IIFM Master Agreements For Treasury Placement (MATP)

Transcription

1. IIFMMasterAgreementsforTreasury Placement (MATP) i)CommodityMurabaha–WhyStandardize Ø  CommodityMurabahaplaysadominantroleinsomejurisdic6ons q  industryrequiresanalterna6vetomakeitsupplementalproduct Ø  Frequentlegal,Shariah,opera6onalandothercosts Ø  Lengthynego6a6on6meandconstantShariahinvolvement Ø  Varia6onsindocumenta6onprocessesandproceduresleadsto divergenceofShariahandprac6ces Ø  Movingawayfromcostlybilateraldocumenta6ontoefficient standardiza6onapproach IIFMAc6vi6es&RecentTrendsinIFSI‘Focus:Repo’ 4
2. IIFMMasterAgreementsforTreasury Placement (MATP) ii)ProjectTimeLine WG WG WG Nov. 2006 9/1/07 2/4/07 Nov. 2006 (Working Committee formed) WG 17/7/07 S 25/4/2007 WG WG Nov. 2007 Jan. 2008 S 6 Sept. 2007 (Structured Paper approved) WG WG Feb. 2008 25/3/08 S Jan. 2008 S 8 Oct. 2008 S S S 8/5/08 5/7/08 14/8/08 7/9/08 (Documentation launched) WG = Working Group S = Shari'a Meeting IIFMAc6vi6es&RecentTrendsinIFSI‘Focus:Repo’ 5
3. IIFMMasterAgreementsforTreasury Placement (MATP) iii)Documenta<on Ø  MasterMurabahaAgreement(MMA) Ø  MasterAgencyAgreement(MAA) iv)ImportantClauses Ø  RebateandEarlyTermina6on Ø  GoverningLaw Ø  LatePayment Ø  Language Ø  Setprocedurestoensurecompliance IIFMAc6vi6es&RecentTrendsinIFSI‘Focus:Repo’ 6
4. IIFMMasterAgreementsforTreasury Placement (MATP) v)Benefits&U<liza<on Ø  Ø  Ø  Ø  Ø  Ø  Ø  Ø  InlinewithrulingsofotherstandardseRngbodies Bestmarketprac6ces Highqualityandcomprehensivedocumenta6on Reducingtransac6onarrangementcost(cri6calfactorinpresent environment) Improvingdocumenta6onstandardandbringingsmallerins6tu6onson samelevelaslargeInterna6onalbanks Improvingtransparency MMAandMAA,withaddi6on/changesinclausescanbeu6lizedfor otherproductsinvolvingMurabahacontractsandAgencyarrangements ReducesburdenonShariahscholars–willfreeup6metoconcentrate onothermoreflexibleandinnova6veliquiditymanagementproducts therebymakingCommodityMurabaha IIFMAc6vi6es&RecentTrendsinIFSI‘Focus:Repo’ 7