Swift publishes Islamic Finance Rulebook

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.