DIFC lends support to Islamic finance industry’s unification initiative
07/11/2008
The Dubai International Financial Centre (DIFC), in association with the International Islamic Finance Market (IIFM), organised a project briefing session to reaffirm support for the Master Agreements for Treasury Placement (MATP), a major initiative that facilitates the unification and growth of the Islamic financial services industry.
Nasser Al Shaali, CEO, DIFC Authority, said, "The MATP represents a significant milestone in the development of the global Islamic Finance industry. As part of DIFC's mission to catalyze the growth of the regional capital market, we will be seeking to raise awareness and understanding of the MATP not just within the financial district but across the region."
The MATP is a benchmark document and a global first for the Islamic finance industry. The adoption of the MATP will enhance cost, time and operational efficiencies of Shari'ah compliant deposit arrangements.
The initiative caters to the Shari'ah compliant commodities market, which represents, in some cases, 90% of commodity Murabaha transactions.
