Isda AGM Singapore: Isda working on sharia-compliant documentation

The International Swaps and Derivatives Association is working to develop formal documentation for sharia-compliant derivatives transactions, chief executive Robert Pickel told RiskNews at an interview at the association’s annual general meeting in Singapore.

Isda has been engaged in dialogue with Islamic scholars worldwide, including those working for the International Islamic Financial Market (IIFM), based in Bahrain, on developing a framework for sharia-compliant derivatives transactions, Pickel said. Isda’s work on sharia-compliant documentation is mainly conducted and co-ordinated through its central and eastern European committee led by Peter Werner, policy director for Europe.

Bankers said the surge in Islamic financing requirements worldwide

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