On 22 March 2021, the International Islamic Financial Market (IIFM) issued a White Paper ‘Global Benchmark Rate Reforms and Implications of IBOR Transition for Islamic Finance’. The White Paper is based on contributions from leading financial institutions, accounting firms, law firms (including Norton Rose Fulbright) and other market participants. Its purpose is to create awareness and highlight the challenges that LIBOR reform poses to Islamic financial product structures, transactions, documentation, accounting, credit and legal related matters. The White Paper also contains recommendations from the IIFM consultative meeting held end of 2020 with industry stakeholders which helped shape consensus on developing workable and unified solutions to overcome these challenges.

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