Isda to develop shariah derivatives master agreement

The International Swaps and Derivatives Association (Isda) and the International Islamic Financial Market (IIFM) have signed a memorandum of understanding to develop a master agreement for privately negotiated shariah-compliant derivatives transactions.

The aim is for the agreement to be accepted by shariah advisors and to become a standard document for the Islamic finance markets. The IIFM's Shariah Supervisory Committee has been charged with evaluating the shariah compliance of the master agree

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