IIFM embarks on series of industry workshops on hedging and Tahawwut Master Agreement

In March, the International Islamic Financial Market (IIFM) in collaboration with the International Swaps and Derivatives Association (ISDA) published the much awaited ISDA/IIFM Tahawwut Master Agreement. The agreement is a framework or governing document and has been welcomed as an essential step in the development of the market for Shari’ah compliant hedging transactions. It is the first step towards bringing a full set of definitions, confirmations, necessary law reforms and other benefits to the Islamic Financial Services Industry over a period of time.