The International Swaps and Derivatives Association is putting together a coterie to open up the Middle Eastern derivatives markets. The group will include experts in Islamic law, market practitioners and lawyers specializing in ISDA documentation, according to Peter Werner, policy liason to the Central and Eastern European committee at ISDA in London. The committee will focus on Saudi Arabia, Qatar, Kuwait, Bahrain and the United Arab Emirates. The move represents a growing interest in the Middle East and Shariah compliant investment products.
Jeff Golden, partner at Allen & Overy in London, said the committee will look at three areas: legal certainty, the regulatory treatment of derivatives and documentation issues. The group will also monitor the levels of derivatives activity in the region.
