IIFM, IIFM`s Shari`a Advisory Panel and Clifford Chance worked with a global working group of market players to develop a largely acceptable agreement according to industry standards, to serve the market, to meet the need for a guaranteed mechanism to generate liquidity. Yesterday, a new milestone in the development of the Islamic finance industry marked with the iiFM publication of the Master Collateralised Murabahah Agreement (MCM Agreement). The MCM agreement provides a guaranteed liquidity access mechanism (based on Arrahn`s shari`a principle) that uses Sukuk and other Shari`a-compliant securities as collateral, an important new instrument for Islamic financial institutions, which are trying to address the overall focus on liquidity and guarantees. In addition to the mcm agreement, the IIFM issued a memorandum on operational guidelines to facilitate the adoption of the agreement by Islamic financial institutions. The IIFM also makes the agreement available to non-members of the IIFM. Clifford Chance worked as counsel to the IIFM in the development of the mcm agreement and the Operational Guidance Memorandum. In this briefing, we will detail the main features of the MCM agreement.