The Dubai International Financial Centre (DIFC) has hosted a meeting of the Shari’ah Advisory Panel of the International Islamic Financial Market (IIFM), with the purpose of presenting guidance and explaining the benefits of its Tahawwut (Hedging) Master Agreement.
The Agreement provides a framework and mechanism on hedging or risk management transactions that can be undertaken by the Islamic finance industry. It has been developed by the IIFM jointly with the International Swaps and Derivatives Association (ISDA).
The DIFC meeting focused on the key features and mechanics of the Tahawwut documentation, which the IIFM and ISDA have developed in consultation with market participants and under the guidance of the IIFM Shari’ah Panel. The meeting was attended by scholars on the panel, legal counsel, officials from IIFM and ISDA, in addition to market participants including Standard Chartered Saadiq.
Farhan Al Bastaki, Executive Director of Islamic Finance at the DIFC Authority, stated that:
"While the world has been searching for an alternative to the conventional banking system deeply impacted by the global financial crisis, few have realised that a more stable, asset-backed and efficient system already exists. Islamic Finance has withstood the negative impact of the global financial crisis, proving its resilience, effectiveness and relevance to the global financial industry.”
He continued: "The system is there, but its wider acceptability has to be created by spreading awareness as well as by providing depth to the market. The IIFM has been making significant efforts to provide depth to the Islamic finance industry such as through its latest framework for risk management.”
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