Pakistan admitted to International Islamic Financial Market
The Islamic Republic of Pakistan has been admitted as a member of the International Islamic Financial Market (IIFM). The membership was approved at the seventh meeting of the Board of Directors of the IIFM held late January in Khartoum, Sudan.
Pakistan's membership also includes representation on the IIFM Board. The admission of the country as a major player in Islamic finance with one of the largest Muslim population of almost 150 million is expected to provide a major boost to the IIFM, whose mission is to create and develop an international market of Islamic financial instruments by promoting and facilitating cross-border investment activity.
The IIFM was established in 2002 through a multilateral effort. The main mission of the IIFM is to create an environment that would encourage active trading of Shari'a-compatible instruments among Muslim countries and among Islamic and conventional financial institutions. — (menareport.com)
© 2004 Mena Report (www.menareport.com)