The ISDA Islamic Finance WG has been set up to discuss documentation as well as legal and regulatory issues affecting trading in OTC derivatives transactions with counterparties in Islamic jurisdictions.

Documentation: On 1 March 2010, ISDA and IIFM (International Islamic Financial Market) published the ISDA/IIFM Tahawwut (Hedging) Master Agreement. The official press release is posted at http://www.isda.org/media/press/2010/press030110.html. The Shariah review and approval process has been done by the scholars on the IIFM Shariah Advisory Panel. Ancillary documents and the additional templates specific to Islamic Finance hedging products are under discussion. The ISDA/IIFM Tahawwut (Hedging) Master Agreement can be downloaded at http://www.isda.org/publications/isdamasteragrmnt.aspx#ma.

  1. The GCC region

  2. The wider Middle Eastern region

  3. The Far East

ISDA is in contact with various regulators and legislators in the GCC region and beyond in the context of improving the legal framework for derivatives generally and the enforceability of close-out netting and financial collateral arrangements in particular.

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  Last Updated: March 1, 2010