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Standard Chartered plans Sharia contracts

Posted on 13 August 2010

From Gulfnews.com: Standard Chartered Plc, the UK bank that earns most of its profit from emerging markets, plans to introduce Sharia-compliant contracts in Asia to hedge against changes in commodity prices.
The products, which the London-based bank made available in the Arabian Gulf in March, will allow buyers and sellers to agree on fixed or floating prices and make it easier for companies to protect themselves from volatility in goods such as sugar, rice, wheat and crude oil, Afaq Khan, chief executive officer of Standard Chartered’s Islamic banking unit in Dubai, said in an interview on August 9……………………………………….Full Article: Source

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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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