IIFM Introduces Sharia-Compliant Forex Forward Standards
Posted: Sun Jun 05, 2016 11:11 am
The International Islamic Financial Market (IIFM) today announced the launch of standard templates for sharia-compliant foreign exchange forwards in a move to improve hedging practices in the industry and the need for more cost effective tools to manage foreign currency risks.
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Two Templates
The Bahrain-based IIFM, which started operations in 2002, has outlined two templates to accommodate the main industry practices.
The standards involve the use of either one or two unilateral promises, known as wa’ad, which are committed ... (read more)