From Reuters: Bankers hoping to introduce the wider use of derivatives in Islamic finance said on Monday they would develop simpler individual contracts to try and foster the wider use of such instruments.
Islamic finance industry body IIFM and several international banks launched in March the Tahawwut Master Agreement (TMA), a template for an over-the-counter Islamic derivatives contract that aims at allowing quicker and cheaper Islamic risk management and more frequent cross-currency transactions……………………………………….Full Article: Source