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Islamic firms urged not to hedge risks

Posted on 13 May 2010

From Thisisguernsey.com: Moves to make it easier for Sharia-compliant institutions to hedge their risks would be a bad step for the Islamic finance industry. Birch Assets managing director Toby Birch said the launch of a 42-page document for derivatives that comply with Muslim religious principles made for depressing reading.
The standardised documentation for derivative instruments that comply with Sharia, or Islamic law, which is known as the Tahawwut Master Agreement, is the creation of the International Islamic Financial Market and the International Swaps and Derivatives Association………………………………………Full Article: Source

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