ISDA faces a 'chicken and egg' situation in the Islamic financial markets, where it is being asked to provide rate swap templates for discussion before the market has developed to a level where they are required, said Peter Werner, director of policy at ISDA. He added the association's discussions in jurisdictions including the UAE, Bahrain, Saudi Arabia and Qatar face varying obstacles under Sharia law.
Separately, ISDA is also planning various netting proposals for Russia, Brazil, Pakistan and Central and Eastern Europe in the coming year.
