No agreement

Attempts by the International Swaps and Derivatives Association to establish a master agreement for sharia-compliant derivatives have been in the works since the early part of the decade. With no fixed date on when the agreement will emerge, what effect is this having on the Islamic derivatives market? By Radi Khasawneh


Despite varying estimates of market size, dealers insist there is solid interest from corporates and institutional investors for Islamic derivatives products, which has translated into a number of pioneering trades. Nevertheless, some participants suggest the lack of a standardised sharia derivatives contract - equivalent to the International Swaps and Derivatives Association master agreement for conventional instruments - is an impediment to the overall development of the market.

The Isda

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