First Ever Islamic Inter Bank Rate (IIBR)

IIBR has been launched in collaboration with high profile Islamic bank, Islamic banking windows and independent stake holders of the industry with initiation of Thomson Reuters. The IIBR is sharia’a’ a alternative for LIBOR (London Inter Bank Offer Rate ), which was used by Islamic financial institutions.

Since the establishment of Islamic banking industry, Islamic banks had to use the conventional (LIBOR which is based on Interest), as a bench mark to calculate the cost of funding.

Full story about the methodology used, background, timing and contributor panel please refer:
http://thomsonreuters.com/products_services/financial/islamic_interbank_benchmark_rate/