The launch on 01 March 2010 in Bahrain of the ISDA/IIFM Tahawwut Master Agreement (the "Agreement") by (ISDA) and (IIFM) represents a significant milestone in the development of the Islamic derivatives market; one which it is hoped and expected will give an important boost to the growth and liquidity of that market. Over the past five years, the International Swaps and Derivatives Association ("ISDA"), the International Islamic Financial Market ("IIFM"), the Shari'ah Advisory Panel of IIFM and Clifford Chance LLP as counsel to the project have all made substantial efforts at developing a widely acceptable industry standard agreement.
The launch on 01 March 2010 in Bahrain of the ISDA/IIFM Tahawwut Master Agreement (the "Agreement") by (ISDA) and (IIFM) represents a significant milestone in the development of the Islamic derivatives market; one which it is hoped and expected will give an important boost to the growth and liquidity of that market. Over the past five years, the International Swaps and Derivatives Association ("ISDA"), the International Islamic Financial Market ("IIFM"), the Shari'ah Advisory Panel of IIFM and Clifford Chance LLP as counsel to the project have all made substantial efforts at developing a widely acceptable industry standard agreement.
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