Banking and Insurance in Iran - Islamic Banking - Derivatives Market

Derivatives Market

See also: Futures contracts in Iran, Iran Mercantile Exchange, and Iranian Oil Bourse

As of 2009, the Iranian Oil Bourse was a spot market for petrochemical products mainly, with plans to introduce sharia-compliant futures contracts for crude oil and petrochemicals in the future. Trading takes place through licensed private brokers registered with the Securities and Exchange Organization of Iran. With help of Bahrain-based International Islamic Financial Market and New York-based International Swaps and Derivatives Association, global standards for Islamic derivatives were set in 2010. The “Hedging Master Agreement” provides a structure under which institutions can trade derivatives such as profit-rate and currency swaps.

Read more about this topic:  Banking And Insurance In Iran, Islamic Banking

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