventional syndicated lending. Peer to IIFM because the IIFM 2026 syndicated financing suite (Ijarah/Murabahah + intercreditor) is the Islamic-finance equivalent of LMA templates, directly competing for adoption in Islamic syndicated deals.

Direct peers

• BAFT (Bankers Association for Finance and Trade): US-headquartered trade finance industry association that co-developed the IIFM-BAFT Master Unfunded and Funded Participation Agreements. Peer because BAFT performs an analogous documentation-standard-setting function for conventional trade finance, mirrored by IIFM in the Islamic space.
• ICMA (International Capital Market Association): Switzerland-based standard-setter for international debt capital markets, including the Global Master Repurchase Agreement. Direct peer to IIFM via the February 2026 MoU to co-develop the IIFM/ICMA Islamic Repo Master Agreement, and a conventional-finance counterpart in securities documentation.
• IFSB (Islamic Financial Services Board): Malaysia-based international standard-setting body that issues regulatory and supervisory standards for the Islamic financial services industry. Peer to IIFM because both produce binding technical standards adopted by member regulators and institutions, and they have co-organized capital-market seminars.
• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based standard-setter for Shari'ah accounting, auditing, governance, and ethics across Islamic finance. Most directly comparable peer as the other major Bahrain-headquartered Islamic infrastructure institution producing binding standards adopted by member institutions globally.
• IILM (International Islamic Liquidity Management Corporation): Multilateral institution that issues Shari'ah-compliant short-term sukuk (IMRAs/IMAs) to provide cross-border Islamic liquidity. Peer to IIFM in serving Islamic interbank liquidity management and in co-organizing industry events; IIFM standards underpin the documentation used in IILM issuance.
• CIBAFI (General Council for Islamic Banks and Financial Institutions): Bahrain-headquartered industry association for Islamic financial institutions, focused on industry development, advocacy, and training. Peer to IIFM as another Islamic finance infrastructure body operating a membership model serving banks and regulators.
• ISDA (International Swaps and Derivatives Association): Global standard-setter for over-the-counter derivatives documentation, co-developer with IIFM of the ISDA/IIFM Tahawwut Master Agreement, Mubadalatul Arbaah, ICRCS, IFX Forward, Credit Support Deed, and IBOR Fallback documentation. Direct peer because ISDA plays the conventional-finance equivalent role for IIFM in Islamic finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@internationalislamicfinanc8974
• LinkedInlinkedin.com/company/international-islamic-financial-market

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about International Islamic Financial Market