Bloomberg News

Bahrain IIFM, ISDA Plan Cross Currency Swaps Standard

March 27, 2012

(Corrects to show release of product standards for Islamic hedging from first paragraph.)

The International Islamic Financial Market said it plans standards for cross-currency swaps this year with the International Swaps and Derivatives Association Inc.

“Our target is within this year,” International Islamic Financial Chief Executive Officer Ijlal Ahmed Alvi said today in an interview in Bahrain.

International Islamic Financial and ISDA today announced standards for Shariah-compliant profit rate swaps. The Mubadalatul Arbaah agreement is a “mechanism structured to allow bilateral exchange of profit streams from fixed rate to floating rate or vice versa,” they said in a joint statement..

To contact the reporter on this story: Donna Abu-Nasr in Manama at dabunasr@bloomberg.net

To contact the editor responsible for this story: Maher Chmaytelli at mchmaytelli@bloomberg.net


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