One Year Ago In Derivatives Week

The International Swaps and Derivatives Association, along with law firm Allen & Overy and the International Islamic Finance Market, started to devise Shariah-compliant credit default swaps, following a project to implement a Shariah version of the ISDA Master Agreement in the Middle East. [However, standard documentation for CDS in the region is unlikely to be completed any time soon, because Islamic scholars do not yet agree on the specifics (DW, 10/28). The Shariah compliant master agreement, which will likely exclude CDS, is slated for completion by year-end.]