Asset-backed Islamic bonds on the way: IIFM chairman

The asset-backed sukuk is set to be reality soon largely due to the efforts of the International Islamic Financial Market (IIFM) to develop a master agreement on this new form of Islamic bonds.
All concerned parties have been consulted to prepare a master agreement paving the way for a shift from the asset-based to asset-backed sukuk, or Islamic bond structure.
Besides the founding members, IIFM is supported by its permanent members, namely State Bank of Pakistan and Dubai International Financial Center Authority.