Manama, Bahrain ? 17 April 2007 ? The International Islamic Financial  Market (IIFM), an international market development institution focused  on the development of the global Islamic capital and money markets, is  organizing a high-level technical workshop on Sukuk Secondary Market  Enhancement Product and Risk Management System for Islamic financial  institutions globally.

The event, which is being held with the support of the Central Bank of  Bahrain (CBB), will be held on 26 April 2007 at the CBB premises. It  will be attended by top executives of more than 25 Islamic financial  institutions (IFIs), who are active members of the Islamic financial  services industry.

The upcoming, high-level deliberations are intended to gauge industry  opinion on the need for a risk management and regulatory reporting  system for (IFIs) and sukuk-related secondary market product, such as  an Islamic repurchase agreement (Repo).

?As an organization focused on the promotion and development of the  global Islamic capital and money markets, the IIFM is taking a number  of initiatives, in the area of primary and secondary market, which  will facilitate the sound development of such markets, across  borders,? said Mr. Ijlal Alvi, Chief Executive Officer of the IIFM.

The upcoming workshop is the first in a series of three high-level  deliberations planned to be held in Bahrain and London. At the final  workshop, to be held in Bahrain again, on 18 June 2007, a total of  five primary and secondary market, as well as infrastructure  development projects are expected to be finalized for implementation.

The upcoming workshop is aimed at assessing the need for a  Shari?a-compliant version of a trade matching, operational risk  matching and regulatory reporting tool, TRAX2. The system was first  developed in 1989 by Europe-based International Capital Market  Association (ICMA) through input and support of conventional industry  players, mainly based in Europe.

Senior ICMA representatives will give a detailed presentation to  workshop participants on TRAX2, which provides real time trade  matching and reporting of bonds, derivatives and equities; real time  exchange of standing settlement instructions between counterparties;  and rapid identification of problem trades and failed trades.

ICMA representatives will also provide detailed information for  reference and discussion purposes about the conventional Repo  standardized agreement.

IIFM officials will lead discussions with the assistance of key  industry experts on the possible development of an Islamic Master Repo  Agreement.

?Both projects would be undertaken jointly by the IIFM and ICMA, if a  need is established,? said Mr. Alvi.

Such market development initiatives are critical for activating sound,  effective and truly global Islamic capital and money markets, both  primary and secondary markets, he said.

The IIFM is currently advancing a number of other projects, aimed at  developing the overall infrastructure for Islamic capital and money  markets, as well as specific components of such markets.

These include the development of a framework agreement for Islamic  hedging, which will be the basis of further research and eventual  development of a hedging product, in alliance with the New York-based  International Swaps and Derivatives Association, a Treasury Murabaha  Master Agreement and several other projects relating to Islamic  capital and money market