The International Swaps and Derivatives Association (Isda) and the International Islamic Financial Market (IIFM) have committed to developing a master agreement for privately negotiated sharia-compliant derivatives transactions.
The aim is for the agreement to be accepted by sharia advisors and to become a standard document for the Islamic finance markets. The IIFM's Sharia Supervisory Committee has been charged with evaluating the sharia compliance of the master agreement.
Unlike their conven
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