Middle East Economic Survey
Islamic Libor Launched
An Islamic version of the London interbank offered rate (Libor) has been launched by a consortium of Islamic banks and industry associations. It is aimed at offering an Islamic alternative to conventional benchmarks used by the financial industry, of which Libor is the most common. Named the Islamic Interbank Benchmark Rate (IIBR) it will be formed from rates provided by 16 banks, both by Islamic banks and...