Thu Oct 8, 2009 11:58am EDT * Standard Chartered's first forex hedging deal in Europe
LONDON, Oct 8 (Reuters) - UK-listed Islamic bank European Islamic Investment Bank (EIIB) (EIIB.L: Quote<http://www.reuters.com/stocks/quote?symbol=EIIB.L> , Profile <http://www.reuters.com/stocks/companyProfile?symbol=EIIB.L>, Research <http://www.reuters.com/stocks/researchReports?symbol=EIIB.L>, Stock Buzz <http://reuters.socialpicks.com/stock/r/EIIB>) has signed a deal with Standard Chartered Bank (STAN.L: Quote<http://www.reuters.com/stocks/quote?symbol=STAN.L> , Profile <http://www.reuters.com/stocks/companyProfile?symbol=STAN.L>, Research <http://www.reuters.com/stocks/researchReports?symbol=STAN.L>, Stock Buzz <http://reuters.socialpicks.com/stock/r/STAN>) to hedge foreign exchange risk. Standard Chartered said in a statement on Thursday originally issued in Singapore that the Sharia-compliant structured foreign exchange hedging deal was its first in Europe. No one at Standard Chartered or the EIIB was available for further comment. Standard Chartered said it had developed new documentation, which allows foreign exchange hedging with an option component, backed by an exchange of commodities for each leg of the transaction. This allows the EIIB to broaden its investment horizon in a sharia compliant way. Islamic forex hedging transactions must involve tangible assets. The exchange of commodities is integral to the underlying contract because the counterparties must avoid interest accrual, as required by Islamic law. (Reporting by Cecilia Valente<http://blogs.reuters.com/search/journalist.php?edition=us&n=cecelia.valente&;>; Editing by Greg Mahlich) . __,_._,___ --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kantakji Group" group. To post to this group, send email to [email protected] To unsubscribe from this group لفك الاشتراك من المجموعة أرسل للعنوان التالي رسالة فارغة, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kantakjigroup?hl=en سياسة النشر في المجموعة: - ترك ما عارض أهل السنة والجماعة. - الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط. ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة كحدث غزة مثلا. - عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه. باستثناء الأمر العام الذي يهم عامة المسلمين. - تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي. - ترك المديح الشخصي. -~----------~----~----~----~------~----~------~--~---
