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IIFM develops new Islamic standard for hedging

Mr. Khaled Hamad, Chairman of the International Islamic Financial Market (IIFM), said that a new Islamic standard will be offered for Islamic hedging purposes such as fluctuation in foreign currency rates. He added that the hedging is very significant for Islamic banking because banking system without hedging is like driving a car without insurance.

On the sidelines of conference on Islamic Financial Banking, Hamad said: “over the past three years, we have been exerting efforts for the development of documents for new products to take advantage of Islamic banks, and here I am talking about the International Islamic Financial Market.”

Hamad outlined that there are technical and legislative restrictions, but the general framework has been set as the legal requirements and a lot of issues in the agreements of hedging have been developed.
 
                                                                                    Source: Al-Arabya Net

 

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