The new benchmark can be used to price a number of Islamic instruments including common overnight to short-term treasury investment and financing instruments
Thomson Reuters has launched the world's first Islamic finance benchmark rate, designed to provide an objective indicator for the average expected return on Shariah-compliant short-term interbank funding. The Islamic Interbank Benchmark Rate (IIBR) uses the contributed rates of 16 Islamic banks and the Islamic sections of conventional banks to provide a reliable and much-needed alternative for pricing Islamic instruments to the conventional interest-based benchmarks used for mainstream finance.
Established in co-operation with the Islamic Development Bank (IDB), Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Bahrain Association of Banks (BAB), Hawkamah Institute for Corporate Governance and a number of major Islamic banks, the IIBR harnesses Thomson Reuters global benchmark fixings infrastructure which is used to compile over 100 fixings around the world.
Rates for Shariah-compliant US dollar funding will be contributed by the 16-member panel in the morning each business day to Thomson Reuters systems and will be published daily on Thomson Reuters terminals and feeds at 11.00am Makkah time (GMT+3). The new benchmark can be used to price a number of Islamic instruments including common overnight to short-term treasury investment and financing instruments such as Murabaha, Wakala and Mudaraba, retail financing instruments such as property and car finance, and sukuk and other Shariah-compliant fixed income instruments. It can also be used for the pricing and benchmarking of corporate finance and investment assets.
While Sharad Pawar was trending at third spot on Twitter trend across the world within few minutes after the incident, the attacker or serial slapper was also in the top ten
The shocking incident in New Delhi, where one youth assaulted (slapped) Union minister Sharad Pawar at NDMC centre has not only set to become breaking news for the next 24 hours on TV channels, but has also spread over the social media like wildfire.
While many TV channels have uploaded 'exclusive' footage of the incident on YouTube, the number of people posting comments and tweeting their views was so large that both Sharad Pawar and Harvinder Singh began to trend globally. However, with so many camerapersons present at the scene, we can't help wondering how any TV channel can claim 'exclusive' footage of the incident. For those interested in details, there were 10 postings of the slap on YouTube even while writing this story.
The interest that the slapping incident evoked is best told by Twitter statistics. 'Sharad Pawar' was was trending globally at third spot followed by 'Harvinder Singh' (the youth who slapped Mr Pawar) in under an hour of the news. At around 5pm, Harvinder was trending at top spot with Sharad Pawar at second spot on Twitter trends in India.
Kiran Bedi tweeted that assaults on public functionaries calls for serious reflection at all levels of society including media forms. "Pray proper lokpal bill gets passed in winter session or else pent up anger may come on streets. Politicians may get targeted," she said.
Tushar A Gandhi said, "Slapping Pawar is the result of all the Maro Latka do slogans from Ramleela Maidan."
Here are some selected comments and tweets from Facebook and Twitter...
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