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

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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