- Looking forward—new template documents for Islamic FX forwards
- Original news
- What are the two sets of template document that have been published?
- Why are two sets required?
- What is the ISDA/IIFM TMA and how do the template documents fit with that master agreement?
- Why were these documents seen as necessary?
- What has been the reaction from the market to their publication?
Banking & Finance analysis: Yusuf Battiwala, senior associate at Allen & Overy LLP, examines the two recently published template documents for Islamic foreign exchange (FX) forwards, which mark the latest step in the development of standardised documentation for the Islamic finance industry. Yusuf advised the International Swaps and Derivatives Association (ISDA) and the International Islamic Financial Market (IIFM) on this initiative.
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