Islamic tahawwut master agreement arrives at last Author: Joel Clark Source: Risk magazine | 01 Mar 2010 Categories: Islamic Finance, Derivatives After 24 drafts and a consultation process lasting three-and-a-half years, the International Swaps and Derivatives Association and the International Islamic Financial Market (IIFM) today unveiled the sharia-compliant tahawwut (hedging) master agreement for Islamic derivatives. The protracted negotiations to draw up the agreement looked to be moving forward in September 2006, when Isda and the IIFM signed a memorandum of understanding and committed to convene regular meetings of a joint working group to move the project forward. But lengthy discussions...