Participants in the Islamic derivatives market have long been waiting for some form of standardised document, similar to the International Swaps and Derivatives Association master agreement. Isda set up a working group to examine the issue as far back as 2003, but the project only appeared to pick up pace in 2006, when the association signed a memorandum of understanding with the International Islamic Financial Market.
Since then, however, nothing concrete has emerged publicly. Last year, a draf
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