Bank Islam debuts Islamic rate swap deal

Bank Islam Malaysia has completed the world's first Islamic profit rate swap, a three-year 136 million ringgit ($36 million) deal with Standard Chartered Malaysia.

The deal is the Islamic equivalent of an interest rate swap, and is called a wiqa forward rate agreement. Bank Islam will swap a fixed profit rate payment, due every six months, with a rate payment from Standard Chartered linked to the Kuala Lumpur interbank offering rate. The underlying notional is commodities listed on the London

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: