Middle East


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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