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DIFC Hosts Seminar On Shariah Hedging Regulations,
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, January 07, 2010
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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