IslamicFinance.de

SWIFT, in collaboration with The Association of Islamic Banking Institutions Malaysia (AIBIM) has announced the launch of a new rulebook for the purpose of promoting message standards in the Islamic banking and finance market. The Islamic finance rulebook has been developed in response to the growing significance of the Islamic banking and finance market. It aims to provide greater clarity around the usage of Shariah-compliant MT messages in order to expedite market harmonisation and increase Straight-through Processing (STP) to improve efficiency and reduce risks and cost. The SWIFT Islamic Finance rulebook was endorsed by Shariah Advisory Committee of AIBIM and adopted by AIBIM council. It will be available to the Message User Group (MUG) in July 2015.

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.

SWIFT said the certification would pave the way towards the automated processing of Murabaha treasury transactions, which reportedly represented 60 per cent of all Islamic financing.

Over 240 Islamic banks representing 84 per cent of global syariah-compliant assets are members of SWIFT.

Technical details:
http://www.swift.com/solutions/by_business_area/islamic_finance/index.page
Contact:
Asim Butt, asim.butt@swift.com