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Although the IIBR is currently calculated from expected Murabaha returns for Shariah-compliant interbank funding denominated in US dollars, its instrument-neutral nature, as resolved by the IIBR Islamic benchmark committee, will no doubt pave the way for further expansion of its rate contribution base into other Islamic finance instruments, such as Mudaraba, Musharaka, Sukuk and Wakala, as these instruments are becoming increasingly widespread.
These 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, said a statement from the leading source of intelligent information for businesses.
"The establishment of the IIBR marks an important milestone in the maturation of Islamic money markets by providing an international reference rate for interbank transactions," said Dr Saidi.
The IIBR could be used as a basis for pricing a wide range of Islamic financial instruments.
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.
The shipment was destined for the Israeli Institute for Biological Research (IIBR) in Nes Ziona, outside of Tel Aviv.
During his tenure at Thomson Reuters he led a team to successfully establish the world's first Islamic equity index, first Sukuk index, first Islamic sustainability index, first halal food index, and first Islamic interbank benchmark rate (IIBR).
Despite its many issues, Farook believes that the industry is making greater strides towards overcoming its key challenges, including a lack of uniformity; he explained that the Islamic Interbank Benchmark Rate (IIBR), launched by Thomson Reuters last December, is a sign of the industry growing up.
The LIBOR alternative, known as Islamic Interbank Benchmark Rate, or IIBR, uses the contributed rates of 16 Islamic banks and the Islamic sections of conventional banks to provide a reliable alternative for pricing Islamic instruments to the conventional interest-based benchmarks used for mainstream finance.
Diagnostic tests performed to identify spotted fever in the patient * Day after disease Specimen(s) onset Assay tested Result Laboratory 7 IFA Serum IgM<100, IIBR ([dagger]) IgG<100 PCR Serum Negative IIBR 11 IFA Serum IgM = 64, CDC ([double (autopsy) IgG<32 dagger]) PCR Serum sediment Rickettsia CDC conorii subsp.
The Global Sukuk Index is part of Thomson Reuters 'bigger' Islamic index family strategy of equities and fixed income: TR-IR Islamic indexes (launched in June 2011); TR-BPam Sukuk indexes (for Malaysia) - launched October 2011; Sami Halal Food Index - launched in April 2011; and TR ISlamic Interbank benchmark rate (IIBR) launched in November 2011- alternative to Libor.
In November 2011, the world's first Islamic interbank benchmark rate (IIBR) was launched.
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