Refinitiv Launches Post-Trade Solution For Islamic Money Market Transactions

Refinitiv has launched an automated post-trade solution that connects with a conversational dealing platform and supports Islamic money market transactions such as Murabaha, Wakala, and Mudaraba.

According to the Refinitiv 2020 Islamic finance development report, global shariah-compliant assets are forecast to reach $ 3.69 USD trillion by 2024. Financial institutions face major challenges in trading Islamic finance products. Currently, money markets transactions require complex and manual counterparty agreements involving several stakeholders such as liquidity providers, commodity brokers, and liquidity takers.

"The new solution is designed to seamlessly streamline the post-trade process of Islamic money markets transactions. It integrates with multiple brokerage systems in a single environment which eliminates manual processes and reduces operational risk," said Nadim Najjar, Managing Director, Middle East and Africa, Data and Analytics, London Stock Exchange Group.

"We continue to expand our Islamic finance expertise and address key industry challenges. Islamic finance has grown from a niche to a global segment of the financial services industry with sigfinicant prominence on the agenda of governments and financial institutions around the world," Najjar said. 

Refinitiv offers tools and applications to capitalise on Islamic finance opportunities including insights and analysis, shariah-compliant asset performance tracking,  and Islamic finance workflow. Refinitiv also provides comprehensive datasets covering all major shariah-compliant asset classes, including FTSE Russell Islamic Indices, sukuk profiles, sharia-screened stocks, and Islamic funds.

For more information on Islamic finance offerings, please visit https://www.refinitiv.com/en/islamic-finance

For more information about FTSE Russell Islamic indices offerings, please visit https://www.ftserussell.com/