WORLD - FINANCE - Give Islamic benchmark rate a chance: Bankers

The launching of the Islamic Interbank Benchmark Rate (IIBR) by Thomson Reuters in Bahrain last week is the latest manifestation of how the technical architecture of the global Islamic financial industry is maturing. To many the pace of maturity remains frustratingly slow, especially in the Middle East and North Africa, while Asia is galloping ahead, which has resulted in a lob-sided West Asia and East Asia fault line. (source)

WORLD - FINANCE - Thomson Reuters Launches World's First Islamic Interbank Rate

Thomson Reuters works with leading Islamic finance institutions and banks to provide objective and dedicated benchmark for Shariah-compliant short-term interbank funding in Islamic finance industry

New York, London, Bahrain — Thomson Reuters today launched the world's first Islamic finance benchmark rate, designed to provide an objective and dedicated indicator for the average expected return on Shariah-compliant short-term interbank funding. The Islamic Interbank Benchmark Rate (IIBR), announced at the 18th Annual World Islamic Banking Conference in Bahrain, uses the contributed rates of 16 Islamic banks and the Islamic sections of conventional banks to provide a reliable and much-needed alternative for pricing Islamic instruments to the conventional interest-based benchmarks used for mainstream finance. (source)