Islamic finance specialists gave a cautious welcome to the new ISDA/IIFM Tahawwut (Hedging) Master Agreement for Islamic derivatives, announced on March 1 by the two bodies that prepared it: the International Swaps and Derivatives Association and the International Islamic Financial Market.
The long-awaited agreement is a standardised form for Islamic
derivatives transactions, which could free market participants
from having to draw up the extensive documentation required for
Sharia-compliant transactions from scratch.
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