Sharia-compliant tahawwut master agreement arrives finally


After 24 drafts and a consultation process lasting three-and-a-half years, the International Swaps and Derivatives Association and the International Islamic Financial Market (IIFM) have unveiled the sharia-compliant tahawwut (hedging) master agreement for Islamic derivatives.

The protracted negotiations to draw up the agreement looked to be moving forward in September 2006, when Isda and the IIFM signed a memorandum of understanding and committed to convene regular meetings of a joint working

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