New rulebook for SWIFT MT messages for Islamic Finance

SWIFT, in collaboration with The Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community, say they will launch a new rulebook for the usage of SWIFT MT messages for Islamic finance. The SWIFT Islamic Finance Rulebook will be available to the Message User Group (MUG) by the end of 2014. The 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 a platform for exchanging Islamic finance messages and further promote the usage of message standards.