GLOBAL: The Islamic Corporation for the Development of the Private Sector (ICD) and The Currency Exchange Fund (TXC) have announced a long-term cooperation to jointly develop an Islamic finance-oriented non-deliverable hedging solution, aimed at expanding access to local-currency financing in emerging and frontier market currencies.
The cooperation is expected to cover 43 ICD sovereign member countries’ currencies, with the solution to be structured under the Tahawwut Master Agreement developed by the International Islamic Financial Market and the International Swaps and Derivatives Association.
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