SWIFT to launch Islamic Finance Rulebook
SWIFT, in collaboration with The Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community, has announced that it will launch a new rulebook for the usage of SWIFT MT messages for Islamic finance. This rulebook will provide greater clarity around SWIFT MT message usage based on Islamic principles in order to enable straight-through processing (STP), thereby improving efficiency as well as reducing risk and cost. It will provide an efficient platform for exchanging Islamic finance messages and further promote the usage of message standards. The SWIFT Islamic Finance Rulebook will be available to the Message User Group (MUG) by the end of 2014.
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