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The Islamic derivatives market has been growing at a fair pace, but one of the major constraints has been the lack of standardised documentation. That now seems about to change. Three years after work began on drafting a master agreement for Islamic derivatives, industry participants are confident a final document will be published in 2009.

Drafted by the International Swaps and Derivatives Association Isda), in co-operation with the International Islamic Financial Market (IIFM), the Ta'Hawwut

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