An Introduction to Islamic Finance: Theory and Practice

22 AN INTRODUCTION TO ISLAMIC FINANCE

TABLE 1.2 Key institutions in the Islamic fi nancial industry

Acronym Organization Function

IDB Islamic Development Bank Development institution developed in
1975 to promote Islamic fi nance and
economic development
Member/Sister Organizations
ICD: Islamic Corporation for the
Development of the Private Sector
ICIEC: Islamic Insurance Company,
providing insurance products for
investments and export credits
IRTI: Research and training arm
of IDB
ITFC: International Islamic Trade
Finance Corporation
Solidarity Fund: To reduce poverty in
OIC countries
ARCIFI: Arbitration and Reconciliation
Center for Islamic Financial
Institutions

AAOIFI Accounting and Auditing
Organization for
Islamic Financial
Institutions

Accounting and Shari’ah standard-setting

body

IFSB Islamic Financial Services
Board

Standard-setting institution to ensure

best practices and help member

countries with regulating Islamic

fi nancial institutions

IIFM International Islamic
Financial Markets

Trade association to promote capital

markets

IIRA Islamic International
Rating Agency

Rating agency

LMC Liquidity Management
Center

Institution to provide liquidity

enhancement to the fi nancial system

CIBAFI General Council of Islamic
Banks and Financial
Institutions

Trade association of Islamic banks to

enhance member institutions’ ability

to better serve customers around the

world through transparent banking

practices